Investing out of state sight unseen

[Molly Paprota]

Hi, I am NY-based looking for purchase a long term/BRRR in Cleveland, and want to hear your experience with out of state investing.

Are most out of state investors closing on properties without doing physical walkthroughs? Same with rehab, are you rehabbing properties without physically being on-site to oversee the process? This feels risky to me, but this is my first purchase so would love to hear how you've handled an out of state investment. Thanks!

[Luka Milicevic]

I work with out of state investors. Probably 90% of my clients have never walked a house before buying it. 

I do virtual walk through tours for them.

The absolute most important thing you have to do is have RELIABLE boots on the ground. Someone you can absolutely trust and rely on at all times. 

For all my clients, I am that person. I can recommend contractors, inspectors, provide feedback, check on the property, etc. 

Interview several agents if you are going that route and make sure the person you end up working with will be your "go-to" person when you need them.