How Can I Lease Option A Property In Another City?
Happy new year,,
I have a lady who wants to lease option here home to me.
I usally farm in my own area,I ama newbie to REI .
I have never farm in other areas outside of my neigborhood.
She lives in another city.
My question is this how can I get this house under contract if I have'nt seen it nor can I get to the area to see it.
Is there a way to do this deal, is it possible?
I need this answer asap.
This motivated seller found me from one of my ads I have on the internet.
In it I mention ,I will have there reply with in 24 to 48 hrs if not sooner.
Thank you for your help and patience. :-?
Is it possible?--certainly
Have I done it?--no
Would I consider it?--yes
Is it wise?--probably not
Are you new to the game of REI? If yes, I would probably pass. I've been investing for 2 years and I am just now to the point where I may be comfortable doing something like this.
The key really is your team. Do you have the contacts of people you trust that can get you the information you need without having to verify it yourself first hand?
You may consider an exterior or interior BPO from a local realtor. They do quite a few for banks and they will run comps to find value much like an apprasial. An exterior they will only look at the outside of the property and interior they will account for damage, repairs needed, etc. The cost around here is about $50 for exterior and $100 for interior.
You can certainly get it under contract and negotiate everything now, but I would go view the property before you close. Also realize that this deal isn't in your backyard so make sure you are making enough profit on the deal to cover the extra time, work, cost, and energy of doing a long-distance deal.
GOOD LUCK
Hi, happy new year.
Thank you for your advice and help.
if i can't visually inspect a house i won't buy it. there are to many deals elsewhere......km
Happy new year ,Thanks KM for your reply