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Author Topic: Investing out of state.  (Read 4448 times)

Offline Tyroneharris11

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Investing out of state.
« on: February 28, 2016, 05:43:08 pm »
Good Afternoon.
I would like to rehabbing and flipping in the state of Alabama. How can i find contractors to be able to get access into the home to give me rehab estimates if I'm not physically there with them???
Thanks!!!

Offline Estrogen Hostage

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Re: Investing out of state.
« Reply #1 on: February 29, 2016, 08:24:16 am »
You need a good general contractor who will do this for you. You cannot physically do this if you are not there in person.

Offline Tyroneharris11

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Re: Investing out of state.
« Reply #2 on: February 29, 2016, 10:14:16 pm »
Ok thanks. I don't know any general contractors in Alabama. How do I find one?

Offline Gold River

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Re: Investing out of state.
« Reply #3 on: March 01, 2016, 02:16:10 am »
Hi,

     In order to know you won't get ripped off you need a group of individual contractors so you can get 3 or more bids on a property. The problem is if your not in contract it may be hard to get 3 or 4 individual contractors in the property, and if your decision to buy is based on the condition and repairs you will be hard pressed to get a contractor willing to look at a property that is not even in contract!

Then if you have to look at 5 or 10 or more properties in order to find one that the numbers work you will have problems getting cooperation from these contractors! Then how do you know how much time it should take to make repairs and an even better question is if you contract with a general contractor how do you know they showed up at your property to work today?

I knew a guy in Kansas City in 1995 who hired, paid as agreed for some months only to find out his house was nowhere near finished, now the contractor said it was circumstances outside his control with ice, snow and weather; but it did not help as the property was now break even at best as he finally got it finished and rented.

If you want to invest in Alabama you will need to make at least 2 or 3 trips there per project and make sure your project is going as planned, there is no such thing as a hands free fix and flip!


                  GR

Offline Myer Realty

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Re: Investing out of state.
« Reply #4 on: March 30, 2016, 02:15:58 pm »
First I would advice anytime you invest in a property in another state from which you reside the returns need to go up exponentially. ( ie the further away the deal, the better the deal needs to be.)
Having said that, rehabbing a property and not having a local general contractor to find the subs and coordinate the work would not be wise. My advice would be go to where the property is and spend some time establishing a relationship with a general contractor or at least some specific sub contractors to do whatever work may be needed and establish the all important relationship.

Offline Bluemoon06

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Re: Investing out of state.
« Reply #5 on: April 05, 2016, 02:17:46 pm »
One of my favorite statements I have ever heard. As kdhastedt used to say move closer to the food.  I don't know why you live where you are an I don't mean to say that it is wrong but people make money in real estate everywhere.  They just don't do the same things to make money everywhere.  Find out what the people that are making money where you live are doing and do that.
Real estate to Retire you
http://sphinxwealth.com/

 




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