Investor · NY · Member since 2022 · 42 posts · 31 votes
Hi, I am NY-based looking for purchase a long term/BRRR in Cleveland, and want to hear your experience with out of state investing.
Are most out of state investors closing on properties without doing physical walkthroughs? Same with rehab, are you rehabbing properties without physically being on-site to oversee the process? This feels risky to me, but this is my first purchase so would love to hear how you've handled an out of state investment. Thanks!
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
3y
OK - I have to believe that somewhere within 1-3 hours of you there is a market you can afford. I just don't think buying a random 'turnkey' in Baltimore or the midwest is going to get you (or anyone in a similar position) very far.
Realtor · Baltimore, MD · Member since 2020 · 255 posts · 182 votes
3y
A good agent will be your eyes and ears, and they take a lot of the stress out of long distance investing. It's not really possible to do it without one. I work with lots of OOS investors who never step foot in their properties. We do FaceTime tours, inspections, everything virtual
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
3y
@Molly Paprota most of our investors buy sight unseen, but they are not buying distressed properties. I think it's veeery difficult and risky to buy property and try to renovate it from ooout of state without having seen it. The questions to ask yourself are: 1. How are you going to determine a scope of work and what the renovation should consist of? 2. How are you going to get the attention of contractors and trades people who have never met you and don't know you from a hole in the wall? 3. How are you going to know if they are bidding the job fairly? 4. How are you going to oversee the work? 5. How will you know the work is completely satisfactorly and your contactor isn't skipping out with your money?
There is a major labor shortage and getting good, honest and reliable is hard right now. Why wouldn't you take the time to go to the market, get to know it and set up your team? Do you know the Cleveland area? There's some really bad parts of Cleveland so you want to be sure you are buying in a decent area.
Realtor · Cleveland/Akron OH · Member since 2019 · 140 posts · 91 votes
3y
Hi Molly. Most of our out-of-state investors buy more turn-key properties and buy sight unseen. But we do a facetime walkthrough, send additional photos and videos through a drop box, and then the investors see additional photos/videos from the inspection. Buying a rehab property out of state is possible but very difficult and risky. Make sure you have the right team. I would suggest starting with turnkey property and growing from there!
Hi, I am NY-based looking for purchase a long term/BRRR in Cleveland, and want to hear your experience with out of state investing.
Are most out of state investors closing on properties without doing physical walkthroughs? Same with rehab, are you rehabbing properties without physically being on-site to oversee the process? This feels risky to me, but this is my first purchase so would love to hear how you've handled an out of state investment. Thanks!
I know dozens and dozens that have never been the Cleveland let along seen the house. Its all about your team and knowledge. Heck I am closing on 3 in the next week or so and I have not walked the properties.
Hi, I am NY-based looking for purchase a long term/BRRR in Cleveland, and want to hear your experience with out of state investing.
Are most out of state investors closing on properties without doing physical walkthroughs? Same with rehab, are you rehabbing properties without physically being on-site to oversee the process? This feels risky to me, but this is my first purchase so would love to hear how you've handled an out of state investment. Thanks!
I know dozens and dozens that have never been the Cleveland let along seen the house. Its all about your team and knowledge. Heck I am closing on 3 in the next week or so and I have not walked the properties.
That’s incredible, congrats on that! Do you have your realtor walk them, or who would you say are your trusted contacts?
Hi, I am NY-based looking for purchase a long term/BRRR in Cleveland, and want to hear your experience with out of state investing.
Are most out of state investors closing on properties without doing physical walkthroughs? Same with rehab, are you rehabbing properties without physically being on-site to oversee the process? This feels risky to me, but this is my first purchase so would love to hear how you've handled an out of state investment. Thanks!
I know dozens and dozens that have never been the Cleveland let along seen the house. Its all about your team and knowledge. Heck I am closing on 3 in the next week or so and I have not walked the properties.
That’s incredible, congrats on that! Do you have your realtor walk them, or who would you say are your trusted contacts?
Realtor never. I do not use realtors. I have a team in place that handles everything start to finish, Reno to placing the tenants.
Hi, I am NY-based looking for purchase a long term/BRRR in Cleveland, and want to hear your experience with out of state investing.
Are most out of state investors closing on properties without doing physical walkthroughs? Same with rehab, are you rehabbing properties without physically being on-site to oversee the process? This feels risky to me, but this is my first purchase so would love to hear how you've handled an out of state investment. Thanks!
I know dozens and dozens that have never been the Cleveland let along seen the house. Its all about your team and knowledge. Heck I am closing on 3 in the next week or so and I have not walked the properties.
That’s incredible, congrats on that! Do you have your realtor walk them, or who would you say are your trusted contacts?
Realtor never. I do not use realtors. I have a team in place that handles everything start to finish, Reno to placing the tenants.
Hi, I am NY-based looking for purchase a long term/BRRR in Cleveland, and want to hear your experience with out of state investing.
Are most out of state investors closing on properties without doing physical walkthroughs? Same with rehab, are you rehabbing properties without physically being on-site to oversee the process? This feels risky to me, but this is my first purchase so would love to hear how you've handled an out of state investment. Thanks!
I know dozens and dozens that have never been the Cleveland let along seen the house. Its all about your team and knowledge. Heck I am closing on 3 in the next week or so and I have not walked the properties.
That’s incredible, congrats on that! Do you have your realtor walk them, or who would you say are your trusted contacts?
Realtor never. I do not use realtors. I have a team in place that handles everything start to finish, Reno to placing the tenants.
How did you find your team?
I built me team by networking. Now I live on the beach in FL and do all ( about 500 deals ) in the Cleveland markets. I fly in maybe twice a year (ONLY during summer LOL ) just to say high to the team. All the best
From what I understand, you build relationships first, get on local Facebook groups for the area you want and connect with local wholesalers, investors, flippers, and realtors or find a local realtor who also invests here in bigger pockets and let him or her know what your investment goals are and build that relationship. Once you do that, I think it's pretty easy but not guaranteed. If you do have funds, I would do what @Theresa Harris said and visit a property you like, make it a business day, and have several you can see all at once. But if you're broke as a joke and can't fly out, then using a trusted realtor in that area that can take multiple videos and over 100 pictures of the interior and exterior can also be beneficial.