OfflineIf I find buyers all over the country, how do they buy a property from me in my own town without traveling to see it? For example, say I have an awesome deal in Michigan and a buyer from North Carolina wants to buy it for their rental portfolio. Do they ever have to be present at the property? What do they need to make the deal go through?
I would appreciate a walkthrough of this process if it's not too much trouble for someone to write it out.
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REALTOR
Real Estate One
Grand Rapids, MI
If I were buying out of state I would want as much info as possible. Such as the specs, tax info, local rental rates with comps, local ARV with comps, etc.
I would also want lots and lots of pictures (and possibly a walk through video) of EVERYTHING, that includes any close up's of what you see wrong with the property. Make sure your photos/videos are high quality!
Basically, just be ready to give as much information on the property you possibly can, and they will be more willing to trust it and go through with the deal. Also, DO NOT ESTIMATE ON THE LOW END. You will instantly lose credibility with the buyer if he needs to spend more than you said he would. It's always better for you to estimate high, and have them spend less than you estimated.
Dominic
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Wonderful, thank you for the information! One last question: how do you close the deal if the buyer is not present?
REALTOR
Real Estate One
Grand Rapids, MI
Sign/Fax all the documents, wire the money. The title company and your attorney should be able to help this process go a little more smoothly. I bought a property three states away once, the process wasn't that difficult.
Dominic
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Cool, thanks a ton!
REALTOR
Real Estate One
Grand Rapids, MI
No problem! Hope all works out for you! Let us know how it goes!
Dominic
Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...
Very often if an investor is buying a prop in another area, they will have a member of their "team" locally. Remember how Dean talks about building our teams? They may have a handyman or contractor or realtor or someone who is a third party do a walk through and give them info also.
Sometimes, if the numbers are good enough, that is all they care about.
Karen
"You're never too old to be what you were meant to be!"
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"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
In the edge 2012, Dean says that to pick a new market to REI that is not in your backyard the following 4 criteria are important:
1)Migration stayed the same or going up
2)unemployment same or going down significantly
3)rents have stayed the same or gone up
4)markets are still flat
Not quite your question, but relevant if you continue to invest out of state.
"We are what we believe we are.....
Only those who will risk going too far can possibly find out how far one can go...."
-CSL
It is also in his book, I believe, the Profits from REal estate now, but correct me someone if I am wrong. Tammy
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Very helpful. Thanks!
REALTOR
Real Estate One
Grand Rapids, MI