Challenges of long distance real estate investing

[Rahul Bhatia]

Hello, 

I am a fan of David Greene , especially his books on BRRRR and Long distance real estate investing. I was very inspired by it. I am trying to rehab a place that needs TLC. My challenge is that much as I may want to follow the book, things are not happening that way. The contractors who I call up don't turn up to review the property and give me an estimate. Those who give me an estimate, don't give me a break up of costs. Some give me an estimate which is much more than the ARV of the house. I have got an estimate but someone told me the estimate is too high. I don't blame the person giving the estimate as he too will get some portions of the work done from someone else. Somehow I feel the even after so much of effort, it is difficult to put a system in place and have a reliable and workable model for long distance real estate investing. If there is no reliability then investing in ETFs and mutual funds would be more hassle free and viable. Looking forward to thoughts and help.

[Jay Hinrichs]

Quote from @Nathan Gesner:

Quote from @Rahul Bhatia:

David Greene is smarter than the average bear, a REALTOR, and a former cop. I suspect he's a little better at handling these things than the average person. His advice will work for you if you have the correct measure of intelligence, experience, and willingness to work hard at it.

I think a better option is to hire a property manager with the expertise and connections to handle it for you. 

Actually, a better route is to find a market with a quality property manager first, then use them to help you find an investment they are willing/able to manage for you. Hindsight.

Exactly start at PM and work backwards.. I know the BRRR was very popular however trying to teach that to those with zero or limited experience was a train wreck waiting to happen.. its all great in theory and completely different in real life.. its by far the hardest and riskiest thing BRRR remotely that an investor can take on.. full stop..