Long Distance Investing + Seller Financing

[Antonio Chelala]

Hello all,

I hope you are doing well.

I am currently looking to purchase my first investment property in the next few months. 

However, I am currently hesitating if purchasing a property I have never seen is a good idea for my first investment property. I am looking to ask the possibility of having seller financing as well. 

What is your opinion on investing in a property you never see and using seller financing for a first timer? What if I see it once before I buy it, is that risky for a first time buyer?

Thanks all :)

Best,

Antonio

[Jared Trindade]

Quote from @Antonio Chelala:

Hello all,

I hope you are doing well.

I am currently looking to purchase my first investment property in the next few months. 

However, I am currently hesitating if purchasing a property I have never seen is a good idea for my first investment property. I am looking to ask the possibility of having seller financing as well. 

What is your opinion on investing in a property you never see and using seller financing for a first timer? What if I see it once before I buy it, is that risky for a first time buyer?

Thanks all :)

Best,

Antonio

 Having a good solid team in place is the fundamental need of anyone who investing out of state. Whether sight-unseen or not. 

I would always recommend having some sort of avenue to see the property, or have it seen in person by someone you can trust. 

OOS investors I work with, I will typically meet their GCs or PMs at the property and walk it together while doing a live video with my investor. That way all opinions are aired at once, the GC's getting his number, the PM is figuring out the neighborhood and renters in the area, and whether it'll be a good rental. For Flips, I typically meet GCs only out there, and do the same process. 

Build a team you can trust, maybe look in markets that you also have friends and/or family that you would trust to go be eyes and ears for you every once in awhile. You can also network with agents, other investors, and generally anyone you could build enough trust in to take their word on viewing properties for you. Just a method to get eyes down there.

Alternatively, I work with a plethora of In state and OOS investors who both buy sight-unseen; they typically have additional capital in reserves, and usually have a great relationship with whoever their agent is. 

Both strategies work, but like Nathan mentioned, you have to identify the additional risk you are exposed to, as well as your experience level and understanding. 

* No matter what you do, Build A Solid Team. *

Hope this helps, always looking to connect and chat further if you are interested,

Cheers!