Hey BP folks,
I have some questions regarding strategies you all may use who do long-distance real estate investing. I read David Greene's book, but either I missed it or I just didn't see any content around the following:
- It's closing day (yeah!), how do I close on a property to include accepting keys all while not physically being there?
- Your contractors require daily access to your property for reno work. Who let's them in? How/where do they get the keys?
I did read some great advice on having your property management company come by every now and then and give updates during reno work which is great, but honestly, I'd really love to self-manage while investing long-distance via apps like RentRedi if I can.
Anyone have any advice/tips for me? Thanks!
There is no such thing as self-managing as a long-distance investor. All of your information would be coming from other people or photos so that is not direct management even if you are pushing the pieces around the board. You would want to have a qualified representative on the ground to accept the keys and do the walkthrough before the closing to make sure everything is ok. It's beneficial to have a partner of some kind who has a stake in the business in the area you are investing. If they don't have a stake, they will just want to always close and move, like some PM companies who vouch for things that you can't see. For contractor access, you use an old school 4 number or letter code box and leave the keys in there and only give them the codes.