Are you ready to add a new rental property to your investment portfolio? You might want to consider buying in a market at a distance where you live. There are many advantages to doing so, especially if you know a certain market is ideal for owning a rental home in Pinecrest. You might even be contemplating purchasing your new rental property sight unseen. After all, many rental property investors who do it don’t have any problems. But buying a rental property sight-unseen also has a few potential pitfalls you would want to avoid. Here are a few tips from real estate experts that can help you acquire your next profitable rental property sight unseen.
Get a good real estate agent.
The key to successfully buying a property sight unseen is hiring the right real estate agent. It is important to find 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 are getting the right person, ask for references, check their experience, and conduct interviews. It is important to find a good fit since you will be working closely with this person.
Ask the right questions.
Even if you plan to tour a listed property or not, you need to ask a lot of questions and gather as much information as you can. This is especially true if you won’t be able to see certain things for yourself on-site. For example, your real estate agent should be able to provide you with a floor plan or, if that is not available, the dimensions and rough layout of the property. You should also ask about the visible condition of the property and things like sounds and smells. These are things no photo can convey.
Research the area.
Aside from the needed details about the property, you will also want to know about the potential new neighborhood. Google Earth and Google Maps are useful resources for viewing 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.
One of the great ways to learn about a potential property is to look at it at different times of the day. This is a good way to check if a property that appears to be in a serene neighborhood in the morning is not surrounded by rowdy neighbors, late-night train sounds, or other nuisances that your daytime tour would have missed. Things can look very different in the daylight than at night.
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). Since they are residents, they can also give you a better sense of how the different parts of town and the property’s neighborhood actually feel.
Get an appraisal and a home inspection.
Finally, you should require a professional appraisal and home inspection. 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 give you a heads-up on a number of issues, from serious structural problems with the property itself to elements that may significantly impact your property’s value. These are important to know before you commit to the purchase.
Of course, one of the best ways to buy a property sight unseen is to purchase one that Real Property Management Genesis manages. Our Pinecrest 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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