Visiting Investment Properties Out of State

Buying & Selling Real Estate
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Visiting Investment Properties Out of State

Julian Pilate-HutchersonPro Member
Vallejo, CA · Member since 2017 · 35 posts · 15 votes

FOR THE LONG DISTANCE INVESTORS ON BP. After reading posts about out-of-state investors owning/flipping many properties they have never seen in person before due to today's technology, I began to think... are there any situations where you feel like you MUST go visit your property or meet your agent, property manager, or GC in person?

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Hank Keller
Rental Property Investor · Mansfield, OH · Member since 2017 · 151 posts · 117 votes
7y

My opinion is that you always visit to meet the team, see their systems and see the quality of their build and the neighborhoods their in at least once. Trust but Verify! If youre truly in this for the long haul, there is nothing worse than getting started and then realize you dont like who youre dealing with.

Meet the property management, customer service, accounting / finance. Physically look at the software they use and ask them how they are screening, verifying when properties are ready for the investor and how they communicate.

Once youre good with that and you’ve got one under your belt, then let todays technology help you make more purchases...

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  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    7y

    @Julian Pilate-Hutcherson We work almost exclusively with OOS investors and it's a mixed bag...I sold 3 MF properties this month to folks that have never been to the state...and I have another set of clients that have been in the market for months and make routine visits to the city...I think it has a lot to do with comfort-level...truth told, we can leverage technology and get every possible detail on the table for review to make a pretty informed buy/pass decision...combined with an inspection and appraisal, there is really no need to be here in person looking at deals....

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  • Account Closed
    Rental Property Investor · Brooklyn NY · Member since 2018 · 263 posts · 469 votes
    7y

    @Julian Pilate-Hutcherson

    It is a business and should be treated like one.  The owner of a successful business has systems in place to function without their presence.  But, it is also important for the owner to show up from time to time.  

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  • Hank Keller
    Rental Property Investor · Mansfield, OH · Member since 2017 · 151 posts · 117 votes
    7y

    My opinion is that you always visit to meet the team, see their systems and see the quality of their build and the neighborhoods their in at least once. Trust but Verify! If youre truly in this for the long haul, there is nothing worse than getting started and then realize you dont like who youre dealing with.

    Meet the property management, customer service, accounting / finance. Physically look at the software they use and ask them how they are screening, verifying when properties are ready for the investor and how they communicate.

    Once youre good with that and you’ve got one under your belt, then let todays technology help you make more purchases...

    3Reply
  • Account Closed
    Member since 2018 · 34 posts · 23 votes
    7y

    I agree with @Hank Keller on this one. I'm a big fan of leveraging technology to optimise real estate investment, but if stuff goes wrong, you need to know that the companies you're working with are transparent and easy to communicate with.

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  • Mohammed El-Bashir
    Attorney · Brainerd, MN · Member since 2015 · 18 posts · 13 votes
    7y

    I have looked at buying in Chicago and each time I have considered it I have personally made sure to get a feel for different neighborhoods (In Chicago I am only looking at the Southside. If I had an offer accepted on a property I would no doubt go there in person. If I will be investing thousands of dollars I really think the cost of airfare and a brief stay can't be compared. That is just my 2 cents.

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  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    7y

    I share the view that is best to always make a trip to the market and meet the team you are working considering, and see the areas they are investing in.  Frankly there is nothing like an on the ground visit.  Once you have built trust with the team, seeing each property may be unwarranted.  Buy within your comfort level, but always know no one is going to care as much about your investment as you do, so make sure you are mitigating the risk of OOS as much as possible.

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  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    7y

    @Julian Pilate-Hutcherson find your PM first and buy in the market where he operates.  The PM can advise you on your buying options as well too even if you are buying thru another agent. This just gives you another local expert before you commit.  

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  • Julian Pilate-HutchersonPro Member
    OP
    Vallejo, CA · Member since 2017 · 35 posts · 15 votes
    7y

    Thanks for the insight, BP Family!

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