Investing site unseen

[Julian Diaz]

Polling the audience here for your experiences purchasing and selling Real Estate sight unseen as an investor. I had a decent buy and hold portfolio going and had to liquidate for some family reasons. Now I'm ready to get back in the game and my interest remains in Colorado, but now live in FL. I still hold a RE license there and know the market. I am highly considering partnering with wholesalers to purchase long term rentals and turn over some on the MLS for profit. This of course would almost entirely be done from FL. I have a few agents there that I trust, a management team I am satisfied with to use again, and some friends in the area to assist for a few extra bucks.

So that is where I am, the main topic here is what is your experience? What are the Pros and Cons to this form of investing aside from the obvious of not seeing the property and taking an inspection as gospel. 

[Bill S.]

@Julian Diaz not sure where in Colorado you are looking. Here in the Denver metro the market is changing rapidly so it's tough to keep up with. Wholesalers are being squeezed by agents and the very liquid cash market. Margins are thin. I see very few deals that can be turned over on the MLS for a profit. I think a lot of the remote issues can be solved with a good internet connection, live video like skype and lots of pictures on dropbox or google drive.