All Forum Posts by: Mike Hasson

I have bought sight unseen. 

My Realtor did video calls for walk through, and I definitely got an inspection report. 

I am happy with the purchase and am glad I did it! 

if I were to do it again, I would have done more research into getting an inspector that understood the needs of an out of state investor, such as providing virtual 360 photos, and zooming out too see where exactly the defects are located, which could be taken for granted when you get to walk through a property. 

Another tool that I wish I knew existed was RepairPricer (I'm not affiliated, but I do use and value their services). You can upload an inspection report and they use AI to generate repair estimates for the entire itemized report, with a respectable degree of accuracy. 

Fast forward, and I'm actually living in that house now, even though I bought it to eventually rent, I feel that with the help of my realtor and inspector, I made a pretty good choice.

Oh and David Greene's book on long distance investing was a huge help. The point he mentioned that stuck out to me most, was that the need to walk through is based on emotion, but as investors we need to look at facts, which can be be acquired remotely.

My plug is that I am that inspector that understand the needs of long distance investors, uses virtual photos, and I have a seamless integration with RepairPricer!

Btw im not too far from Cleveland, so I'd love to connect and may be able to offer some guidance and support. Even if you go with a different inspector, I love to talk real estate, and to see people living their dreams!

Hope that helps! Good luck!

Those are literally all over the map lol. I'd recommend narrowing down to one place and start building those connections. This post might get you a PM in Ohio, a RE agent in MI, etc etc. Which probably won't be helpful. 

I was in the same boat as you, and picked Ohio. It has a great point of entry and a variety of markets to choose from depending on specific goals.

I'd also recommend adding an investor friendly inspector to your list, since they'll be your eyes and ears on the ground and will be able to help you fully assess condition before you buy.

I'm a little north of Columbus in Mansfield, and there are some deals to be had around that price range here.  Not as hot of a market at some of the bigger cities, but it's not a small town either.  "Good market" is a little vague but I can tell you this market has one of the lowest points of entry, and can be a great place to get started.

I'm up in Mansfield, about an hour North of Columbus, and there are deals here for around 40K, inlcuding duplexes. This is a good middle ground between Columbus and Cleveland in my opinion, and not as saturated with competing investors.

Unless your city requires certificate of decommission (like with a septic tank), then you might be fine to just fill it with gravel. 

I'd start by checking with the city/county, or a well contractor in your area

An approach you might want to take, is to break down each component of the rehab into its own price per sqft/linear foot/units for both materials and for labor.

for example you might find that flooring costs and average of $3.50/sqft labor to install + $3.00/sqft for materials X square feet = cost to refloor

+ always add an extra 10% for unforseens

So you would just need to do this for every part of the rehab based on what needs to be done and what level of finish you are going for.

keep in mind that some things are measured by sqft, like floor, and others are measured by linear foot, like trim, and some are measured by total area, like drywall and paint, and yet others are measured per each like tubs and toilets.

A good place to start with figuring costs is The Book On Estimating Rehab Costs by J. Scott

I think there are plenty of options, but ultimately it would depend on their natural inclinations and goals. 

if they are someone who likes to work with their hands, construction or licensed trades are a solid bet, and very much needed. Electrical, HVAC, plumbing, even engineering, etc would go a long way, especially if they are planning on doing any rehabbing or DIY, as so many do when they are getting started. A lot of these folks may eventually become building inspectors due to their depth of knowledge in the technical systems, and you can imagine this would be useful knowledge for any investor to have.

if they are inclined towards numbers, or the backend of the RE systems, then finance, accounting, economics, or even management could be a solid plan. 

if they are inclined more towards creativity or want to get into the development side of RE, then something in design, architecture, or engineering, could be a very fulfilling.

If they have strong interpersonal skills, and are more self motivated and self driven, then something on the sales side may be a good choice; RE agent, finance brokers, property manager, or a customer-facing role they could do very well in.

I know this is an older post, but what property manager did you go with? How has the experience been?

I just left LA for Central Ohio, and now I'm in a town right between Cleveland and Columbus. It's different in all the right ways, and I have two great markets each within an hour drive away. If Ohio ends up on your radar, let's get in touch!