I'm interested to see who else is investing or has invested while employed somehow in the field of the oil and gas industry. Whether you spend 27 days of every month on location, only a few days, or work a set rotation schedule, I'm curious to know how you've worked around the time away from your investing location and still made deals happen.
While I understand there are turnkey and out of state investing methods that would make this very easy, I'm curious to hear from those who close and manage deals around their hometown.
I currently work offshore in the Gulf of Mexico on a 14x14 day on/off rotation, with the possibility of going 14x7. This has led to some difficulties in simply buying my own personal residence; now I'm trying to decide how I might go about closing on buy/hold properties, flipping, or syndicating commercial deals with this sort of schedule.
Some may initially think all the time off is helpful to the cause, but having your work schedule decide when you can walk/inspect properties before purchasing is definitely a hinderance. Unless you had an excellent relationship with a property inspector, agent, GC, and others to look at it for you, I don't see how anyone could confidently close on a flip - even then it would be risky.
If you work offshore or in the field, what type of investing do you do? What has your schedule made the most difficult for you?
My company has sold many homes to "long distance" buyers by locating, doing a video walk through posted for the buyer, doing a video inspection posted for the buyer and then doing a closing my mail or overnight service. It can be easily done - just takes the right team of people to do so. Definitely need a team of people familiar with investment properties.
That's definitely a challenge. As you said, you have large blocks of time off but you can't always coordinate signings, inspections etc etc on your days off. You might have to look at something a little more passive.
Thanks for the replies so far. I agree Mike, the more passive the strategy the easier it becomes. That's why as of now, I've been looking at finding B class SFH's in growing areas with likely appreciation that also cashflow from day one. It'd work best to locate the properties while on my last few days of work, then come home and quickly walk, inspect, close, and turn the property over to PM before going back offshore.. I'd love to be able to do a flip though, and I know I want to grow into commercial deals.
@Larry P. That's a very interesting service you have. I see you're also located in Houston. What types of properties have you closed doing this? Are they all buy/holds, any that need work, or even any that need complete rehab?
Most of the properties we have done this way are SF buy/hold, flip or owner occupied needing minimal rehab (paint and flooring deals). I wouldn't suggest trying one that needs a major rehab if you can't be there to oversee the work. On major rehabs one thing always leads to another and you really need to be there to make decisions and keep the ball rolling on the work. The real trick in this market is locating properties. Not like it was a few years back where you could pick from a big selection. There are still some deals out there on deferred maintenance sf homes needing minimal rehab - just not as plentiful. We do mostly buy/holds.
@Larry P. Thanks for all the comments, I agree there really aren't any homes left that the rehabbers haven't gotten to, have to find them within the first day or two on market..I've seen a few but never pulled the trigger due to my work.
Any others out there that have managed to do some hands on deals with a travel job?
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