This week’s question comes from Mitch on the Real Estate Rookie Facebook Group. Mitch is asking two questions: How do you close on a property sight unseen and how do you finance off-market deals?
Our two lovely hosts have expertise in both of these areas. Tony has bought a fair amount of property sight unseen and Ashley has used some very creative strategies for financing off-market deals.
Here are some suggestions for both of Mitch’s questions:
Get your agent, inspector, and general contractor to inspect a prospective sight unseen property
Don’t waive the inspection clause, especially if you’ve never been in the property
Look for lenders that aren’t traditional banks, especially those that work with investors
Ask local banks if they offer any products that could help with your funding
Use a line of credit or borrow against your stocks/other assets
Ask for seller financing whenever possible
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).