Hi J,
My job needs me to live overseas for several years at a time. I have bought properties while overseas and will continue to do so because it is really not that difficult. Note - I do not buy turnkey. Here are the key ingredients I use to invest in my local market when I'm overseas:
- Good real estate agent who works with video. Mine basically walks through properties I am interested in using the camera on his IPhone and as he is filming, he points out potential costs ( broken items, stains, age of appliances,anything that is easily visible.) He also meets with the home inspector and films that for me too.
- Title company that will do all closing documents by snail mail. I closed on two properties while living in Brazil, because my title company did closings by mail. They basically sent me all the docs I needed to sign by email and then I printed them out, signed them, and Fed Exed them back with the fastest delivery possible before the closing date ( cost me about $100 from Brazil for guaranteed delivered within 2 business days.) No power of attorney even necessary.
- Property management company you trust. My realtor got keys at settlement and drove them over to the prop mgmt company I had selected beforehand.
Granted, for this strategy to work, you need to know what you want to invest in and have a good team that you are working with in that local market before you can buy remotely. My realtor does all this for me, for example, because I really only bother him when I really want something and am basically ready to make an offer already. I don't send him running around for just any old property.
You also have to be comfortable making offers on a property you haven't actually seen except on video. some people are comfortable with this, others not so much. A lot depends on your goals and your comfort level doing transactions from a distance. I was very nervous with my first one, but after that, it gets easier and easier.
good luck!
