Removing the risk from out of state investing

[Caroline Davis]

As a Realtor/Property Manager I can not emphasize enough the value in doing your due diligence when purchasing a property out of state. I personally receive calls from investors who have made purchases or who are about to make purchases on properties that are less than desirable. Photos found online can be manipulated and very misleading. What looks great in photos is not always an accurate portrayal of the property. Ask the Realtor to do a FaceTime walk thru. Some clients have been led to believe the potential rental rate is actually higher than what the market can bear. Ask for rental/purchase comps. It is so important to do your research. Check out the job market, schools, amenities, etcetera. Get an inspection! Just keep in mind an inspection does not eliminate the risk for future costly repairs. It should be used to identify red flags/things that should be further inspected for example HVAC.  You do not want to end up with a money pit. I feel compelled to write this because we are all in this together and I do not like to see any investor taken advantage of. Don’t be afraid to ask for recommendations. I personally do not mind when asked this question and no one else should either. It is important for the investor/realtor/property manager to have a relationship built on trust.