just wondering how many on your are passive investor. aka hands off.
and if you choose to do so, why? what gave you that level of trust and confidence.
me I'm hands on.
but my investor never seeing the units. this is family. basically gave me the fund to run with it.
my husband never really see it either, nor care to see it. as long as # works he is quiet ;)
LOL I guess that everyone here is HANDS ON ACTIVE investors
Actually, I've been very hands off over the past fifteen years of buy and hold investing. I've always bought, lived in the place for a few years, then moved out (due to job relocation) and rented it using property managers. Seriously, after moving out, I never saw the places again. I trust the PMs and collect the checks. I guess I remain blissfully unaware of their conditions!
I still own property around the country that I would be oblivious to if not for the cities sending me my notice to pay my property taxes on them, not all but some. Some I do not even remember if I still own them or not. Back in the day without knowing it I was a wholesaler but I did not even know what a wholesaler was. I just bought properties anywhere I could if they were cheap enough. I honestly cannot say where they all are. Sometimes I do forget, hehehehehehe.
I recently invested into properties for rental purposes without viewing them. One was in my old college town where I knew the area and had my parents and friends currently living in. I also had a realtor and property manager that I knew and could trust. The second is a duplex that I invested in with a partner who lives in the area and has a second duplex in the same area. So I suppose long story short, I've been able to have people that I can trust (and whose RE judgementI can trust) to be my eyes prior to committing. I think the risk in not seeing a property myself or having a trusted and experienced friend/family member/partner take a look would be a bit too high for my liking for a rental, especially for a flip.
@Kevin Fitterer WOW that's some level of trust
@Gilbert Dominguez OMG, wow that's crazy, maybe you should find out, maybe you have 100% appreciation somewhere, a goldmine you don't even know about HA!
@James H. In your sense, I guess I am hands off too. but you are right, I had trusted ppl on the ground, and/or have the infrastructure to keep them long distance. and when that infrastructure deteriorates, I sell asap!
@Al Wilson I don't know what a "good property manager" is, I am my own PM. lol
I have had people I work with buy homes and never step foot inside them.
depends on where it is and price point.. I am sure many low value properties that were bought for less than a price of a car never get looked at.
I would suspect anyone paying 300 to 500k or more for an investment is probably eyeballing it.
Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222
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