How to purchase from a distance if you can't personally see a pro

18 Replies

Ok so I have done my research, have Tracked down my areas I want to invest for the most part. My question. Is that since they are far away, and I haven't established a trustworthy realtor, how do I buy properties from a distance I cant see, and then prep for rental. Would I find a pm to help. This is where I'm kinda stuck now. The properties are across the country from me. Also, would this posiby come down to the report from a home inspector during closing. Thanks and any ideas would be great or any experience with this.

I'm available for the DFW market and can give you names of Realtors in the areas you have interest in.  My network is pretty good.  Just pm me.  

PM are good to know.  They know when an owner wants to sell and can help you find a good non-mls deal!

Yep, you nailed it. And like Jay said, turnkeys were invented for exactly the reason of your question--to bring all of those components together in an easy-to-work with way. I live in LA and have always bought turnkeys, and it's worked great, and my favorite part is not having to deal with each individual component separately. And they turnkey folks have way more expertise than I ever could.

The other option is doing everything individually. For more details on the differences between the two methods, check out-

https://www.biggerpockets.com/renewsblog/2012/12/2...

Sorry I haven't responded to this discussion quicker. Was looking to invest in florida or texas. Liked the areas around tampa but saw some cheap places in the jacksonville area that are high crime area but the returns looked pretty great if I can get a pm that does the work. I also looked into texas but had a hard time finding exactly what I was looking for. Large area with mutpile promising cities and a wide wide range of pricing. I understand the turnkeys, but part of me feels a disconnect and I don't necessarily understand what my true property price is, or recognize it as a scam. But then again many people have vouged for turnkey as a great way to start and some dismiss it. Don't want to get stuck over analyzing situations thiugh, but want to make good investments to really Jumpstart my investing in real estate. Only have so much cash so it's important not to waste.

Originally posted by @Dallas Drake :

Sorry I haven't responded to this discussion quicker. Was looking to invest in florida or texas. Liked the areas around tampa but saw some cheap places in the jacksonville area that are high crime area but the returns looked pretty great if I can get a pm that does the work. I also looked into texas but had a hard time finding exactly what I was looking for. Large area with mutpile promising cities and a wide wide range of pricing. I understand the turnkeys, but part of me feels a disconnect and I don't necessarily understand what my true property price is, or recognize it as a scam. But then again many people have vouged for turnkey as a great way to start and some dismiss it. Don't want to get stuck over analyzing situations thiugh, but want to make good investments to really Jumpstart my investing in real estate. Only have so much cash so it's important not to waste.

 Hey Dallas,

I'm a local rei/wholesaler in the Jacksonville,fl market.I'd have to say Jacksonville is a great market for turnkey properties rather your acquiring in the low crime area's or some of the more not so appealing low income area's the (1) thing that you will need is a stellar PM to help you navigate through our ever so changing neighborhoods.

Well if you decide on Jacksonville inbox me if you have any questions needed answered

Thanks,

Mocellie

You will need to get referrals and/or research up on PM companies, realtors, areas and then physically go visit the areas you are considering to get a feel for the team you plan to work it. There are no shortcuts.

I have to agree with everyone that you are going to have to build a network of trusted professionals if you can't visit the areas where you are looking to invest. Referrals are going to be very helpful if can get them.

Best to trust those who have a dog in the hunt.  Seen too many here on BP lose all they had because they trusted someone who sold them farmland in the Everglades simply because the party was referred to them.  What is the party doing the referral has only done one deal and lost money?  If you don't truly know who the referring party is, you're in no better position than trusting someone who is not referred.

Partner with someone in the areas where you want to invest or learn the strategies seasoned investors used to analyze properties long distance. 

I agree with what many others here have stated...starting your investing endeavors on out of state properties is very risky.  

Originally posted by @Guy Gimenez :

Best to trust those who have a dog in the hunt.  Seen too many here on BP lose all they had because they trusted someone who sold them farmland in the Everglades simply because the party was referred to them.  What is the party doing the referral has only done one deal and lost money?  If you don't truly know who the referring party is, you're in no better position than trusting someone who is not referred.

Partner with someone in the areas where you want to invest or learn the strategies seasoned investors used to analyze properties long distance. 

I agree with what many others here have stated...starting your investing endeavors on out of state properties is very risky.  

 Noted and I feel people fail to realize this is a possibility.  References from a bad person net you bad references.  I have looked into only looking for those who have something to show, and a track record, I always see the risk, hence the question... but then again if it was that easy, everybody would be doing it.

Originally posted by @Gautam Venkatesan :

You will need to get referrals and/or research up on PM companies, realtors, areas and then physically go visit the areas you are considering to get a feel for the team you plan to work it. There are no shortcuts.

 Understood there are no shortcuts. It is good to evaluate and I have no problem traveling to meet with who would bexpect dealing with the day to day. Just looking for the ideas to make sure I cover all my bases. Thanks for the reply

my best advice to you is never ever close on a property without personally seeing it. All properties need to pass the eyeball test. If paying for a $400+- airline ticket even to flyin for the day ruins the deal....don't due it !

As an investor, I have put scores of properties under contract without seeing them.  I walk away from thousands of dollars of earnest money ever year. I view it of the cost of doing business 

As a Broker, I have tried to help several investors get out of bad deals and many of them lost thousands of dollars. The one thing they had in common is they were too busy and trusted other people. These properties never would have passed a sime eyeball test

Originally posted by @Greg H. :

my best advice to you is never ever close on a property without personally seeing it. All properties need to pass the eyeball test. If paying for a $400+- airline ticket even to flyin for the day ruins the deal....don't due it !

As an investor, I have put scores of properties under contract without seeing them.  I walk away from thousands of dollars of earnest money ever year. I view it of the cost of doing business 

As a Broker, I have tried to help several investors get out of bad deals and many of them lost thousands of dollars. The one thing they had in common is they were too busy and trusted other people. These properties never would have passed a sime eyeball test

 I also agree that if it isnt worth the ticket or the day to go see it. It probably wasn't a good investment.  Great advice  as well.

Hi @Dallas Drake

A turnkey provider could obviously help you achieve your goals but good ones are hard to find. You will need to spend some of your valuable personal time on the ground researching these areas and the people who are offering to help you there. Properties and partners are equally important. A great property manager can turn a regular property into a great investment and a bad property manager can turn a great deal into a bad one.

There are opportunities everywhere - Tampa, Jacksonville, Texas - real estate investors are making good money in all of them.  Just latch onto one, and then spend just as much time, if not more, meeting as many potential partners as you can and doing as much background checks on them as you can. 

@Dallas Drake

There are a lot of turnkey real estate providers on BP with great records.  That's a great way to make sure you have the right pieces of the puzzle.  If you find an experienced one with a good record, they should have the system streamlined and can support your investment.