Long-Distance real estate deals for Newbies

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Long-Distance real estate deals for Newbies

Ryan O'Leary
TX · Member since 2018 · 45 posts · 10 votes

Good evening everyone,

I’m new in real estate investing and looking to purchase my next property. Because of my job requirements, I move every few years but my hometown is in Worcester County, MA.

Looking on Zillow and Realtor.com for potential deals, and I know they’re not the best, but they’re the only sources I’ve utilized so far. Is it best to see a property in person first at an open house and then bring a contractor(s) in to get estimates of upgrades, etc? Or do you have the contractor meet you at an open house first and go from there..

Right now I don’t know any contractors and I know I’ll eventually get to know some throughout my career, but I’m hesitant of how to go about buying a second property while living in Hawaii just by looking on Zillow/Realtor.com.

Basically I see some distressed multifamily properties that would need rehabs, would like to buy them eventually, rent and hold them. Anyone have contractors they recommend from Worcester County, MA? Also looking into the San Antonio, TX area.

Any information is greatly appreciated and I look forward to meeting you guys down the road.

- Ryan

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  • Ernest Fernandez
    Real Estate Agent · San Antonio, TX · Member since 2017 · 122 posts · 37 votes
    7y

    @Ryan O'Leary welcome to the world of Investment Real Estate! San Antonio is a great market. I’ll shoot you a DM with my contact info so we can talk.

    0Reply
  • Joseph Holliway
    Member since 2018 · 50 posts · 17 votes
    7y

    Have you read the book on Long Distance Real estate Investing by- @David Greene

    0Reply
  • Ryan O'Leary
    OP
    TX · Member since 2018 · 45 posts · 10 votes
    7y

    @Joseph Holliway I haven't, but I'll have to add it to the list! I appreciate the feedback. 

    - Ryan

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  • Justin M.
    Rental Property Investor · Denver, CO · Member since 2018 · 36 posts · 12 votes
    7y

    I think the ideal situation is to have "feet on the ground" where you are looking to invest. Instead of just picking a place based on properties, pick a place based on where you know people or have contacts. That's the way I do it anyways. That way you can ask them to go look, coordinate contractors, etc, until you can get there in person. Also, if you are a DIY type of person, learn how to do what the contractors do so you know what it costs roughly. That has also helped me a lot as well as I've done just about every kind of renovation on my own homes over the years, or been involved with the contractors doing the work as I managed it.

    I also just bought the Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties literally a few minutes ago, so looking forward to learning more from that as well.

    0Reply
  • Nicholas Andrews
    Rental Property Investor · Sydney, NSW · Member since 2019 · 28 posts · 15 votes
    7y
    Originally posted by @Ernest Fernandez:

    @Ryan O'Leary welcome to the world of Investment Real Estate! San Antonio is a great market. I’ll shoot you a DM with my contact info so we can talk.

     Im looking into a few areas in texas as well! would love to chat

    0Reply
  • Anthony Katsonis
    Realtor and Investor · Placerville, CA · Member since 2013 · 130 posts · 59 votes
    7y

    @Ryan O'Leary

    Look into turn-key investing. I would consider it a viable option for someone that has cash to invest but doesn't know much about a market or have contacts to manage and do the work. There are tons of turn-key companies on BP. Look into them and see if any of them make sense for your situation. Hope that helps!

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  • Ryan O'Leary
    OP
    TX · Member since 2018 · 45 posts · 10 votes
    7y

    @Anthony Katsonis thanks man, I’ll look into those. I didn’t think they had such companies!

    0Reply
  • Ernest Fernandez
    Real Estate Agent · San Antonio, TX · Member since 2017 · 122 posts · 37 votes
    7y
    Originally posted by @Nicholas Andrews:
    Originally posted by @Ernest Fernandez:

    @Ryan O'Leary welcome to the world of Investment Real Estate! San Antonio is a great market. I’ll shoot you a DM with my contact info so we can talk.

     Im looking into a few areas in texas as well! would love to chat

     I’ll shoot you a DM with my contact info!

    0Reply
  • Scott Royer
    Investor · Houston, TX · Member since 2013 · 41 posts · 16 votes
    7y

    @Ryan O'Leary good luck on your journey, I've done both local and long distance investing anD I'll be honest that I wouldn't have wanted to start long distance. If you have a great PM it can help but I'm also a hands on person who likes to be able to see and help when possible. If you want to do long distance find yourself a couple of local.jnvestors or turn key guys/gals and schedule yourself a trip. That way you can see the area, meet your support team and make sure you're ready for the leap.

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  • Ryan O'Leary
    OP
    TX · Member since 2018 · 45 posts · 10 votes
    7y

    @Scott Royer thanks for reaching out man, I’ll look into turn-key companies near my hometown area and maybe take another year to build a bigger downpayment for whenever I pull the trigger on #2.

    0Reply
  • Kiera Underwood
    Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
    7y

    I’d find a team you trust that has already developed a relationship with contractors.

    0Reply
  • Kiera Underwood
    Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
    7y

    Spending time on Zillow and Realtor are also time sucks when a good team would bring the deals to you!

    0Reply
  • Michael Sontheimer
    Investor · Saint Joseph, MO · Member since 2016 · 44 posts · 15 votes
    7y

    @Ryan O'Leary

    I have purchased 2 properties from out of the country. EXTREMELY long distance.

    Here is is the hard bottom line to your issue.

    You need to be able to trust the person physically evaluating the property.

    If you are unsure, then wait. Find another.

    0Reply
  • Ryan O'Leary
    OP
    TX · Member since 2018 · 45 posts · 10 votes
    7y

    @Justin M. Thanks man, I would love to learn how to rehab places down the road, doing a lot of DIY projects, flipping, and other aspects of real estate investing. I’d like to keep my nursing gig which brings in the income, but I think I’ll slowly start looking for my second spot in a year or so. I definitely have the bug... but I catch myself being impulsive

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  • Ryan O'Leary
    OP
    TX · Member since 2018 · 45 posts · 10 votes
    7y

    @Kiera Underwood for sure! I definitely don't have a team right now. In Hawaii, I'm part of a decent HOA, so I'm responsible for everything inside. Recently found a decent plumbing service which replaced a new toilet for me.

    When I’m ready to pull the trigger on the second property, I’ll make sure I have a team in place. I appreciate the feedback!

    0Reply
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