How Do You Evaluate Distressed Properties from a Distance?

[Shaun Ortiz]

Hey everyone,

I’ve been diving into the world of distressed properties and foreclosures but have been focusing on doing it all remotely. I’m interested in how others evaluate and track down these kinds of properties, especially from a distance.

For example:

1. When looking at distressed properties in other states or cities, what are your main indicators that it’s worth pursuing?
2. What tools or methods do you use for conducting property analysis without stepping foot on the property?
3. How do you build trust with homeowners or sellers when you can’t meet face-to-face?

I’m still learning but would love to hear about any tips or methods that have worked for you. It’s fascinating how technology can make these deals happen remotely!

Looking forward to hearing your thoughts!

[Dominic Mazzarella]

@Shaun Ortiz

Evaluating distressed properties remotely can be a little challenging but it's doable with the right tools. When looking at properties in other cities, I usually start by researching market trends like price-to-rent ratios, crime rates, and growth potential. Platforms like Zillow or Redfin can give you insight into comparable properties, and PropStream is great for deeper analysis like liens or ownership history.

For on the ground evaluations, I rely on local contacts: agents, contractors, or even property inspectors to provide walkthrough videos and detailed feedback. I've had to use Craigslist a couple times in a pinch because I didn't know anyone local and needed pictures asap. 

As for building trust with sellers, communication is key. Be transparent, quick to respond, and use professional agreements. Tools like DocuSign help keep things official even from a distance.