All Forum Posts by: Molly Paprota

 I know dozens of investors that have purchased 100s of properties in Cleveland and have never been there. Its ALL about your team 

This business has a vastly large failure rate for a reason. Now the current trend seems to be STR or invest out of state in something you have never seen. Everyone seems to follow the same paths as the new fad or cool thing to try. I have no idea why people are passing out advice to new investors influencing them to go this route. Of course, we all know itś some that can make it work here and there, but most investors fail just in their local markets. With all these damn moving parts, contingencies, shadiness, dishonest people, hidden traps and multiple possible points of failure, why do people go there? I understand why those auditioning to be someone´s on the ground team embrace this but I have no idea why experienced investors do. Failure is the most likely outcome even for people in the game forever. For newbies, maybe you will be that one power ball winner but look at the odds. I repeated over and over; if you have no ability or desire to lay your own eyes on an asset you plan to sink hundreds of thousands of dollars into, you dont need it. Its not a game and the sexiness of HGTV is entertainment BS. This business is hard and if you dont want to take time to understand or depend on others to it for you, I suggest you just find a high yield mutual fund. Its not 5Lynx or something you can pick up and put down with ease. There is a story every 5 seconds of someone losing tens to hundreds of thousands of dollars. As a senior investor, under no circumstance will I EVER provide advice to any new investor to blindly put their money in some place they have never been to.

 Yes I know dozens and dozens of investors that have purchased renovated and rented 100s and 100s and 100s of properties in the Cleveland market without ever going there. Its all about their team in place 

I flip property sight unseen, but I've also walked 100's of properties. Don't buy sight unseen without the experience and a solid team. 

With all of the technology at our fingertips why would anyone have to physically walk through a property?  As an investor the number one thing you need is a competent person in the area who wants to help you succeed.  You find the person who understands what your goals are and then allow their eyes to become your own. Astronomers and Astrophysicists don't have to fly into outer space to understand the planets and stars billions of light years away, surely you can get a good picture of what is happening a few hundred miles away.  

@Molly Paprota

May sound funny but it’s really all about your team. I have to 6 out of state properties. The first 2 I went to go see after my confidence/ experience grew I didn’t feel a need to see every property that I purchased.

@Molly Paprota

1. We have completed 2 dozen projects in the past 30 months

2. We own 24 units (all of them BRRRs)

3. Between me and my two partners we have over 800 total transactions as agents

We would NEVER buy out of state sight unseen. Don't do it.

@MollyPaprota  I always suggest that you assemble a team familiar with Cleveland to work with on the purchase, finance and management of the property. Than you can begin your search with the knowledge that you have the people in place you can trust and depend on. If possible you should take a trip to Cleveland look at some neighborhoods and  properties and meet the team members you are going to rely on. I would start small and learn the marketplace and also test the capacity of your network. If the first deal works smoothly than you can tackle a higher value project.  Fortune favors the prepared. Good luck and keep moving forward. 

Buying out of state is a good option for some living in expensive markets.  I would not buy a property sight unseen.  At a minimum have someone you know and trust (not a realtor or PM) walk through it and video it with you, so you can ask questions.  Take a long weekend and fly in to look at places. Make sure you are working with a good realtor who knows what you want and has places lined up for you to look at and is willing to spend time looking at places with you.  The price of a flight and hotel is worth it.