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Updated about 6 years ago,
Questions to ask while traveling to "farms"
I live in Reno, NV and invest in Missouri. I believe that qualifies me as a long distance real estate investor. I currently have one farm, Saint Joseph, Missouri, and am considering adding a few more. I'm about to travel to Saint Joseph and a few other towns.
I've read @David Greene's book, and listened to a plethora of podcasts on the subject. I realize David and many other long distance real estate investors don't see the properties they buy or meet their "core four". I don't feel the need to see properties I buy; I've purchased properties sight unseen.
I do like meeting the people I work with. I suppose this is more in line with Chris Voss's "Never Split the Difference" idea. I feel more comfortable once I've met my core 4, and I enjoy meeting them. I enjoy interacting with people.
I feel fairly confident vetting realtors, contractors, inspectors, and property managers. What I feel like I've missed out on is talking to random residents of the town I interact with. My airbnb guests, the waitress at the diner, the clerk at the bank, the employee at the gas station, the couple at the brewery, etc.
I'm wanting to come up with 4 core questions to ask EVERYONE I come in contact with. Sort of like the 4 questions asked on every BP podcast.
Conversations would go something like this:
"Hi, I'm Pat. I grew up in Missouri but now live out west. I'm considering buying a rental house in ******, can I ask you a few questions about what it's like living here?"
Here's what I've come up with so far:
- How long have you lived in *****?
- What do you think the future of ****** is?
- What's the best part of *******? What should I see, do, or experience?
- Am I crazy for wanting to own a rental house in *******?
These are just my initial thoughts. I travel to Missouri in mid November, so I have a couple weeks to hash these out. If you have any thoughts on the "core 4" questions (or maybe it should be 3, or 5, or whatever), please post your thoughts. All questions will be considered! In a couple weeks I'll post which 4 or so I decide on. Much appreciated.
Good luck long distance investors!