Remotely Buying Real Estate for Airbnb

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What's up guys, it's James here and in today's video, I'm going to talk about buying a property sight unseen, and specifically buying an Airbnb short term rental property sight unseen. Now, this is something that I did recently, I actually purchased property that I had never seen before. And I'm gonna talk through whether or not that was a huge mistake, whether or not you should do it. And if you should, how you should do it, we're gonna break that all down in today's training. And this, I think, is gonna be super valuable for any of you who are interested in buying Airbnb properties, short term rental properties remotely. I know a lot of people that I speak with want to buy short term rental properties, but they want to buy properties that aren't necessarily in their geographic area. And they're concerned about, you know, do I need to fly there, how frequently after go, so I'm gonna break that all down in the video here today. Now, if you are interested in actually purchasing properties for Airbnb investing in short term rental properties, then I highly recommend you check out the free training, it's linked in the description down below, we actually set that up to walk through exactly step by step by step all the systems and processes that we use in order to in order to successfully invest in short term rental properties. So if that's something you're interested in, I'd highly recommend checking out that training. And when you register for the training, which is, like I said, completely free, you're also going to get access to our analysis spreadsheets, we're going to give you that completely free. So you can start analyzing properties, analyzing deals and find the ones in your area or whatever area you're interested in, that are really, really great deals that are going to give you a really strong ROI. So I'd highly recommend checking that out, again, linked in the description down below. So recent property that I purchased, I actually purchased it sight unseen, I'd never been there to the property by the time that I went firm on the property. So I want to walk through that. Now with this particular property, the market that I was buying in was a pretty competitive market, lots of places were going with multiple offers above asking, etc, etc. And so what I decided to do with this property because it looks so promising, I really wanted to get my offer accepted but didn't not do just really did not want to get into a bidding war on the property. Mostly because bidding wars in this area tend to become very emotional. People end up overpaying for property. So I didn't want any part of that. So what I decided to do is have my realtor go by to do a walkthrough. And while they were scheduled for that walkthrough, I also had an inspector go by there. So the inspector met with my realtor did a full inspection, top to bottom of the property during the walkthrough. So I haven't placed an offer, nothing's happened here. And the inspector now goes by and did their full inspection. And that way I knew that I was approved for financing, I knew everything else was good, I just want to make sure they got that inspection done. Because I personally don't recommend buying properties without going firm on them without having an inspection except for a few rare scenarios. Now this being an older property, rural, there's lots of stuff that could be wrong with the property, I didn't want to take that kind of risk. So I had the inspector go by now, the inspection went really well. And one of the things I asked the inspectors, I said, Hey, at the end of the inspection, I know you're gonna give me your full report. But if you could just give me a bit of a Coles notes, let's just jump on the phone, give me a bit of a cliff notes, let me know if anything, if anything is cause for concern so that I can basically temper my offer accordingly. Now, in this case, the inspector called me after and said, Look, this property is immaculate, it's been done really well. Everything's been done professionally. I don't see any cause for concern at all. So that was really great. It meant that I knew that the only renovation work that I was going to need to do was going to be a few cosmetic things, changing the paint color, changing the flooring, things that I saw. But as far as any unexpected expenses for the renovation, I knew nothing like that was going to come up. So that allowed me to then go in with a firm offer. And because all of this happened really quickly, I was on top of it. I saw the property really quickly on the market. I got my realtor to go by there very quickly thereafter, I think it was a day or two later inspection. So it only been on the market for maybe two or three days I put in an offer with a short year revocable meaning that the seller then had to get back to me quickly and let me know yes or no on the offer. They countered so actually came in below asking price, they countered still below asking price. And I was happy with that. So we ended up moving forward and I went firm on the deal. Now that same property is one that now we're just in the process of renovating it, we recently closed on it. So it's being renovated and is going to be listed as a short term rental property. And now I want to walk through the logistics of this and why I did this way. So first off, I do highly recommend that if you are going to go firm on a property that you get an inspection done on it, whether you see the property or not, unless you are really really good at knowing exactly what to look for the property and you feel like you're very, very well qualified to do the inspection yourself. I would recommend hiring a professional to do that inspection to give you the peace of mind knowing that you're not going to have any huge unexpected expenses. Because stuff like that can really ruin a deal I can completely destroy the ROI on a deal very easily.

So I highly recommend that. Now as far as going firm on it on a property without actually seeing it. I personally would have I highly recommend that to people is that you don't actually need to go by to see a property with your own two eyes. In order to go firm on it, what you do need is two things. One is a realtor that you really, really trust. And to like I said that inspection. And then honestly, a third one would be a just a video chat. So I recommend doing a video chat. That's what I like to do with my realtor, when we're doing a tour around properties is I'll just get her to, to do a FaceTime with me show me around the property, that way I can get a better idea of the property, its layout, everything like that. Now a lot of properties these days have virtual tours. So that's fantastic as well, if you can get a property that's got virtual tours, and I will always, always, always put if I'm putting in a conditional offer, I will always put that conditional offer and and then wait for it to get accepted. Before I even consider going by to the property, I will not get in a car and drive out to go see a property unless I am at the very least conditional on that property. Meaning that I then have the control to either go into the deal or walk away from it, I won't go and actually visit properties that I haven't placed an offer on yet, just because simply put, it's just a waste of time. It's a lot of time and energy putting into properties that ultimately the vast majority of them in a competitive market or just when you're when you are very scrutinized investor, you're not going to be buying the majority of them right. So why waste your time going by to see them, there's no real benefit to doing them. So I recommend at least going in conditional and getting offer your offer accepted conditional before going and doing a walkthrough where you're actually there in person, or in some cases like this one going in and going firm. Now the upside on that is that you save a lot of time. And the downside is really nothing. As long as you've got a realtor that you trust, you've got an inspector that you trust, if you are going the route of going firm on that property without seeing it. And you just leverage FaceTime to be able to see everything. But again, having that realtor that you trust, they're your eyes and your ears. And if you have a really good relationship with them, they're essentially like a business partner to you like they should really know exactly what you're looking for what kind of things you're concerned about how close can the neighbors be what is the yard need to be like all those details, the better and understand that your realtor has that the more effectively they can operate as your eyes and ears at the property. So that saves you the time of having to double down your efforts. And both of you go there, you might as well just have one of you go there. So that's my take on it. Let me know what you think in the comments in the site. And the comment section down below. If you have any questions, thoughts, concerns, anything you'd like to share, let me know again, if you want our step by step training for exactly how to invest successfully into short term rentals. And he wants to show you how to do this remotely how to do it without actually going by there in person, how to do it in different state, different province or even different country from where you actually live. And I highly recommend you check out the free training, it's linked in the description down below, that's gonna walk you through everything step by step. And like I said, we're also going to give you our analysis spreadsheet completely free when you register for that training as well. So check that out. Link is in the description down below. And the last two things. Number one, like this video, if you did enjoy it, if you got value from it, if you always insightful, anything or if you just want to be nice, then please hit that like button. It really, really really does help me out tremendously with YouTube's algorithm. So I'd really appreciate if you would just take a quick second and just hit the like button there. And then last but not least, if you are not yet subscribed to the channel, which I know from looking at my analytics that a lot of you guys watching this video are not yet subscribed to the channel. Make sure you hit this subscribe button so you can stay up to date. I post two new videos every single week on this channel, so make sure you hit that subscribe button. Other than that, that's everything I got for you today. So I will hope you have a great rest of your day. I'll see you in the next video.