Long-distance rookie question: visiting property before close

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Long-distance rookie question: visiting property before close

Sean Bramble
Investor · United States · Member since 2020 · 202 posts · 284 votes

Hey BP! Just put in my first ever offer on a property! Man, I feel so nervous and excited all at the same time :)

Question: I'm out-of-state and have never visited the property in person (did video tour w/ my agent). I know I will need to go there in person during the inspection period, but wanted to ask how other long distance investors do this... How many days do you go for? When do you go? i.e., after inspections but before close? What do you look for/ check while you're there? 

Any guidance would be super helpful! Trying not to get my hopes up too much bc I know how competitive the market is, but figure I need to plan my visit just in case this one works out

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Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y

I agree with @Nathan Gesner, you probably don't NEED to be there. But I would just because a) it's fun, and b) I'd want to know as much about the property as I could, it'll help me formulate decisions down the road regarding repairs and budget.

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  • Marco Egurvide
    Rental Property Investor · Los Angeles CA · Member since 2021 · 28 posts · 15 votes
    4y

    Congrats! That first offer for me took a while to hit the send button. All the things that go through your head. You will do fine.

    I am actually under contract on my first str out of state and was wondering the same thing, sort of. I am fortunate to be working with a great team and agent that in all honesty has held my hand though this. He has helped me understand what is needed of me and what I can put off to other boots on the ground to get this property up and running when that time does come.

    That being said, there is no huge value add for you to be there during due diligence period that cannot be completed by someone already near the property. 

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y

    If you have a trusted inspector, I don't know that your presence is that necessary. If you have a trusted inspector AND a good property manager, it's even less necessary. A good PM can walk the property and/or look at the inspection report and identify areas of concern.

    With that said, I'm prepping to purchase an out-of-state investment and personally want to walk the property just because it's fun and I can afford it.

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  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y

    I agree with @Nathan Gesner, you probably don't NEED to be there. But I would just because a) it's fun, and b) I'd want to know as much about the property as I could, it'll help me formulate decisions down the road regarding repairs and budget.

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  • Johnny Drago
    Member since 2022 · 26 posts · 14 votes
    4y

    look for clean walls, clean trim, siding, appliance/HVAC age and condition, turn on the water, check for leaks. Just try to gauge how much it takes to get the place rental ready. If it's turn key you have a grand slam. Drive around the area, scope it out. While you're there, try and get out to different neighborhoods and suburbs to scope those out to in case you decide to invest further there.

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  • Mark Reitman
    Rental Property Investor · Chicago, IL · Member since 2018 · 53 posts · 54 votes
    4y

    Hey @Sean Bramble, I always want to see the property in person before making that final decision, and the best time to see it, if not before the offer, is during the inspection. This gives you a few hours free run of the place. There's a big difference between a clean inspection and items that may impact a guest's stay. Also, getting a feel for the place, the spaces and the layout will guide you on how to deck it out to maximize the guest experience. If it's currently an STR and you are inheriting all the furnishings and supplies, you can take inventory while the inspector's doing his or her thing, so you can get a head start on knowing what you need to purchase.

    If you're not familiar with the area, the market visit is a good time to get a lay of the land, understand better how your property fits into it and if its in an ideal STR location there.

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  • Kenneth RolfePro Member
    Boise, ID · Member since 2018 · 57 posts · 39 votes
    4y

    Hey @Sean Bramble I'm no expert so take this with a grain of salt, I'm set to close on my first STR in about 10 days and we're doing it long distance so I'll share how we've handled it.

    We started by taking a trip out to the area for a few days. Met with our realtor, looked at a few properties, but the primary purposes was to get to know the area as much as we could. So we spent a lot of time driving around the town and surrounding areas. We stayed in an STR to get a comparable, we ate at local places, etc.

    It took us a several offers before we finally got one accepted.  Since we lived out of state, all the properties we looked at were through FaceTime with our agent.  Once under contract, we worked with our agent to set up the inspection.  There were a few follow ups we wanted after the inspection so we again leaned on our agent for her local contacts and got an electrician and roofer out to the property.  I can’t stress how vital our agent has been to the process.

    We’ll see the property in person for the first time the day we’re fly out there to close on the property and then we’re planning on staying there for 4-5 days to get it set up.


    again this is our first experience and we’re still in the process so take it for what it’s worth, but so far so good.

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  • Rick Rolfe
    Member since 2020 · 31 posts · 11 votes
    4y

    Really good ideas for going out and viewing oos income property. Thank you! I plan on going out to view my first property as well and get a lay of the land.

    My father taught me many years ago that the best way to see an unfamiliar city or neighborhood is to, if able, walk it rather than drive. 

    Good luck all

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