RentSimpli is a full-service San Diego property management company specializing in single family homes, townhouses, condos, mobile homes, small commercial buildings and small apartments. We work with a lot of investors from out of state and even those who are out of the country.
Buying an investment property remotely was once a huge risk. Now, thanks to technology and with the help of a local property manager, you can buy a San Diego rental home from anywhere in the world.
Here are some buying tips we always provide to remote investors who are looking for advice.
Choose a Local San Diego Property Management Partner
Most remote investors are quick to find a local broker, a mortgage company, and maybe an attorney or an insurance agent.
Don’t forget about contacting a San Diego property manager.
This is perhaps the most important professional partner who can facilitate a remote investment effectively. You’re counting on your property manager to help you understand:
- Local rental values
- Tenant demands
- State, federal, and local laws
- Where to find vendors, contractors, and other partners
Your property manager can physically visit the property that you’re not going to set eyes on. You can expect a thorough estimate backed by industry data that tells you how much you can expect to earn in rent, how long it will take to find a tenant, and what kind of work will be necessary to get the property ready for the market.
Look for Strong and Innovative Property Management Technology
You cannot invest in property from afar without great tech.
As a remote investor, you’ll want to stay connected to your management company and your entire team of local professionals as you’re buying an investment home. You’ll want to participate in a video tour and read inspection reports.
Make sure you and your management company have all the technology necessary to make it feel like you are present when estimates are being given for work, inspection reports are complete, and offers are made and negotiated. Plenty of software programs, apps, digital platforms, and even social media sites exist to facilitate the efficient and effective purchase of an investment property remotely.
Don’t Skip the Due Diligence
If you’ve made an offer and it’s been accepted, use the contract period to do your due diligence. Check the deed and the title, secure your financing and gather inspection reports and appraisals.
San Diego is a competitive and fast moving market. It may be tempting to waive an inspection or make concessions that you normally would not. Don’t fall into this trap. You’re investing remotely, but you still want to take the time that’s required to check off all the boxes. You can terminate the contract if something doesn’t fit the way it should. Trust the experts you’ve gathered to help you through this period. Ask questions, listen to recommendations, and use their data to make the best possible decisions.
You can even close on the deal remotely. Your digital signature is just as valid as your physical one.
It doesn’t have to be difficult, as long as you’re prepared and working with the right property management team. If you’d like to get in touch with us, we can tell you more about how we’ve helped investors do this in the past. RentSimpli is a full-service property management company serving landlords, investors and property owners in San Diego & Riverside Counties, including La Mesa, El Cajon, Chula Vista, Santee, Rancho Bernardo, Escondido, Fallbrook, Temecula, and Murrieta.