Investing in a Property Sight Unseen: What You Need to Know

Are you thinking about investing in a property that’s not in the same city as you are? 

It’s not as difficult as it once was. If you’re living outside of Southwest Washington, but you know you’d like to invest in residential real estate here, you need two things: 

• A willingness to invest in and use technology.
• A great local resource like a property manager who can help you navigate the market and the process. 

Investing in a property sight unseen can come with some risks. But, it’s not impossible. In fact, it can be pretty profitable. 

Here’s what you need to know.

Leverage Good Technology and Local Resources 

Your first step, when buying an investment property sight unseen, is to partner with a local expert who can help you:

• 
  Identify the right property
• Negotiate the purchase
• Lease, manage, and maintain that property 

A real estate agent will help you find and buy an investment property. Their skills are in showings and closings. You can count on your Realtor to share information about your property. 

That’s helpful, but what you’re really looking for is a company or a professional who can help you buy the property and then take care of managing it and leasing it and maintaining it once it’s yours. 

Our team of property managers can take you through the entire investment cycle, from identifying an opportunity to finding and placing a tenant and signing a lease agreement. 

As a remote real estate investor, you’ll need local experts who have invested heavily in technology. When you’re investing in a property sight unseen, you’ll want to stay connected to your management company and your rental property. 

Good technology helps with access and communication. It allows you to feel like you’re present for showings and tours. 

Work with a team that can provide you with access to an online platform where you can check in on how your property is performing physically and financially. Your property manager needs to have invested in the best programs and platforms available in the real estate and property management industry. 

This will help you to see potential homes electronically from wherever you are. You’ll be able to quickly review and sign any legal and financial documents electronically. 

Understanding the Local Rental Market

You don’t have to be in Southwest Washington physically in order to invest, but if you want to buy a rental property sight unseen, you’ll need to know what kind of property you’re buying, what the location is like, and what the specific nuances are to the market. You’ll want to know:

• Property and rental values
• Available properties
• General tenant pool information. 

This is part of the due diligence you would conduct on an investment property even in your own neighborhood.