OOS "walking a property"

[Josh Raikin]

New to investing and looking to invest Out Of State (in CA, looking in OH). I found an amazing real estate agent to help me who is in the city I'm looking to invest in, but just read chapter 13: "Walking a Property-- what to look for" in the Multifamily Millionaire Vol 1, and it didn't address the best way to do so from out of state. 

If I'm unable to go to the city I want to invest in, what steps can I take to get to know a property as well as possible?

[Joe Splitrock]

@Josh Raikin excellent question. There are three tools you can use to remotely view the neighborhood:

1. Use Google street view maps. I encourage you to click up and down the streets in the neighborhood. You can tell a lot by looking at the neighborhood this way. You may see boarded windows, junk cars everywhere, trash in the law, for rent signs, you name it. 

2. Use satellite view to look at the neighborhood from above. Look for proximity to parks and schools, major roads, commercial space, etc.

3. Use crime and sex offender maps to get a feel for the neighborhood. You can usually filter by type of crime. This gives you idea which parts of the city are better or worse.

Using a real estate agent or other boots on the ground is also important. You need someone to walk the property. They can open up a video chat with you and that allows you to zoom in on things you want to look at. You will be relying on them to tell you if there are "smells" or uneven floors or downward sloping towards the house. These things can't be seen in a video, so you need an impartial person there at the property. Some realtors are good at this, others will gloss over problems. I would prefer to have it walked by someone who has nothing to financially gain from the sale. Maybe a property manager or another investor could look at it. Even if you pay someone $100 for their time, it is well worth it.

One of the biggest problems for a California investor can be not knowing what to look for. There are many regional differences. You are not concerned with cold weather or rain /flooding in California, but that is a real concern in the midwest. Pipes can freeze, cars can't be parked on the road during snow storms, water pipes are buried deeper for frost protection, rain is common and so are basement - flooded basements are a problem and the list goes on. You need someone who knows the risks of the area.