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Updated almost 4 years ago,
Out of State Investor Disadvantage?
I'm an out-of-state investor in the Kansas City area. With the market being so hot I am noticing that I'm at a disadvantage. Looking at multi-family properties (2-4 units), I'm noticing issues with properties that I cannot fix from far away: horizontal foundation cracks, water damage from bad or no gutters, bowing walls, windows rotted out, no floors, no kitchens, fire damage, and mold.
These are issues my current team doesn't have the capability to fix, or time to find vendors with pay because they can make more money just selling properties. I've looked at two wholesalers and some off-market deals but I don't see the wholesale deals cash flowing well for what I want. I've looked into other markets like the Milwaukee area where I could drive and see the places myself but that market is again scorching hot. It doesn't make sense to move away from a good market where I have a solid team (Lender, Realtor, Insurance, PM).
I'm hoping the community can provide ways to get around this issue as I'm not the only one dealing with this challenge.