Well, I think I may already have some answers to this as I was reading the Carleton Sheets (love him or hate him??) post in the “Beginners” forum. . . but I was curious as to whether y’all ever buy properties sight-unseen from the information you gather from various sources.
I’m thinking of the obvious factor of distance - when you are in one state the the property is in another. . . or even the same state but quite a distance away?
Any experiences - good and bad - that can be shared??
Thanks,
Immy
I hate to admit this, but Yes I did buy 2 proprties sight unseen. About 6 years ago I went to a FDIC auction. I did my due dil on the 2 properties that I wanted to bid on. Of course those 2 houses went for allot more than I was willing to pay for them. My problem was I was at this auction with 2 checks and I did not get the properties I wanted. So what did I do? I bid on 2 properties sight un-seen. I got a 2 family in Springfield MA for 3k and a single family in CT for 13k.
We did ok on both of them:
On the 2 family, the rehab cost was 10k. We also got rental income of 14.4k and sold it for 20k.
On the single-family, the rehab cost was 5k, rental income of 12k and sold for 50k.
I was lucky!
I don’t think I would do this again.
Immy,
I buy site unseen 100% of the time I never go look at houses I look at it like this the bank never calls me to see what I think. They do want an appraisal and inspection report. As long as the numbers work why not? I honestly have nevereven seen 95% of the houses we own in the Denver Metro area and I live right here! Its just a numbers game nothing more nothing less for me!
DO WHAT YOU DO BEST AND OUTSOURCE THE REST!