Any tips on doing deals in a market other than my own? Here’s my issue:
I’m interested in doing sub2 or LO deals, but in my market a) rents are low b) home prices are relatively high and c) property taxes are high. You can occasionally make a deal, but not regularly.
My main concern is not in finding motivated sellers, as that’s pretty much the same no matter where you are, but how do you get people to help you evaluate the deals (without trying to “steal” them from you.) Do you pay an inspector, or offer a Realtor a commission when you sell (if I do a sort of retail flip rather than a LO or Sub2), or just pay a Realtor/Broker to give you a BPO? I think I’m just missing something there.
And do sellers have a problem doing this over the phone? Would I benefit from getting an attorney or title company or just paying someone to go over the paperwork with them, and who would that be?
THen, when I go to sell, who would help me evaluate potential tenant/buyers?
I have no problem paying people to help me, I just don’t know who to ask.
If this is too much to ask, then maybe just point me in a direction of finding the answers? I’ve purchased a lot of materials, but haven’t seen anything specific to remotely managing a house buying business.
Thanks!