How do you vet distant professionals?

Question

Joel Owens · Answer

You might look into larger companies such as Chris Clothier with Memphis Invest and Dallas Invest. He has been around a long time.

The prices may or may not be what you are looking for. Some investors chase cheaper properties sub 50k and buy from afar. Make sure you visit the areas and investigate the property and do research on the company. Any rehab should have pictures showing each step.

People that tend to be true and authentic hide nothing. Those that make up reasons why they can't show this and that tend to hide behind smoke and mirrors.

Investing in real estate is a relationship business more than anything. Nothing ever goes perfect but generally it is the integrity of the company and person that matters in times like that.

John P. · Answer

A lot of good advice in posts above. The reality is nonmatter where you invest there is some small element of risk. Meeting people face to face is great but doesn't preclude them from being dishonest or incompetent. However you might feel better meeting your team face to face. In the end you have to take a small risk. Good luck.

Jeb Brilliant · Answer

Fly out and build your team with face to face meetings.

Roland Paicely · Answer

Good question, regarding if the house exists.  I'd have a Realtor go there to see it. Maybe pay her $50.

Perhaps have her take pictures of the outside and inside.

Matt Horwitz · Answer

Be careful about these 'one stop shop' situations in a market you know nothing about. There are a lot of shady characters in this space... I've bumped into a few over the years. They are usually monetizing the transaction 4-6 ways, all at your disadvantage.

RJ Emmett · Answer

@Ali Boone  I've been talking to two different companies in Memphis and Dallas.  They bring everything.  I use the term "turn-key" because I bring the risk/responsibility and they bring the opportunity.  Can you tell me which companies you've used in the past?

Any horror/success stories with these companies?

Ali Boone · Answer

Haha. Fair questions, and great wording! :)

There's honestly very little that you can't verify about a property purchase, even from a distance. When you say a "turnkey wholesaler", are you talking about a turnkey provider/company or a wholesaler who offers turnkey properties? That will severely sway my response.

I've always bought turnkeys long-distance (from a company, not an individual) and there's lots of ways to do due diligence on everything being advertised. Happy to help you on that.

Roland Paicely · Answer

You can also try, Wegolook.com

They will take pictures inside and out for you.  It may not be $50.  Probably closer to $60.

Either way, there are plenty of people that are not super stars that will do this.  Think maybe a beginning agent!

Irina Belkofer · Answer

It's a relationship business and you have to build the rapport first with someone real in the place you consider to invest.

You'll need a representative anyway, I'd start from a real estate agent and then move to the next level.

The agent must be into this kind of business though. Not many agents will go around and send you the pictures of a listing for $50. These who sell $5M houses not going to answer the phone or email for such request.

How do you vet distant professionals?

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