Interested in Buying a Duplex 4 hours away

[Patric Chiasson]

Hi all,

I'm looking to purchase my first property (a rental property at that). I was going to wait 9 more months until the new fiscal year, as I'll have a higher salary, and I'll have more money saved up which would lead to a higher mortgage approval. I can't stop browsing multiplex's this month and I've seen a lot of rental opportunities I don't want to wait for as I can afford them now, but they are 4 to 6 hours out from my city.

I don't know why I thought this, but I assumed I would not have to visit the property in person before purchasing it (I mean, people do this with pre-built condos/townhomes/houses, I figured I could do it with a resale duplex). 

I'm reading(online articles) that it's highly recommended I go see the place in person and check it out myself first. I didn't expect this unless there are extreme reasons I need to see the place in person (maybe the house blows up, idk) and if I did go I would not know what to even look for.

I would just ask questions like when is the last time the roof, hydro boxes, furnace, (input major structural change) took place, take note of the date, and expect to not have to replace those for another x years (or handle them at time of move in). Either way, if I look at a roof I have no idea if what I'm looking at is good or bad, I just would take the sellers word for it, which could be done over the phone and not with me driving 4 hours to go see it.

Has anyone encountered a similar situation? I am getting a bit more cold feet as I start to pursue this real estate investment idea but I know the only way I'm going to start making life changing passive income is by taking action on these investment strategies.

I believe once this settles in a bit I'll be okay if I need to travel 4 hours(7.5hours round trip) once or twice a year to check up on the property. I'll ideally have property managers handling everything.

I think just more importantly I want to know that I get all the information I need while I'm there so I don't need to make a second trip. How do I ensure I get all information I need on this visit before I spend 7.5 hours travelling?

Thanks,