Working with more out-of-state buyers lately who never step foot in the property before closing. Leaning heavily on video walkthroughs, inspector relationships, and property manager input to fill the gap. Curious what process others have built for vetting deals remotely without ever seeing the place in person.
Working with more out-of-state buyers lately who never step foot in the property before closing. Leaning heavily on video walkthroughs, inspector relationships, and property manager input to fill the gap. Curious what process others have built for vetting deals remotely without ever seeing the place in person.
Welcome to BP, Jack! That's pretty much the same approach I'd recommend. A solid inspector and property manager can save you from a lot of surprises, but I also like having the agent do a detailed video walkthrough that's more than just the highlights. I ask them to open windows, test faucets, check the electrical panel, HVAC, foundation, attic, and point out anything they'd personally be concerned about. If it's a bigger rehab, getting a contractor walkthrough before your inspection period ends can also be worth it. I've bought properties without seeing them in person, and having a trusted local team has always mattered more than being physically there. Happy to connect and answer any questions you have!
Working with more out-of-state buyers lately who never step foot in the property before closing. Leaning heavily on video walkthroughs, inspector relationships, and property manager input to fill the gap. Curious what process others have built for vetting deals remotely without ever seeing the place in person.
Hello Jack,
Some background on us:
We have helped more than 170 clients worldwide acquire over 600 investment properties.
Fewer than 10 of those clients were local.
We have never met about 60% of our clients in person, and many have never set foot in Las Vegas.
Why are so many of our clients comfortable buying properties without seeing them first?
Buying a home is an emotional decision. You need to walk through it and decide if it feels right.
Buying an investment property is different. It is an income-producing asset. The decision should be based on your financial goals and objective data, not emotion.
Trust
Our clients are typically business owners, physicians, engineers, tech or finance executives, and other busy professionals. Every new client completes a required two-hour onboarding session before we begin looking at properties. During that training, they learn our investment process and, more importantly, how to make decisions based on their goals and objective analytics rather than emotions, opinions, or market headlines.
We also have well-defined processes with checkpoints throughout the entire acquisition and renovation process. For example, during renovation, one of our team members visits the property every other day and sends clients a progress video. We keep our clients informed every step of the way.
They trust our processes and long-term results, not proximity to the property.
Finally, most of our new clients come from referrals by existing clients. That means the relationship usually begins with a foundation of trust built through someone they already know.
Summary
With well-defined processes, required investment training, and often a referral from a trusted friend who is already a client, most of our clients are very comfortable buying a property without ever seeing it in person. They understand they are purchasing an income-producing asset, not a home to live in.
Real Estate Consultant · Ann Arbor, MI · Member since 2022 · 460 posts · 250 votes
1mo
Hi Jack from Nashville, Tennessee-
Great question! You asked about buying remotely from out-of-state or out-of-area and the importance video walkthroughs, inspector relationships, and property manager input and asked about other ways to verify the property details and due diligence.
I have helped many out-of-area buyers who never see the property in person before closing and some never do after closing but the properties make them money and are building their wealth.
The things you mentioned are important to verify property details. Some additional steps include solid documentation on the property, values, market rents, value-add potential, repair estimates, pictures of areas of concern before property inspection, and written verification of any zoning, inspection, or local rental regulatory details.
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