Out of state purchase rental property strategy?

[John Chung]

Hi BP folks, has anyone bought property out of state, without having a close friend, family member or a business partner (boots on the ground) sort to say, to inspect, drive by, take pictures of that location? How did you go about finding and checking out the homes? Would cost a lot $$$ to constantly take trips out there by plane, hotel, etc... Any words of wisdom that you all could recommend? many thanks

[Ali Boone]

It completely depends on how you structure it. If you are trying to BRRRR or flip or something, that is much more intensive and you'd want to be more boots on the ground yourself rather than always trusting a team. The opposite end of the spectrum is buying turnkeys, where everything is done for you so at that point you wouldn't technically ever have to go out, but I'd recommend going out at least once initially and then during any big turnovers. But that's not many trips and can be done pretty easily. And then there's every level of intensive (or not intensive) inbetween.

I live in Venice and all of my properties are out-of-state. I spend maybe max a couple hours a year if all is going well on my properties. I went the turnkey route though. If you go non-turnkey, I do recommend spending a lot more time establishing your team and getting your ducks in a row.

Reach out anytime if you want to chat!