Hesitant Long Distance Investor

Hesitant Long Distance Investor

Member since 2021 · 1 post · 1 vote

Hey everyone, I'm new to real estate and the bigger pockets forum! I've just gotten started deep diving into BP books, podcasts etc, and have also just started analyzing some deals. I am primarily looking at long distance investments, since I am based out of NYC. I have family in the Orlando area, so have primarily started looking at deals there while visiting this month. I have saved enough $ to begin making offers and know the area well, but my biggest hesitation is being unsure of what the repair costs are going to take on a property and if I'll be able to manage it from a distance. I can imagine the ARV by looking at comps, but don't know where to start with figuring out a good estimate for what the repairs will take. Do I need a contractor to do this for me? A good agent? How am I sure they are accurate? I'm also quite nervous to take on a "project" as my first long distance investment/investment in general. Any advice on getting a better sense of what the rehab is going to cost? Also any advice on if I should stay away from rehabs as a long distance investor? It seems like the only way to make any cashflow given the over heated market.

1Reply
10 views

Most Popular Reply

Shawn McCormickPro Member
Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
5y

Hi @Account Closed If you are still in town, would be happy to meet up and discuss your strategy and see if I can help. I've flipped several homes and evaluated hundreds for repair estimates. I am not a contractor, but most bread and butter homes are pretty easy to estimate unless you get into structural or foundation issues.

I have several great GC and handyman contacts as well as independents for cabinets, flooring, windows, roofs, paint etc if you plan to self manage the project. I have done one long distance rehab (Floirda>Ohio) and just completed that. It does present many challenges, but you can get thru it with some good contacts locally.

Reach out and lets see if we can get you some answers and pointed in the right direction. Good luck and welcome to BP!

See this reply in the discussion

3 Replies

Jump to latestLatest
  • Tyler GibsonBusiness Member
    Real Estate Agent · Orlando, FL · Member since 2017 · 1k+ posts · 2k+ votes
    5y

    @Account Closed Without knowing what kind of investing you are planning to do it is hard to answer this question. Are you doing long-term rentals, Short term rentals, or flips? If you are doing some kind of rentals then find an agent that works with investors. They can connect you with a PM who can probably help you navigate repairs or they can connect you with contractors. The Orlando market is really tough right now to find good cash-flowing deals even fixer-uppers don't make sense. My clients and I have been having success in Polk county. Feel free to reach out if you would like to discuss further. 

  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    5y

    Hi @Account Closed If you are still in town, would be happy to meet up and discuss your strategy and see if I can help. I've flipped several homes and evaluated hundreds for repair estimates. I am not a contractor, but most bread and butter homes are pretty easy to estimate unless you get into structural or foundation issues.

    I have several great GC and handyman contacts as well as independents for cabinets, flooring, windows, roofs, paint etc if you plan to self manage the project. I have done one long distance rehab (Floirda>Ohio) and just completed that. It does present many challenges, but you can get thru it with some good contacts locally.

    Reach out and lets see if we can get you some answers and pointed in the right direction. Good luck and welcome to BP!

  • Real Estate Agent · Austin, TX · Member since 2020 · 338 posts · 296 votes
    5y

    @Account Closed welcome to the forums! Happy to have you.  An agent can "estimate" repairs, but also know that it is not necessarily their job to do so.  Their estimations can be off, but if they have enough practice in the area, that can give you some confidence and trust in their estimate.  Local contractors, handymen, or even property managers are going to be great resources in terms of estimating repair values.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.