Los Angeles, CA · Member since 2016 · 1 post · 0 votes
Hello,
I am a writer for CO-OP Financial Services consumer blog, and am writing an article on buying real estate in a different area than where you currently live. I am looking for quotes to include from those in the BiggerPockets community, particularly bloggers.
The article will be divided into two sections: One for first-time homeowners, who are buying to live in themselves, and the second section will be for those who are buying their second or third property to use as buy and hold rental property. This article is for a general audience targeted toward millennial readers. So just looking for general tips on how to get started, what things to consider when shopping around.
I'll be checking responses on this forum until Wednesday, April 6th by the end of day. Thanks in advance for your help!
Hey @Jackie Lam! Welcome to BP and I hope you are able to get some good responses here.
I'm in an interesting situation where I've ended up buying all of my properties remotely to some degree or another, even though I now live in the area where I invest.
My first property (that I moved into) was a 4plex, and I went through the majority of the buying process remotely and didn't even step inside the place until an hour or so before closing. I actually found the deal on craigslist. I was able to purchase with confidence largely due to months of research, both on BiggerPockets and by analyzing deals my intended market, and because I had an exceptional agent who was able to provide me with all of the information I needed to be confident in my estimates and projections.
I also purchased my second 4plex while I was out of the country, and didn't even end up seeing the place in person until three months after I bought it. This time I also brought on a property manager to get eyes on the place and provide his perspective on the rent potential, in addition to any necessary rehab to maximize rents for the neighborhood. I gave him PoA to sign at closing for me and it couldn't have been smoother. That's not to say there weren't issues - I did have to deal with rehab, an immediate eviction, a tenant running off with my washer and dryer, bedbugs (yikes!), and a few unexpected turnovers. But I was able to deal with each of these items remotely; my property manager simply emailed me and provided me with his thoughts on course of action and associated costs, and I was able to make a decision within minutes and get back to my day.
Investing remotely can be daunting, but with the right team in place it's an excellent way to get involved with real estate without it taking over your life. It forces you to think of yourself as the person who makes the decisions, and not the person who carries out the work, which I think is important in developing a scalable investment business that works for you, instead of the other way around.