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In this lesson, you will discover real estate investing online; where it is possible and where there are limitations.
Ultimately, my goal is to show you how this is 100% possible in the digital age.
When I first joined the real estate investing gang back in 2004 and 2005, I was a fresh graduate of computer engineering and engineering management.
So naturally, I eventually always looked for ways to do any parts of this business online and virtually.
It wasn’t always easy.
But today, I can boastfully tell you that I was among some of the first to manage to bring my attorneys on the road to do deals with me.
In fact, there were many times that I didn’t have to show up even when I took the title and my signatures were necessary to close the deal.
I instigated creative ways to make the deals happen even when it wasn’t conventional to do so.
So Is Real Estate Online 100% Possible?
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The good news is that it is possible but I would also like to point out a few potential pitfalls that you may want to avoid.
Most of them have to do with 2 major variables within the process of real estate investing from data to deals.
- Humans and
- The Physical Property
With the humans involved in real estate investing online, signatures, paperwork, reports are all done digitally these days.
So with the help of apps such as Docusign, legal tools such as power of attorney,
investor friendly and flexible closing agents and attorneys…
Closing a deal can be facilitated 100% online and virtually.
Ideally, the closing agents want all persons and parties involved in the transfer of title to show up physically for in-person identification.
But all you have to do is ask to close the deal virtually and it can be facilitated with the power of attorney and digital tools and applications such as Docusign.
If your interest is purely in wholesale by way of assignment,
you are actually not needed physically at the closing at all.
It’s All About The Money
Let’s not get it twisted.
The closing agents and the attorneys make serious money from closing these deals.
Serious amount of money is being bank wired through their escrow accounts
and a decent amount will end up in their regular accounts and someone’s dinner.
So they will happily accommodate you within the confinement of the law even if it’s a little inconvenient.
When they start considering the fact that you are an investor who can potentially bring deals over and over,
it starts to make sense why many deals are being closed virtually these days.
So this is yet another reason why real estate investing is happening 100% online and more will continue to happen.
The Power of Agency
When many newbie investors get started in this business,
they tend to have an outlook of the real estate agent being the enemy or the competitor.
This is a wrong mindset because a typical real estate agent is actually not an investor.
In fact, their interest is in facilitating deals for everyone else and collecting a usually affordable and worthwhile single-digit percentage commission.
Nowadays, It is in your best interest as an investor to have a competent local real estate agent in your corner who will happily do all the necessary run-arounds.
And again, one of the many benefits is the ability to invest virtually in real estate 100% online.
Obviously, there are other things to consider when it comes to vetting complete strangers that you may not have met in person.
Let’s Talk About Inspection & Appraisals
These are steps that you will go through if you are taking the title of a property as an end-buyer investor.
In fact, it is definitely advisable because you do not want to end up with a property without making sure that it is structurally solid.
Now with respect to being able to invest in a piece of real estate online,
that’s not a big deal because you simply need to facilitate access to the property.
All of that could be facilitated with a few phone calls.
You can also be in Manchester UK and leverage partnerships with local real estate agents in the US or other investors to get these things done.
If you were next door, it’s this same phone you would have to use as a tool to facilitate a lot of these steps involved in real estate investing.
That’s just the world we live in.
Special Tip For Newbies & FirstTimers
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If you are a wholesaler with little to no intentions to take the title of a property personally for rehabbing, disregard what I am about to say.
You can absolutely run a full real estate wholesale and lead generation operation online,
never see any of the houses personally or physically and make stupid amounts of income doing it.
Otherwise, I want to definitely advise you to fly in and see a property physically if you will be personally fixing and flipping it.
A tiny structural damage can milk you of all your income and savings for the last decade of your life.
A $300 to $1,000 flight can save you from a serious future financial headache.
Once you get through a few flips, you may then have enough context in experience to create a system of vetting virtually.
A solid relationship with a contractor you’ve used a few times can go a long way in managing supply of materials and labor for subsequent projects.
In fact these days, you can go directly to the Home Depot website
and make the necessary payments directly for materials that your contractor can pick up without you being present.
Tell me in the comment area any questions you may still have about real estate investing online and I will be happy to record another video answering it for you.
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Check out the next video on the screen for more information all about making money from home.