@Jovann Thompson
I would classify myself as the master of long distance investing since 2009. I’ve been buying, selling and renovating property remotely for the past 11 years. Most of that time I was on the other side of the world, not simply in a different state.
I also started a property services company which I run remotely. This company does repairs, maintenance, remodelling, leasing, architectural plans and other services for investors in Miami and Daytona Beach.
I’ve developed various systems, procedures and policies to mitigate problems. It’s so well developed that I’m thinking about franchising the business in the coming years.
Your success is based on several factors.
Firstly, you have to know real estate through and through. This isn’t a newbies area to venture into. Secondly, your success largely depends on the team that you recruit and how well you manage them.
I have a very thorough recruitment process which includes a video interview, running a paid background check on the individual, having them do a drug test before they’re hired and having them complete a DISC assessment.
The employment contracts they sign are extremely thorough and address every possible problem which may arise. The employees need to believe in the vision and fight for your cause. People don’t simply want to go to work every day for $25 an hour. They need to be motivated by a cause which they feel in their heart. Praise and positive encouragement works wonders. Criticism should be given in a very constructive and polite manner.
Remote management is very intensive, especially when done from a different timezone. I have designed and implemented numerous systems to make sure things run as smoothly as possible. The number one need for such a system is to make sure the workers are held accountable. It is too long for me to divulge and elaborate on here.
Now to answer your original question “Is it difficult?” Yes, it is but anything in life that is worthwhile requires some form of arduous exercise.
I definitely do prefer to purchase and remodel properties in person but that’s not always been possible for me for certain reasons. I wasn’t prepared to let these barriers stop me from doing what I loved, so I simply found ways to embrace it.
