BP members how do go about handling an out of town deal. I've seen a lot of investors on here state that they live in California or other states and have properties in various other states. Do you always physically view the properties or have inspectors do the inspections and send you the results? Do you fly in for closing? Thinking about transferring jobs to Tampa, FL and have an owner financed deal set up and wandering the best way to go about the deal. Details: , 130K, Duplex, South Tampa (very nice area), both units 2/1, Down payment 20K, with a vacancy/maintance fund of 5k, gross income $1600, 703.51 insurance, 1066.36 2014 taxes, Loan amortized over 30 yrs, 18 month balloon, Net income per month:673.53 Annual income: 8082.37, both meters are separate tenants pay electricity and water. I will be moving into one of the units to owner occupy.
The answer to a lot of your questions depends on your personal comfort level, but if you're going to live in it I would say - GO SEE IT FIRST. At a bare minimum I recommend spending time in the other location so you can get to know neighborhoods, get to know the people you'll be working with, and making sure you're on the same page about what areas, properties, and types of tenants you'll want to deal with. Once you've got a track record in a place and have built some trust up in your team you could be less hands on and let someone local send you photos/videos/etc. And always be prepared to jump on a plane. A few hundred dollars for a ticket is a worthwhile cost compared to some of the alternatives.
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