Remote real estate investors - how do you due diligence out of state properties
To all remote real estate investors purchasing outside of where you live - when you find some interesting properties online and the numbers (rent comps, taxes) seem to work out, what do you do next? Do you travel there to view?
Basically how do you “verify” the condition of the property that’s not close to where you live?
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Jimmy Lieu
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Jimmy Lieu
#5 General Landlording & Rental Properties Contributor
Agent
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#5 General Landlording & Rental Properties Contributor
- Real Estate Agent
- Columbus, OH
Great question! I invest remotely as well, and I almost never travel just to look at a property before getting it under contract. First I'll underwrite the deal, then if it still makes sense I'll have my agent do a detailed video walkthrough while looking closely at the big-ticket items like the roof, foundation, HVAC, plumbing, and electrical. If it gets past that stage, I rely heavily on the inspection period. A good inspector will usually uncover far more than I would during a quick visit anyway. I'll also ask for lots of photos, videos, utility history if available, and sometimes contractor opinions if I know the property will need work. I only travel if it's a larger purchase or if something about the deal doesn't add up. Building a team you trust is really what makes remote investing possible. Happy to connect and answer any questions you have!
- Jimmy Lieu
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Jimmy Lieu, Red 1 Realty
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