First timer Out of State investor questions

[Harshdeep Gupta]

Hey all,

I am a new investor, looking to close on my first out of state deal in Philadelphia, Pennsylvania. The property has a value add component to it, so I am trying to tour it virtually with contractors.

My question is regarding closing/purchase of the property! I bought this deal from a wholesaler, and the closing is in a few weeks. At this point, I am wondering who will get the keys of the property on closing. Since this is my first deal, I don't have an extensive network of folks in the city.

Will my contractor get the key? What if I am unable to find a contractor by then? Or what if contractor changes mid way during the rehab? 

Should I try to find a property management company? But I feel it's too early in the process and how do I know if they are a good property management company? Will they help me with the key situation?

Will my wholesaler agent have the keys in case something happens?

In any case, I would like to get the house rekeyed on closing, so how do other investors coordinate all of this, especially out of state.

Looking for any and all advice on this!

-HD

P.S. Looking for recommendations on Property Managers and Contractors. The property is in West Philly area. If you know someone who could help me out, it would of great, great help. Thank you!!!

[Andrew Freed]

@Harshdeep Gupta - This is why it is incredibly important to have "feet on the ground" of someone you trust in an out of state market. In the future, I'd recommend choosing an out of state market where you have family or friends that you trust who can act in this role in your absence. To your point, if you don't have "feet on the ground," it sounds like your only option is hiring a property manager.