People often wonder how it’s possible for me to own and manage properties (currently around 75 homes at any given time) that are outside my geographic area. It wasn’t that long ago that this wasn’t the case. Although it’s going on 25 years now that I’ve owned and managed real estate, it’s only been in the last 10 years that I’ve considered doing so outside my own geographic area. So, what has changed?
Since the Internet has taken off, many things real estate related have changed, and the global community has come closer together through social media as well. Although you’re listening to a guy who used to sell real estate in 1986 with a picture book, no fax machines, or cell phones and would cold call and door knock for leads to the point of contemplating suicide, the Internet has obviously changed the way we do real estate investing. I’m talking about much more than just utilizing the MLS here.
Many data services, not accessible before, now help us analyze real estate deals by determining value, courthouse data, insurance data, property condition, etc. Just about anything can be found online, especially through database searches within CoreLogic, RealQuest, Lexis-Nexis, and others. Today, we use so many affordable vendors; I feel obligated to mention a few. REO real estate agents and their networks are much easier to access and utilize. National insurance carriers can write affordable policies everywhere. And, my favorite is the modern-day property preservation companies.
Although the property preservation company I utilize is in Irvine, California, they do work in all 50 states, (including Alaska, Hawaii, and all US territories), and here are a few of the services they provide:
- Property Renovations, Rehabilitations, & Repairs
- REO Services Bundles
- REO Maintenance …read more