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There has been a lot of talk on this site about buying out of state apartment complexes and other types of real estate. Volluci, Berges and SteveO have explained the merits of these types of deals.
I was putting together ideas on how one would accomplish this and it occurred to me that it could potentially be challenging from a logisitics point of view.
It seems like it would involved several flights - a few to get to know the area, make connections and form the team; another flight for due dilligence and other issues prior to closing; possibly another flight for closing; at least a few more flights to oversee the change of management and potential light rehab of the property. And after all those, how does one manage a property management company from afar?
I've brought up the subject with the developers I work for and they tell me you must have someone "on the ground" in whatever city you are working in. They didn't seem to think these types of deals were a good idea from a logistics point of view.
Now I know that many people do these types of deals, so I'm trying to look at it as "how to accomplish" rather than "why it won't work."
If anyone here has any experience with this type of deal (or running any out of state business), I think we could all learn a lot about the nitty gritty details of running a business in this manner.
:thankyousign:
I was putting together ideas on how one would accomplish this and it occurred to me that it could potentially be challenging from a logisitics point of view.
It seems like it would involved several flights - a few to get to know the area, make connections and form the team; another flight for due dilligence and other issues prior to closing; possibly another flight for closing; at least a few more flights to oversee the change of management and potential light rehab of the property. And after all those, how does one manage a property management company from afar?
I've brought up the subject with the developers I work for and they tell me you must have someone "on the ground" in whatever city you are working in. They didn't seem to think these types of deals were a good idea from a logistics point of view.
Now I know that many people do these types of deals, so I'm trying to look at it as "how to accomplish" rather than "why it won't work."
If anyone here has any experience with this type of deal (or running any out of state business), I think we could all learn a lot about the nitty gritty details of running a business in this manner.
:thankyousign:
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