Out of state investment properties

[Alan Howard]

Hi everyone, 

Can anyone tell me what the norm is when looking to purchase properties in other states. Do investors travel to these properties to view them before making an offer, or at some point after an accepted offer (during inspection s)? It seems one may lose out on a great deal if they have to travel hundreds of miles to see the house before offering.

[David Barnett]

@Alan Howard This is a great question, and I invest exclusively 1,100 miles away from my primary residence (live in Massachusetts and invest in Minneapolis and Saint Paul, Minnesota).  My advice would be the following, fly out/travel to the market and meet any realtors you are working with in person.  I would also recommend interviewing the realtors in person.  I always learn a lot more about someone in person.  I would walk through some properties with the realtor that you choose so the two of you can get on the same page.  I think it's extremely helpful to walk through a property together so you both can see how each of you view a property and working styles, etc.  After you do that, I would recommend having your agent walk it, shoot a video and send it to you.  I would recommend after due diligence and after the inspection (and ideally within the contingency period) to fly into the area and walk the property and area yourself.  This will save you quite a bit of flight expenses, and will only narrow it down to serious contenders.  Please feel free to reach out if there's anything else I can help answer for you.  Happy investing!