I know Chris is from Jacksonville Fla. I’ve been trying to decide between his course, Larry Goins and Duncan wierman . They all focus on virtual wholesaling and all look good. I know you can purchase Larry’s used course on ebay. I’m still researching both courses and would love some input from anyone who has has used any of these courses.
I think you definitely could make some money wholesaling in other states, but if you havent done any deals in your own market, I would recommend starting there first. Just so you know what is going on. I have seen many investors get screwed in a serious way trying to wholesale in other states without seeing homes. I am sure it can be done, but be sure to do it verrrry cautiously, especially in todays changing market where comps that are only 6 months old still cannot be trusted.
The bottom line is you need to really know your market, no matter where it is. Obviously it is a heck of a lot easier to know the market where you live, unless you have some super trustworthy contacts in other areas that you work with.
That being said, the bottom line is still the same. Find out exactly what investors are looking for (in any area)…then go find them exactly what that is.
How are you going to do rehab estimate,by not physically inspecting the property,that boggles me a lot.if you cant see it feel it and touch it i stay away from it,letting someone else be your eyes,and hands,has cost me a while ago over $260K,i would not make that costly mistake again
I’m not saying it can’t and is not being done sucessfully but I just know for ME, being totally new to this business I’m focused in learning the basics and brass tacks. I am emulating successful local investors here in my area. I’ve looked into the Virtual thing and it’s very tempting. But as glenn stated, if I can’t see it I’m not messing with it. I haven’t made one deal yet, (it’s coming); so I’m not prepared to jump off into something new like virtual wholesaling when I haven’t established my business the “old fashoned” way yet.
To flip an out-of-state property can be relatively easy. (though I have never done it). As long as the seller will help you, you should be able to get it done. It would be easiest on properties that dont need repairs and are move in ready so you dont have to worry about repair costs. As long as the seller gets you detailed photos, will show your property to buyers and you know the market (or can get good comps) … you should be OK. If you end up w. no buyer … you close anyway or back out like a slime ball
Just think of properties like a used car. Your the used car salesman who takes ‘trade-ins’ for SUPER CHEAP then you immediately sell it to a buyer for CHEAP w/o putting any money out.
I definitly wouldnt do the out-of-state flipping w/o a lot of experience tho.
I would be very hesitant to purchase completely sight unseen (i.e not even photos) , but I think you probably mean not stepping foot in a property. It would be worth it (for $100 or something) to have someone local to go out and take a look at the property and take some photos. Might not be worth it to get a full inspection of the property if you are going to wholesale it . You never know how old the photos people are showing you are. A lot can happen in a couple of months or even a couple of days, such as people destroying the property if it is vacant. I would imagine remote repairs would be very difficult if the people working on
If the property is occupied , then at least you know it is somewhat livable. As other have mentioned trustworthy contacts is extremely important in doing things remotely. But finding these type of people is easier said than done.
If you are doing a lot of deals in one area it might be worth it to spend some time there, meet people ,establish contacts , become familiar with the area and then do deals remotely after that.
If you understand the fundamentals of real estate investing, buying sight unseen can be done with very little liability. I did one myself, held it for 3 years and sold it for a 60k profit and never once saw it – with the small exception of seeing it a few months before it sold because I happened to be in the area mountain biking (salt lake).
That said, you really need to know what you’re doing.
Additionally, I know Cris personally and although I haven’t seen his virtual wholesaling course, as an investor I know how this could be done and have no doubt that Cris has put together a very quality product. Very few people get my total unsolicited endorsement, but he’s one of them. I would recommend his character over just about any other “guru” I’ve seen out there.