Out of state, sight unseen investing

[Gregory Schwartz]

BP,

Kinda freaking out a little, just made my first offer on a property from 700 miles away in a town I've never been to, on a quadplex I have no intention of ever seeing in person. To clarify this would be my first investment property. Basically, I'm taking a leap of faith, using lessons learned in "Long-Distance Real Estate Investing" to hopefully build a passive income stream. 

Hope my research pays off.

Basics on this first deal... 

Quadplex (Four x  2 bed/ 1 bath)

Asking 170k

Offer 155k

Rent per month: $1640 (market supports $1800-2000)

I'll try my best to provide updates on my huge success (or major flop)!

[Ruthber P.]

Greg:    

First, do not get discouraged by anyone, someone else is doing it so you can, not going to be easy.

If not done already I suggest to look into this:

Enforce that PM uses a great website for rental screening, ones with a background check and choose the best tenants possible.

Review you leases to close any pitfalls and enforce the lease to the T.

Keep the units in good shape and keep extra cash reserves ( fixing + trip expenses )

Tiger than normal lookup on the PM ( have second PM line up ), vacancies, unit showing costs, repairs, fees, etc,  require a once a week normal operations report and a once a month full operations report.

Family, friend on virtual assistant that regularly drive by the property and reports to you, or if cash flow allows and deem beneficial you can install security cameras and remote view activity on the property, nowadays there are lots of options.

Check if feasible to get a home warranty plan for the units so some pain issues are self-managed by the tenant via a phone call to the warranting company

In which city/state is the property? 

Best of luck.

RP.