Investor · Twin Falls, ID · Member since 2010 · 7 posts · 5 votes
I have a couple questions:
1. For those who do out-of-state deals, I'm curious if you are flying out and looking at the property, or are you buying sight unseen? If you're looking at the property, are you doing this before putting in an offer (seems like that could get incredibly expensive), or making your offer contingent upon inspection?
2. Has anyone used any of the crowdfunding sites to find investors? They seem like such a great idea, I'm just not sure how many investors are actually using them. "CrowdStreet" was one that I ran across last night, and I've seen others.
Hey Matt, I'm flying out to see the area, meet with local investors & contractors and then I'm having my realtor (who's an investor) visit the properties I like on the MLS. I've never used crowdfunding sites, I should check them out..
Definitely need some good boots on the ground that you can trust and work with. Find some good brokers in the area that aren't just trying to up-sell you, who will let you know what to stay away from, and what's a good deal. I'm putting out advertisements on the BP Marketplace to meet Money Partners. Never tried the crowd funding site. I'll take a look.
Unless you're working with someone much more experienced than yourself, who you trust with your life, I couldn't imagine buying out of state without flying out to see it.
@Matthew Hunt I have always gotten to know an area and a provider and their work before closing on a property with them out of state, but I certainly don't go out to see every property. Getting a third party inspector on your team is important to serve as your eyes and ears on the ground. In terms of crowdfunding, the only one I've invested with is rather unusual and I wrote in a BP blog about my investment experience with them after my first investment - I have since made several more.