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Updated 10 months ago on . Most recent reply

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Sejin Kim
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38
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Need advice!Closing first long distance property

Sejin Kim
Posted

Hello, I am a beginner investor and thanks to all of you, we got our 1st long distance property contract signed. 

However, when do you recommend to visit property if your property is out of state? 

I live in CA and we are investing in Florida. 

We visited place, checked out a few properties, came back, made an offer, negotiated and finally property is under contract! 

Its cash offer so our real estate agent recommamded to close in 3 weeks. 

we have inspection scheduled this week. 

So I dont think I will visit when inspection is done. ( There is tenant living and propert looked well maintained. Just need some cosmetic repair of kitchen sink and bathroom sink to me) 

After phachase, we plan to furnish and do short term rental. 

Do I need to visit before closing? 

I trust my realtor, he seems very honest, so I am plaining to visit after furnishing ( we will hire someone to furnish my place) before picture taken and make sure furnishing is well done and be there for picture taken and do last work ( organizing or cleaning...) 

Howeve it is our first inevestment property and it is out of state, I am not sure if that is okay. 

Can anyone advise me? 

Thanks. ( We are using realtors inspector) 

Most Popular Reply

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Jonathan Greene
Professional Services
Pro Member
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
7,582
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Jonathan Greene
Professional Services
Pro Member
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

There is a long-term tenant in there now. When is the lease up? You aren't going to get a tenant out before the end of the lease so you will need to plan around that for your furnishing timeline. You are leaving a lot in the hands of outside sources you don't know well to get an STR up and running. Is your stager a short-term rental specialist? That will usually cost about 50k all-in. Orlando is a VERY competitive STR market and theming is very important, as well as amenities. What is your plan beyond just furnishing it?

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