Not only can you buy a house you’ve only seen online, as a real estate investor, you might prefer to do so, at least once you have a system in place. Buying homes online has actually been a strategy for people buying investment property for some time, particularly if said investment property is in an area not local to the investor. And with the coronavirus on the scene, more people have adopted the process as they have become used to doing business virtually, plus not physically going into homes addresses safety concerns.
Buying a home online can speed up the acquisition process, saving you time to plan your next investment opportunity. Here’s what you need to know.
Set parameters for searching
Determine the niche you want to market to for this investment property. This includes price range, home size, location, and any other parameters you deem important.
For example, your niche could be a three-bedroom, two-bathroom home under $200,000 located near a college or university so you can rent to students.
Note that although having some parameters is good to narrow down your market, having too many will make it harder to find the right deal. So limit your parameters to make it easier for yourself.
Check out the neighborhood — virtually
With online house shopping, you probably won’t be familiar with the neighborhoods. But you can find out all the information you’ll need — you guessed it — through online searches. You can get employment data from the Bureau of Labor Statistics, income ranges from Sperling’s Best Places, school ratings from Great Schools, and crime statistics from AreaVibes, all from the comfort of your own computer.
Learn to analyze the property
As with any investment property, whether you’re buying remotely or in person, you need to analyze it to