Flipper/Rehabber · Cleveland, OH · Member since 2016 · 133 posts · 69 votes
I am just wondering if out of state investors/oos investors would find it helpful to work with a local expert that was not trying to "sell" them a property but instead someone who is advising them and letting them know what they are actually buying. I have heard many stories of oos investors buying a property and then figuring out that they purchased a property in a bad area or the area was not as good as they were told. Also, since many oos investors pay cash there is no appraisal done before they buy and they might over pay for it without knowing until they try to sell it. This expert would have a back ground as an agent, appraiser, investor as well as construction. I am located in Cleveland, OH and see the need but curious how others see it.
@Vince Lucas. There is definitely a need. I know several investors in Los Angeles who might be interested in those services.
This is exactly why I started my website and YouTube channel... to share my Cleveland investment knowledge with others, and give a comprehensive unbiased perspective. When info comes from a broker/PM/lender/anyone-else-who-stands-to-profit-from-OOS-investors-whether-they-win-or-lose, the info is bound to be biased, and I wanted to change that.
I agree with @Kent Ritter. It is very difficult to beat the locals without working with someone that has a good deal of local knowledge. The other thing is the FACT that just picking properties that are listed doesn’t usually cut the mustard. It’s best to have someone who operates in the “listed” arena, AND the off market arena. Off market properties can be terrible once a few of the bad wholesalers get ahold of them. Just way over priced and make no sense. It can be very beneficial to know an investor who actually purchases properties, takes title, and is willing to sell. Someone who sources properties directly from owners, instead of picks up contracts, and/or, just sends out other people’s deals with a markup. I’ve had wholesalers try to sell me a property that I already own, and try to mark it up over 40k. We all know that your deal is based on the purchase price. It’s the initial difference between success and failure.