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Tips for Buying an Investment Property Sight Unseen

Pelham Property Manager on a Video Call with a Remote InvestorIf you want to add another rental property to your investment portfolio, you may want to buy in a market at a distance from where you live. There are various reasons to do so, especially if you know that a certain market is ideal for owning a rental home in Pelham. You may even want to try purchasing your new rental property sight unseen. After all, many rental property investors do that without any trouble. Buying rental properties sight unseen, however, has some potential pitfalls that you definitely want to avoid. Here are some top tips by real estate experts to help you buy your next profitable rental property sight unseen.

Get a good real estate agent.

The most vital decision you can make to successfully buy a property sight unseen is getting the right real estate agent. There is no substitute for someone who knows the local market, has expertise in the type of property you want to buy and is willing to send you detailed information about each listing. To make sure you will be hiring the right person, ask for references, check their experience, and conduct interviews. Since you will be working closely with this person, it is important to really find a good fit.

Ask the right questions.

It is important to ask a lot of questions and gather as much information as you can whether you plan to tour a listed property or not. This is important especially if you can’t be on-site to see things for yourself. For example, you must ask your real estate agent to send you a floor plan or the dimensions and rough layout of the property if the floor plan is not available. In addition, make sure you ask about the visible condition of the property as well as things like sounds and smells. These are things you can’t tell from only a photo.

Research the area.

Other than the details about the property itself, you also need to know as much as you can about the potential new neighborhood. Google Earth is a good place to start. You can also use Google Maps to view the property’s street. Request a walking tour of the area from your real estate agent as part of the video tour of the house so you can get a better idea of the surroundings.

Request video tours at different times of the day.

Oftentimes, the best way to learn about a potential property is to look at it at different times of the day. A property that appears to be on a serene neighborhood lot in the morning can have rowdy neighbors, late-night train sounds, or other nuisances occurring after dark that your daytime tour would have missed. A lot of things are different at daylight and at nighttime.

Enlist friends and family to help.

If you have friends living near the rental property you want to buy, consider asking them to tour the property or go for a drive around the neighborhood in your place. The second set of eyes is helpful in pointing out details your real estate agent missed (or didn’t want to report). As a resident, they also have a better sense of the characteristics of the different parts of town and the property’s neighborhood.

Get an appraisal and a home inspection.

Finally, you should have a professional appraisal and home inspection done. While many lenders require both as part of the financing process, you should still schedule a professional inspection even if it isn’t required. An inspection and appraisal can bring to the surface a number of issues, from serious structural problems with the property itself to elements that could greatly impact your property’s value. These are things you need to know before deciding to purchase the property.

 

Of course, one of the best ways to buy a property sight unseen is to purchase one that Real Property Management Victory manages. Our Pelham property management experts know every detail of the property and can often help you find off-market deals before they’re even listed. To learn more, contact us online.

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