10 steps to buying a property out of state, site unseen – how to buy in Indy remotely or abroad without seeing the real estate.

by | Uncategorized, Indy Anna, Real Estate Investing

10 steps to buying a property out of state, site unseen – how to buy Indy real estate remotely or abroad without seeing the houses.

First of all, THANK YOU again for making this channel the number one channel for Indiana real estate on YouTube according google analytics and SocialBlade info for BigReia.com.

This is a quick video I made about  a Hero’s experiment…

10 Steps to Buying Real Estate Out of Your Area.

Indy Anna Explains:
– If you want to buy a property in Indy or in the Midwest from me, then you can use this checklist as a good guide.
– Even if you are not a buyer of mine you can still use this checklist to be safe when buying properties site unseen and especially if you are out of the state.
– Even if you have the time/ability to see a property it can still be a good exercise to be able to do deals remotely and in this class I’ll answers questions and concerns that a lot of my investors have had about this.

So if I ramp up my machine I can do more than a deal a day.
– I don’t prefer that though, I like to have a smaller number of better transactions with the same people so I can really take care of them.
– I know that buying a property of your area can be really scary, especially with your money and credit at risk so these steps should help and if you still questions just let me know.
– This class is for “Passive Investors” who are NOT building a business but just want to write checks and outsource everything, this is is also for people who work with passive investors.

So let’s do this, here are the 10 steps to buying real estate as an out of state investor:

1.)  Determine Deal Type.

First decide what kind of deals you want to do and what would your income goals are so that you can stick to that plan. For our example we will say these are rehab, fix-n-flip, short term deals.

2.)  You Need Boots on the Ground Familiar With Rehab.

You should know the area or have a person (like Indy Anna!) that can tell you EXACTLY what square footage houses require what kind of rehab based on the three main categories of repairs.

I made a separate class on this that includes a chart that you can see how much each of the three main kinds of rehab will cost based on the square footage of the house. Link to that class and the downloadable chart in the video.

3.)  Share Your Criteria.

So now you know exactly what kind of rehab you are looking for and you can give that info to your agent, several agents and others like bird dogs, property managers, investors, landlords or anybody else. Some of my investors hire somebody part time to do this calling and screening, this would be your “Acquisitions Manager”.

I know these three steps seem basic and we haven’t even gotten into the looking at the property yet but in nearly all cases the problems an investor has always came from not doing the first three steps correctly.

4.)  When You Get Leads, Make Sure Directions are Followed.

When a realtor or anybody else brings a potential make sure the realtor (we will assume it is a realtor) followed the directions based on the rehab type, size and area.

5.)  Do The Math… FAST.

Now we do the basic analyzing of repairs, current comps, rentals and houses on the market. This is a “live” comp now. I’ve covered this in other videos as well so if you need help just let me know.

6.)  Offer At YOUR Price.

We have our criteria met, the deal looks sound and now based on our investigation we have a “Green Light” at a certain price. The offer is made based on YOUR price regardless of what the asking price is we make sure to tell the realtor the work and logic behind the price and that out of respect we never negotiate or get into cat fights over price. This is the final price.

That is tough for some investors but you are training your people to value your word, time and offers.

7.)  Explain or Move Forward With Offer.  

At this point it is accepted and you move forward, if not do NOT just move on but instead talk to the realtor and see if you missed something or are being “unreasonable”. Make sure they know that you ARE serious and have cash and will close this just didn’t meet your criteria. Work with them and improve the approach and try again. This is important or you’ll get people think you’re an LC.

8.)  Do The Closer Look Inspection Immediately.

Now the inspection and walk through, you can do these at about the same time. You can hire a babysitter or grocery shopper of craigslist to meet with the realtor and do a walk through or a “Closer Look” and Skype with them so that you can see everything. This is if you know what to look for, if not just go right to the inspection and repair estimates.

9.)  Finalize the Rehab and Other Costs.  

This should be in line with what you projected and told your realtor, this is a Type 1, 2 or 3 and you shouldn’t be surprised. If there is some major issue then talk with the realtor and explain what you need to see to make this what they promised, if that’s a problem move on but still follow the instructions in step 7.

10.)  Close and Get to Work.

Close the deal and begin work immediately. The contractors should be on track and ready to start immediately. If you are unclear about hiring contractors and property managers from out of state see my other classes on them in the description.

So that’s it.
– This is much easier when you have just ONE good person, they can get the “Boots on the ground” and get the work done, showings, etc.
– The ultimate badass person will do something like the L/A Model in the meantime so you have a list of hungry buyers ready to go before you are even ready to sell, to be clear there is not a SINGLE investor/wholesaler that I know of in the country that is doing that… except Indy Anna.
– If you have any questions please let me know, I’m here for you guys: Love @ BigReia.com.

Thanks so much!  = )

Want more (brilliantly) EPIC posts of real estate investing and bidness badasssery...?

There is a great post and class on the 38 Ways to Buy Apartment Buildings Zero Down with Pet Policies, and here are some other helpful and EPIC posts... for starters as a real estate investor if you ever want to build a business that makes you 30 grand a month then you MUST do this...

Wanna Create Generational Passive Income Buying Real Estate and Small Businesses?

Here's a class on exactly how to make $30,000 in passive income as an out of state Indy landlord.  Exactly how many Indiana rental properties do you need to make 30 grand a month.  Anna can you help me invest in Indianapolis turnkey real estate investment properties?

There's also a great class Azam did on how anybody can retire in the next 1-2 years with $30,000 a month in passive income by buying and selling businesses zero down.  What about Micro Flipping?  We have a great class on how to start micro-flipping real estate zero down from your house and make $500/day, speed wholesaling 101.

There’s also another great class on how to buy apartment buildings zero down that you can check out as well.  This relates directly to growing income on rental properties.  Speaking of which make sure to check out our epic page on 14 ways to avoid tenants from hell.  Also we have a great post on how to make build a "six figure a month" real estate wholesaling business.

Also here is a post on how I did this and I flipped a house off Zillow for 30.  Also you can check out the post on five steps to flip a house right off Zillow for 40 grand.  You can also check out our other epic post on 57 ways to make money with vacant land.

Here’s another post on how a Hero flipped a house off Zillow and made 40k in a few weeks while he was learning to read.  Also you want to check our post on the EPIC $25 million letter and the copy writing lessons for real estate investors, you'll love it.  Also you can see how ONE letter is making me $9,000 a month.  Also you can check out the post on 101 FREE places to advertise your houses.

Also check out the "SA" class and your REAL chances of create social mobility and income ascension with your real estate business.  Brilliant stuff.  Also there is a great post on the ONLY way you'll ever make 30 grand a month as a real estate investor and/or business builder.  Another brilliant class with a free downloadable Investor Guide is about 19 Ways to Make $10,000 a Month by Helping Tired Landlords.

Plus make sure you check out Azam's post on how to hire a realtor that makes you $10,000 a month... while you sit back with your shoes kicked up on your desk and fingers folded behind your head.  Also there is a great post on how to make five grand a week from putting out signs.

Also we have some great posts on 30 ways to buy real estate with no money down.  That is a two part series so make sure to watch the second part on the 30 ways to buy real estate zero down and with no loans or credit.  I also get questions about our "Epic Flipping" and how to turn $1 into over $25,000 by flipping ordinary items for exponentially high ROI.

And don’t forget our EPIC page on 100 FREE ways to find motivated sellers, we are making the number one page in the world on FREE ways of finding motivated sellers.  Also check out how I find motivated sellers from code violation properties, and also how I make over $1,500 a week giving investors access to that list. 

Speaking of lists, for a list of the "Good People" and My Indy Anna Homeys - this is a FREE list of EVERY possible contact that you'll ever need to build a real estate business in the Indianapolis or the Midwest.

You can also get a LONG list of every contract, piece of paperwork and legal document that you'll EVER need for your real estate business all FREE to download.

Also perhaps the most important class Azam has done is on the "Frequency of Thought" and how to use the laws of quantum physics to rewire your brain, attract brilliance like a lightning rod and be the best version of yourself.  Check out this epic 3-hour class on Quantum Real Estate.

When I first go started I thought wouldn't it be great if somebody put together ONE list of every possible contact that I would ever need to build a passive income with Indiana real estate - or any Midwest real estate?  Well that's exaclty what I did with our “People Page” here it is:

A totally FREE list of every possible real estate professional contact you’ll ever need to do unlimited deals, start and scale your real estate business and create generational passive income with real estate anywhere Indiana or the Midwest.

Stay here at BigReia.com and you’ll become allergic to being an LC and addicted to improving the world and creating Income Ascension and Social Mobility for you and yours… 

Thanks so much!  = )

Make the Universe Smile.

~ Indy Anna
Love (at) BigReia.com
(YES that's my actual Direct Line and I really do answer lol, so please text me first Thx!)

Free Comic Book Reveals:

100 FREE ways to find motivated sellers.