Need advice on investing OUT OF STATE

I live near the west coast, and there just aren't the kind of deals
that can be had over near the east coast and other areas. I see a LOT
of wonderful properties listed for instance on realtor.com for a
fraction of what can be had in my area.

Now here's the thing: I don't fly, and driving 2-3000 miles every time
I want to look at a property is out of the question, yet I would LIKE
to buy some of these properties to have as rentals because they provide
such good returns.

Which brings me to the question: can anyone offer me any advice on
buying properties from across the country with the help of a local real
estate professional and just doing everything over the phone (property
inspections, closings, insurance, repairs to get the property rentable,
etc???). Does anyone else here buy houses "sight unseen" with the help
of local professionals in that area and doing things over the phone??
Does anyone own rental properties that they've never actually seen (in
person) yet?

I would like to get in on some of these deals that are very far away.
What steps should I take? Should I contact a real estate lawyer in the
area to help with the deals once I locate one on the internet? Also,
what about property managers, insurance, etc??

Any help and/or personal stories would be GREATLY APPRECIATED.

Thank you.

Re: Need advice on investing OUT OF STATE

Good Evening.

I read your post with interest. My name is Dave Molnar, and I'm a real
estate investor based in Columbus, Ohio. I work with three other
partners wholesaling properties to investors all over the country.
Many of our investors are based in California and other very expensive
markets and are forced to look elsewhere for the best deals. One of my
partners just wholesaled a property in Osh Kosh Wisconsin to an
investor in Seattle, sight unseen. You see, my partners and I are
experts at doing due diligence on out-of-town properties. So I say
yes: it is possible to buy, sight unseen, confidently, and manage a
rental from out-of-state. It is not as easy as living next door, mind
you, but it doesn't have to be a nightmare either. The key is finding
a reliable property management company to take care of the day-to-day
issues for you. You must expect to pay 10% of your monthly rent to the
manager, so make sure the deal is good enough to accomodate that going
in. For this very reason, we only wholesale a property to our
investors if they have at least a 20% equity position built into the
price.

Please go to www.daveinvests.com and sign up for my free e-lessons.
There's lots of great information on them, and they're FREE. I also
offer membership to the Wholesale Real Estate VIP Club. Membership
will get you email alerts on every wholesale property we offer (usually
2-3 per week), all over the USA. Our properties are all different
shapes, sizes, and prices. Check out the links, and join up if you'd
like.

Best of luck in your endeavors. Feel free to contact me back at
with any questions or comments.

Re: Need advice on investing OUT OF STATE

"The Space Boss" <> wrote in message
news:
>I live near the west coast, and there just aren't the kind of deals
> that can be had over near the east coast and other areas. I see a LOT
> of wonderful properties listed for instance on realtor.com for a
> fraction of what can be had in my area.
>
> Now here's the thing: I don't fly, and driving 2-3000 miles every time
> I want to look at a property is out of the question, yet I would LIKE
> to buy some of these properties to have as rentals because they provide
> such good returns.

Finding a good property manager is as important as finding the property. I
would suggest you travel to the location of interest and spend at least a
few weeks looking around and doing careful research before buying anything.
I have had success with distant rental properties, but they are located in
places where I used to live myself or where visited many times before
buying.

Re: Need advice on investing OUT OF STATE

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