Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
mweaver606

Out Of Town L/O's

Recommended Posts

I've searched the forums but found it hard to find threads on this specific topic other than a few. I just have a couple of quick questions:

 

1. How do you "inspect" the property to ratify the contract and move forward if you plan on using them to show the house and not a local realtor or someone you know? Have them send photos? Video? Just trust what you've seen online if anything?

 

2. How do you file the memorandum?

 

3. Do you offer to pay for the marketing signs? Send them to them, or pay someone else to put them in?

 

Thanks!

Share this post


Link to post
Share on other sites

Hi Mhmi,

 

1.) Since you shouldn't be putting much money down, you should be alright with the seller supplied photos and/or video for advertising the property... Even if the seller is showing the property, you should be the one discussing the deal with the potential tenant/buyer so after one or two showings you should know if the description and pictures are inacurate.

 

2.) Not sure about how you'd file a memorandum, I've never been in a situation where it seemed necessary. If it's a big $$$ deal or a situation where you need to secure your option, well... I guess you'll have to figure that one out. If you need to file it in person and can't have someone else do it, a few hundred bucks in airfare and a day of traveling might be worth it if the payoff is substantial.

 

3.) It sounds like you might be ready to find a local partner, someone who you can pay to run errends for you or split profits with in exchange for being your eyes and ears on the ground.

Maybe find a real estate agent who you can give 1/2 months rent to help advertise, use their signs or have them put your signs out.

 

What market are you working in, or multiple markets?

Share this post


Link to post
Share on other sites

mhmi, the answers to your questions depend in large part on the type of deal you're doing. I'll assume for the moment you are looking at doing a CA. Correct me if you aren't.

 

1) Obviously a physical inspection isn't possible on a distance deal. You will have to depend wholly on the homeowner's description and photos. If he's embellishing the condition you'll find out soon enough once a few t/b's go through the property and give you some feedback.

 

2) No need to file a memorandum unless you are planning on remaining in the deal long term, as in a sandwich lease. If this were the case the memo would be filed at the county office where the property is located. Could be called the Recorder's Office, Assessor's Office, etc. Call the county to ask how they handle this.

 

3) I never use signs for a distance deal. I'll suggest the homeowner place a sign on the lawn with my number, but they rarely do. Truth is, all of your marketing is going to be done online. There are obstacles to doing a distance deal such as this. But nothing that can't be overcome.

Share this post


Link to post
Share on other sites

×
×
  • Create New...