Investor · Baltimore, MD · Member since 2020 · 23 posts · 15 votes
Hello Bigger Pockets world! My wife and I are new to investing, and we are looking to invest long distance in Baltimore, MD. We are looking for advice for long distance investing from experienced investors, any guidance would be appreciated.
We live in Phoenix and invest in Ohio. Make sure you have solid boots on the ground, a good realtor and network with local investors. We actually self manage the majority of our portfolio from 2300 miles away. I can collect a check and call the plumber just as well as a PM. The boots on the ground fill in the pieces where I can't perform remotely such as unlock a door or collect a lock box.
Sounds like you have had great success investing long distance. Why did you choose to invest so far away from where you live, rather than in Orlando, which is growing like crazy?
Also, how do you vet your tenants in addition to doing the employment check and background checks? Do you take a trip to AL to meet them in person before giving them a lease?
Thanks!
I didn't pick Alabama on purpose. I just saw a cheap HUBZU auction property late one night (or really early in the morning) and I bought it. I look at Google maps to see what the neighborhood was like (the map was a bit old) but pulled the trigger and told my wife in the morning. "Honey we bought a house in Alabama" LOL.
I use tenantcloud.com to manage the properties so you can do everything from there including collecting rents. I only accept online payments through the app. I only meet the tenant in-person if I'm in Alabama at the time, otherwise, everything is done via phone, email, text. I use a Google number with a Montgomery area code, then store that number in our phones as "TENANT CALLING". That number is the property management number.
I have boots on the ground that sometimes open the house for showings or sometimes I give the tenant the lockbox code. I try to follow Joe Asamoah's technique where he does a home visit of every potential tenant before signing a lease. I have explained it to my team there and they do it. I keep them busy with work and they go the extra mile for me. I have moved exclusively to Section 8 and the military because I want that guaranteed payment. I put a lot of effort into the screening process.
Rental Property Investor · Rohnert Park, CA · Member since 2014 · 306 posts · 160 votes
5y
@Peter Philando
Wow! Sounds like you have gotten your rental systems together and they are working great, despite having purchased your house without having the systems beforehand. Congrats!
I’ll have to try out tenant cloud.
I also enjoy listening to Joe Asimoah’s podcasts. His ever-present laugh and his funny stories make his techniques memorable. His technique of visiting potential tenants houses as well as fixing up his rental houses really nice so that they are in demand for section 8 tenants is a pretty cool niche idea!