Tagging along to see the responses. I'd imagine with the right network anything is possible.
The answer is yes... if you can assemble a good team that you can lean on for market knowledge and to get results. These team members should be a contractor, a realtor, a property manager, possibly a few bird dogs, etc.
There are a few books out there that go into more detail on this.
Can you ? Of course. Will you be successful? The odds are against you as you are 100% at the mercy of your “team”
Do I flip remotely? Yes many of my flips can be 6+ hours away from where I live. However:
-I have 25+ years of experience. My contractor can call me and I have knowledge of any issues and the experience to find a solution
- I am the one who finds the deals and views each property prior to purchasing. I take 100s of pictures and videos that I can refer to later
I cannot stress more the need to get a few flips under your belt locally so you go thru the process and experience the trial and error. This will help you have a working knowledge of the process and enable you to not be 100% dependent on your team
Yeah, i am trying that now i am getting a team together i am on Long Island NY and will try some flips in NJ.
It's very much possible. Locally or remotely, you are pretty much dependent on your team, so distance doesn't really play that much into your success or failure. You will get the same problems either way. The hardest part about flipping remotely will be deal sourcing, although that's also pretty much the hardest part of the whole enterprise anyway.
Absolutely you can flip remotely and I have done it, but you are more reliant on other people. I agree with the above comments, your flip few flips should probably be local. And why not? Is there a reason you can't flip in your local market?