Does anyone wholesale outside of the area they live in?

Does anyone wholesale long distance? If so how do you generate leads for properties to buy? Thanks.

I wouldn’t try it myself.

Anything is possible, but it would be difficult. Buying properties without seeing them, seeing the neighborhood, and evaluating what else is on the market is a really good way to get yourself cheated.

I’ve got a real life example from just yesterday about how it helps to know your local market. When I located the property, it was one street over from where domestic water lines are going in because the wells are failing. Cost to each homeowner for the new water line is over $20,000.

I knew that just by accident, but if I hadn’t known it, I would have known it before close of escrow, and I would have backed out of the deal.

You can bet that the seller of that house is praying that a California investor will buy it because he doesn’t know the local area and it is a cute house at a good price. Except the price isn’t good if the well fails and there is no water. The $20,000 water line wasn’t going up that street. So if the well fails, there is no water.

Also, there was a FSBO property about a block away for $80,000 less. I wouldn’t have known that if I hadn’t driven up and down the streets surrounding the house. I’m not interested in it, but at the price, I wonder if it is having well problems.

If you can put in place a system where you get an honest evaluation of the target property, then you could make it work. I’ve bought houses without ever meeting the seller, and documents have gone by FAX and Fedex. You don’t have to be in the area to sell.

I do and I live in Chicago, IL and have investments in Florida. I have found that they will bend over backward for you. Florida is hot right now because developers can’t sell their units and it is a TOTAL buyers market!

Ed Dring

I live in California, but I grew up in Illinois. So I have contacts there send me deals, but I also know the area from living there 21 years of my life. If you know the area then go for it, but as previously mentioned, even knowing the area isn’t enough…buying “sight unseen” is EXTREMELY risky. You have to trust who you’re working with.