Question about physically visiting potential properties

[Mike Redondo]

Hi all, I'm a new BP pro member, an attorney and homegrown Miami, FL guy and I am looking to find a market other than South Florida to find my first multifamily deal.  I'm in the position where I have cash to invest but not the experience or time (yet) to do as much of the work on my own as I'd like.  Right now I'm struggling to just pick a market.  I'm definitely struggling with the "shiny object" syndrome that I've heard about on the podcasts because I can't seem to figure out how to just hone in on one location and then build from there.

But, assuming I can get past that hurdle and since wherever I look will be pretty far (aka not driveable), does anyone have any thoughts about whether it's realistic to try and buy a multifamily project without first visiting it?  I'm not saying I'd never visit it, I'm just saying to do the initial screening and the like.  I just don't want to have to jump on a plane every time I come across a potential property.  I'm not sure if the best practice for that is to just have a partner go visit, to build a really strong and trustworthy team, or if it's just crazy altogether.  

Thanks in advance all and can't wait to keep growing on this journey!

Mike

[Kevin Kohler]

Originally posted by @Paul Moore:

Hi @Mike Redondo And welcome to the community!

Many multi family investors get a property under a signed letter of intent, LOi, first. Then you will have approximately 1 to 2 weeks to visit the property, perform due diligence, and then lock it up with a binding purchase agreement. I would never buy a property sight unseen, especially a multi family property. On the other hand, you don't have to go see every property just to make offers in the form of LOI‘s. Happy investing!

In Florida, this is done very infrequently.  Offers are generally negotiated sight unseen with a due diligence period written into the contract.  Adjustments are then re-negotiated during the due diligence period or you cancel the contract.