Finding Off Market Deals... While Deployed

9 Replies

Hello BP Family - Would love some advice, especially from fellow military if you've been in my position before. I'm currently on a deployment and am looking to find deals while away. I came up on 35k cash before I came over here and plan to save another 10-20k while here. I would love to hear strategies on finding off market deals in my local area while being thousands of miles away with very limited phone access (internet isn't an issue). I have one rental currently, looking for my second and im finding that its more difficult than the first.. especially with the hot market. My local area is Salt Lake City, UT. Any guidance you could offer would be much appreciated. Thanks everyone!

Try to find a MIllie Realtor in your area. They should know what you want to accomplish and can be boots on the ground for you. I'd help but I am not in that area. If you cant find someone let me know and I will research some options.

Goodluck and let me know if I can help 

Dan,

We just purchased a home from California in Alabama. We are also doing a REHAB to top it off from over 2000 miles away. My advice is to hunt for a solid real estate agent and property manager in Salt Lake City, UT. If you get the chance, the BiggerPockets Podcast episode highlighted a brilliant guest, Emma Powell, and I think she invests rents in your area.

We found our real estate agent that focused on investors and used his flipping team to help REHAB the home. I hope this helps and be safe brother!


Sincerely 

Joshua K. McMillion 

Dan, My W-2 paycheck job, is working as a sea going captain. I understand your situation! Reach out to Rachel Vaenuku. A well established, long term professional. She is both an agent and property manager.  If she cannot help you? She will direct you in the right direction.

Best of luck!


@Amy Kendall - I am interested in both, however I am currently more focused on my entry into multifamily. I would love more details on your Magna multi. Could you send the info to my email? I'll send you a message. Thanks!

@Dan Gustavson try creating some relationships with wholesalers in the area and get on their buyer list. Definitely look up Andy McFarland and Enlight Homebuyers in SLC. However, $35k in Salt Lake City probably won't get you too far, as I know it is an expensive market and incredibly competitive. It may be worth looking into markets in the mid west and south to do more with your capital. The other option would be to invest into some syndications as a passive investor and/or do private lending; both of which I've done while deployed as it is easier to manage and more passive while you are away, verse trying to do rehabs and manage rentals.  

@Dan Gustavson I live in DFW but I have properties all over and in multiple states. I can go anywhere in Texas with my Broker. I don't like to have everything in one spot and I seldom follow the hottest trends i want to generate value and grow my systems and I want to be impervious to the rest of the market.

@Brian Simpson - Thank you for your comments, I appreciate it. I have come to realize that I need to venture out of my comfort zone in Salt Lake, along with the extremely high prices, and start looking out of state. I have been listening to David's Long Distance Real Estate book and analyzing areas east of Utah. I have been looking in the midwest, but I hear TX is a great place to invest as well. 

@Stuart Grazier - Thank you for the insight. I have actually tripled my cash on hand and have been looking out in the midwest, specifically Ohio. Salt Lake it just too crazy right now. Homes are selling within an hour, sight unseen, with multiple offers... even in this pandemic. I spent some time on your website a week or two ago and sent in an email, did you happen to see it by chance?

Happy Thanksgiving to you both!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you