Remote Real Estate Investing: Pros, Cons & Tips

Caeli Ridge recorded this episode on 2/20/2024
 
Remote Real Estate Investing : Pros, Cons & Tips

Caeli details the Pros, Cons and Tips to Master Remote Real Estate Investing including diversifying portfolios, thorough research, build reliable local teams, embracing technology, finding reliable property managing partnerships and other topics!

https://www.narpm.org/

Check out the video with the screen share and the documentation in the Community and our YouTube Channel.
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You can join these live  by following this link to join the call:
https://community.ridgelendinggroup.com/events/live-with-caeli

As always, give Ridge Lending Group a call if you have any questions at 
855-747-4343 or email us at info@RidgeLendingGroup.com

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Transcript

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Karlie Smith: Morning or good afternoon, everyone, and welcome to calling all real estate investors. You can reach us at info, at Ridgelendending group.com, or you can always give us a call at (855) 747-4343. That's 8, 55, 74 Ridge

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Karlie Smith: during today's live call. If you have any questions throughout, please pop those in the chat, and we will answer them as soon as possible. And today's call is going to be over discussing the pros, cons, and tips of investing in remote real estate.

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Karlie Smith: So I'll hand it on over to Caeli Ridge.

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CAELI RIDGE: Hi, guys, thank you, Miss Karlie. We have a nice intimate group again, hey? I wanna just quickly for those that are here with us today. And then maybe listening after the fact my quick announcement. I'll probably expand on it at the end. We are gonna be halting the the live with Caeli's. We're doing it every Tuesday. Then I pulled it back to every other Tuesday, and, to be honest gang, it's it's more effort than I have enough to be

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prepared for, and I feel like, as a result, what I'm able to provide for you does not quite give you

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CAELI RIDGE: the experience that I expected that I want. So instead, we're going to come up with an alternative.

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CAELI RIDGE: Maybe once a month Karlie is actually putting together a survey to blast out for everybody and asking what kind of content and how often and and some different things. But it'll probably be once a month. Live with me one afternoon where it's just open to questions. It's not gonna be topic driven in advance. Probably it's just gonna be, hey? Show up at 10'clock on on the third Thursday, or something

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like that.

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CAELI RIDGE: And and pose your questions. And I can just be here for 10 min or 15 min, or whatever it ends up being. And I think that we're gonna end up doing it that way. Cause what we're finding is is again the participation at the time that we set these is usually pretty light, like it is here. However. We get quite a bit on the Youtube Channel, where people will then go back and review and and do it that way. So the live with me once a month, maybe something like that, and then also within the community. And and we'll talk about this at the end.

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CAELI RIDGE: We're gonna be asking questions more often about what it is. You guys have questions about what is important to you on the finance side, or the real estate investing side. And then I will take those comments, or those thoughts and ideas from you. And then I'm just gonna record on them through the week. And then we're just gonna post them. We're gonna send them out newsletters every Friday stuff like that. So questions, if you have them as they come up.

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CAELI RIDGE: keep them coming. I will just maybe record 15 min little vignettes or segments that that touch on it, or whatever it ends up being. And then you guys will have it at your disposal and fingertips to watch when you want how you want? Blah blah blah! So this is going to be sadly jag. Hi, my friend, so we have some of our regulars here. This is probably gonna be the last one that I do on Tuesdays at this 1 30 h. But we will have replacements that I think, will be even more valuable to you. Okay.

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CAELI RIDGE: enough of that.

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CAELI RIDGE: And for those that may have noticed the deeper voice I'm sending a little bit more mannish than I might normally I contracted Covid last week. So I'm on the mend. But yeah, I sound funny. I was talking to a customer service. I don't remember what it was the other day on the phone I had to make a call for something, and a couple of times throughout the conversation she called me, sir, so I knew that something was up.

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CAELI RIDGE: When I got II got that so apologize for the voice.

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CAELI RIDGE: Okay, remote real estate investing the pros and cons, and maybe a couple of tips. I did not have an opportunity to go through and make sure that I had exacting bullets. So I'm gonna wing this a little bit I do have

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CAELI RIDGE: the newsletter that went out last week. So I'm gonna kind of dovetail off of that. First of all. I wanna start by saying when we talk about remote investing. Some people are very, very comfortable with this and they've been doing it from the onset, or maybe they they kind of eased into it, whatever it may be. Some people don't have any issues with it, whereas others are very hesitant or apprehensive to purchase investment property site on scene. And I get that

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CAELI RIDGE: when I was first getting into real estate investing. And people were telling me that you know you can invest in Mississippi or Alabama, or wherever I'm thinking. And I'm I was in Arizona or California, wherever I was. I'm thinking. Okay.

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CAELI RIDGE: Now, if you're not working with a turnkey, it becomes a little bit more Dicey, right? You've got a lot of extra due diligence. You need to be doing on your own. If you're working with a turnkey, you've got some semblance of comfort, knowing that. The relationship one on one. There is something that you've already forged, and you you feel comfortable with them, and and what they've been providing you, and information, etc.

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CAELI RIDGE: But for those that are not super comfortable with the idea of of investing site unseen or out of state. For whatever reasons it may be, maybe they they want to have boots on the ground.

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CAELI RIDGE: They want to be able to touch and feel and see it. If something happens, they want to be able to get to the property all of that kind of stuff. I would just offer my opinion in that. You might be.

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CAELI RIDGE: You will be. You will be at a disadvantage to have all your eggs in one basket, and if that basket happens to be in your backyard, okay? And I think that that's fine to get started for investors, but I think long term you really will be at a disadvantage if you're not interested in that diversification piece for market. Now, when I talk about diversification, I'm gonna spend some time on that. It's not just about where the properties are located. I'll I'll dig into that. But

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CAELI RIDGE: I, personally had

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CAELI RIDGE: my experience with just having too many eggs in one basket over the earlier part of my career ended up being a a real problem. I lost big in that case, and if I had diversified a little bit in different markets, I should have. I would have fared better. I think so.

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CAELI RIDGE: for those that are really just kind of stuck in the one market that they may live in. I'm gonna share that you should start to broaden your horizons and do your due diligence. Do your education find a turnkey, if that is your comfort level, or do the extra work to to do it yourself, because I'll promise you, at some point in your real estate career. It's very likely that that market, if all of your real estate is in that one level

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CAELI RIDGE: space. You will come up shorthanded. It could be more problematic than not. I mean, there'll be issues, is, I guess what I'm saying. So consider that.

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CAELI RIDGE: Okay, so back to to just the remote side of real estate investing. The first thing that I'm gonna say is that II strongly suggest, you guys come with or identify what your core strategy is and everybody's gonna have a core. If any of you has spent time with me on one on one certified power buyer, where we spend time talking about the education and going over your goals. Some of this might sound like repeat, but

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CAELI RIDGE: I really am one of those first calls that I have with my clients. I really like to dig into what is their short and long term? What are they into this like the next 12 months? What are they trying to accomplish the next? You know? 5, 10 years. What are they trying to accomplish?

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CAELI RIDGE: And the core strategy? It. It's very useful for them to at least come with some basic outline of what it is that their objectives are. Maybe that's just single family residence. Maybe that is a short term rental. Only maybe that's class C,

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CAELI RIDGE:  student housing, or whatever it may be, they're going to have a core. And I think that that's great to maintain that. But my overreaching advice and this kind of plays into what I was saying a second ago about the market is really about diversification. Okay, diversification, not just in market, but in property type and strategy long term, short term, midterm

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CAELI RIDGE: single family 2 to 4

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CAELI RIDGE: ABC cash flow versus appreciation. That's a big one. But once you've identified what your core is, I think you should really start to consider le consider layering in some of the other available

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CAELI RIDGE: profit centers of real estate. And as that kind of plays into our conversation to today and remote investing, once you've got your core right, your core objective for real estate, then you can kind of open up to some of those other avenues, and

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CAELI RIDGE: how that remote investing may play into this, because not all markets are created equal. Anybody that you're talking to, that you ever hear, speak, or that you read about makes a blanket statement about the nation as a whole for real estate, and they they say things like, you know, real estate market is crashing, or you know, whatever the headline is. Either it's just

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CAELI RIDGE: bait. Click, bait, shit, or it's they don't know what they're talking about. So you wanna be real informed about the different markets and where you're going to be. And why do you wanna be there? So if your basic philosophy is, I want single family residents. I don't want anything sexy. I just want single family long term rental. I want my price point to be between a hundred 50 and 200,000, and I don't care about appreciation.

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CAELI RIDGE: I'll probably argue with you for a second cause. I think that that's gonna be a little bit limited, and that's where I would start to advise that we wanna layer in some you know, 1020% of your overall portfolio into some alternative means of investing. But if that's gonna be your core, you're going to find the optimal, the highest use for that particular strategy.

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CAELI RIDGE: Single-family, long-term, straight cash flow. No care about appreciation. Those are going to be in very specific markets, and it's not going to be just one market. You may be able to find that in other remote markets

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CAELI RIDGE: so just as kind of a baseline to get us started here. I think that I would be looking at it in those terms, and then, if you decide to forge out beyond some of those variables, then we can start talking about different remote markets that can accommodate. There are markets, of course, that can probably provide a variety of of objectives or variables. In one Florida, for example, might be one of those where

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CAELI RIDGE: you know inside the State you're gonna be looking at higher cash flow, maybe, than you would appreciation. Right? The coastal areas of the United States typically are gonna have the highest appreciation.

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CAELI RIDGE: And on average, as a rule.

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CAELI RIDGE: There's exceptions to all rules, as you guys constantly hear me say, the higher the appreciation, lower cash flow, and vice versa. So when you start to talk about your core objectives. Just note that very often you're going to be picking between

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CAELI RIDGE: cash, flow and appreciation. An exception to that rule would be

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CAELI RIDGE: Illinois, parts of Chicago, and in different parts of that State where I've seen really great high appreciation, but also very substantial cash flow. So there's a quick sidebar and exception to that.

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CAELI RIDGE:  So let me bring us back so remote investing, finding out what your baseline objective is. Make sure you have some diversification in there, guys, because it's going to be important for for long term success. I believe.

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CAELI RIDGE: even if it's only 10% of your overall portfolio, you do want to pepper in. Most of the people I talked to are just dead set on just cash flow. Now I don't disagree. It still needs to cash flow. But that doesn't mean that you shouldn't identify properties that might be outside of your normal

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CAELI RIDGE: market that you're interested in. That's gonna give you a bigger bang for your buck on the appreciation as long as it cash flows. Now it's probably not gonna cash flow as well as some of the ones in Indiana or Alabama or Oklahoma. But you're gonna have the upside of a longer burn or a longer play appreciation. Okay?

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CAELI RIDGE: Alright. So

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CAELI RIDGE: when we talk about. Let's get into kind of some of the logistics and the nitty, gritty. Okay, I gotta watch the clock because I've got a 1, 2, 15 meeting with my team. So

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CAELI RIDGE: when you've figured out which markets you've started off by saying, this is my core objective. These are the markets that I think I'm going to find this in. Be open minded, always kind of keep your eyes open for other markets that might offer similar returns that your your core

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CAELI RIDGE: strategy is based off of. But when you're considering the different locations and the risk and spreading that around a little bit, one of the ways in which you can find data on

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CAELI RIDGE: crime or the the labor markets and things like that are going to be from a tile company. Now, you guys aren't necessarily gonna have access to this. But we do. And you're welcome to always email and say, Hey, here's this property address this, this one particular property I'm interested in now that if you're working with a turnkey they should have something similar. What we have access to is straight from county records.

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CAELI RIDGE: So it's not It's straight data. Let's just say that it's it's not layered in with

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CAELI RIDGE: anything having to do with sales. Okay, I can't think of a better way to say that. So it's called a property profile. We get this from the title company that we send all of our business to. They're free for us. So if you guys have a property that you wanna get some demographic, whether, like I said, it has to do with industry or crime or school.

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CAELI RIDGE: Schooling all of that kind of stuff. We just need the address. We will plug it in and then deliver you with a report that's highly customizable. Actually, so, chances are whatever data points you're looking to get for a particular property, we can probably customize it to to provide some of that information. Otherwise, you're gonna have to do the Google search and figure out if any particular remote area. If you're coming from California, for example, and you're looking at property in

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CAELI RIDGE: the

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CAELI RIDGE: Birmingham, Alabama. Okay? And you don't have a turnkey, and you're gonna try. And even if you do have a turnkey, I think that it's fair to say that you wanna have some of your own due diligence right now. Granted, I think most of the turn keys that that I know of, and that I work with are very trustworthy. Rich doesn't really align itself with turn keys that that, you know, do anything other than above board but actually Jag has an example. She

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CAELI RIDGE: I she may not want to share, but she had. I think it was a turnkey and a very poor experience. And I would go as far to say, is that it was

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CAELI RIDGE: beyond misleading right what she what she had gotten into with that turnkey. So the extra and I don't know if it was from a referral from somebody else.

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CAELI RIDGE: But even if the information you're getting is from a source that you have gained a relationship with and trust over a long period of time. I think that's wonderful. Those are, I mean, amazing good as gold relationships. But you still as a investor, it's your money. There's there's absolutely every incentive to make sure that you are doing your own due diligence. What if by no intent

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CAELI RIDGE: they miss something that is important to your metric for rate of return on this investment. You really need to be doing that homework every single time on every single property, to ensure that you're getting exactly what you think you're getting in the return. What's written on a piece of paper doesn't necessarily yield

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CAELI RIDGE: exactly as it's it's being

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CAELI RIDGE: displayed. Okay.

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CAELI RIDGE: so alright, let's get. Let me get back on track again.

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CAELI RIDGE: the property profiles. If you guys are interested in certain areas. So certain markets when we're talking about

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CAELI RIDGE: high growth.

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all those different things. Let us know we can run those for you pretty easily, and it should have all the information that you need. I talked about appreciation. Let me just double check my cheat sheet.

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CAELI RIDGE: That's not on that.

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CAELI RIDGE: you know. Yeah, yeah, let me touch on that. So

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CAELI RIDGE: if you're gonna be investing out of state.

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CAELI RIDGE: I'm sure that that you guys can guess where I'm going to go with this as soon as I say it. What is probably the number one priority. If you're gonna find a property and and it it checks all the boxes. It fits all the metrics. It's great. It's it looks like, it's going to be wonderful. What's the number one? This isn't a trick question, and it's rhetorical, because I'm gonna answer it for you. What is the number one thing you need to be prepared for, or trust to make sure that that investment is going to be a successful one

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CAELI RIDGE: above rate above above everything. I believe it's going to be the property management, and we spend a lot of time within these live but daily conversations talking about property management. Yep, that's exactly right. Pm, property management. I don't think there's anything more important. I mean, maybe there's something that's tied for first but I think property management's gotta be in in poll position. And the reason for that is, I can tell you again, from my own personal experience.

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CAELI RIDGE: I've had properties on paper that just look amazing, and I had the wrong. I'll I'll give you an example. It was Norfolk, Virginia and the property manager just sucked, and I was just now getting into this I didn't have, and I didn't really have a lot of mentors. I was just kinda going with the flow. I had the cash I was, and at the time you only had to put 10% down.

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CAELI RIDGE: Very different platform. Then.

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CAELI RIDGE: it turns out we had someone within the property manager in that organization had an employee. I think it was a son or daughter, or friend of a son or daughter, or something that was letting friends

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CAELI RIDGE: inhabit the properties. So the laws of Virginia are at least landlord friendly, so it didn't take me all that long to get them out of there and evicted. But at the end, when I had to go back in and and pick up the pieces and clean up the mess. They were hyper hypodermic needles in the yard and inside the house they took the copper plumbing out of under the sinks and things. I mean, it was a complete.

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CAELI RIDGE: a complete and utter shit show. I think, that it ended up costing. I don't remember. This was 20 years ago, but it was probably at the time 20 grand.

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CAELI RIDGE: So it was. It was a pretty big deal, and because I didn't vet it properly, it was on me. Who else do I have to blame. It was on me. So property management is a huge indicator of how that property is gonna run. You guys have seen, probably at nauseum, the checklist that I have I give to my clients of questions by no means as the checklist complete. But it's a good starting point. If you want to raise your hand. If you haven't seen that, let me know. We'll send it. There's not enough of us here.

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CAELI RIDGE: We can send it to you individually, very easily, but it kind of it. It asks those questions that you want to have answers to by your property management. You want to feel confident

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CAELI RIDGE: that the way in which they're answering it it breeds confidence right? If they're hemming and hawing about what the tenant or or landlord laws are, or what is the eviction process? If they're not clear as as a blade, and say, this is exactly the process that we go through to start the eviction.

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CAELI RIDGE: Something's wrong. You'll know. I mean, you know. Use your gut. But things like vacancy. What is their vacancy rate? If they say it's over 5, I'd want to have another conversation, the lower the vacancy, obviously the better.

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CAELI RIDGE: What is the average term of lease that the property manager has for most of their tenants. Is it 6 months? Is it 12 months they should have that metric? They should be able to answer it very quickly and very clearly. So out of state. I think the the most important takeaway from this conversation here is going to be that property manager. You really wanna make sure that they know what they're doing, and even if the property manager is in house

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CAELI RIDGE: for those that are using turnkey.

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CAELI RIDGE: if the turnkey company has their own division for property management, I'd still be having that conversation.

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CAELI RIDGE: And if it's a a a satellite or an affiliate, or just someone that they refer to similar. I'm going to have that conversation, and I'll tell you something else. I would even have a backup.

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CAELI RIDGE: Right? So let's say, you're gonna go with this property management. And after 60, 90, even a hundred 20 days things are going great and you love it. There's nothing to worry about wonderful. But in the meantime, you don't wanna be 60, 90, a hundred days in, and it's a complete shit show. And then you have to go back and start due diligence because you're probably not gonna be clear headed. You're gonna have all these other things going on? So I would. I would have something a a even, just a list of property managers that you might be able to call in the event that the one that you hired

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CAELI RIDGE: isn't isn't working out, and since we're talking about property manager, you can also always well, make sure that you're checking the contract. I always. I got caught with this one too exclusive right to sell. Sometimes property managers will have their agents that that are in the

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CAELI RIDGE: in the organization, and when you sign the property management contract, it might have language that gives them the exclusive right to sell, so that if you got decided to sell your property, that means that they have first write a refusal to sell that property for you. Stay away from that.

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CAELI RIDGE: I I've never been a fan of that. What else on property management. There's so much I maybe don't want to get too tied up on property management. But there was something else I was going to tell you guys

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CAELI RIDGE: property management in house

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CAELI RIDGE: if they farm it out. Hmm! Maybe I'll come back to it.  Oh, well, this is something else I was going to tell you

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CAELI RIDGE: if you're gonna buy out of state right? And you're just starting to get a relationship with a client, I assume that most of us they're gonna be investing. And if not, that's okay. But if you have the means, it may not be a bad idea to actually take a trip.

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CAELI RIDGE: There's something about, at least for the first one. Maybe you're gonna be purchasing a couple of properties in this one area, maybe even from the same turnkey. But there's something about having that eyeball, the eyeball connection and conversation, and the turnkeys that you would be working with, and even if you don't have a turnkey, especially if you don't have a turnkey. I'm really gonna say, take a weekend, take a trip

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CAELI RIDGE: to Birmingham, Alabama, leave on a Friday or Thursday night. Spend the weekend boots on the ground. Do your research? You wanna try and be as prepared as possible before you get on the plane and know what you want to hit, and the different things that you want to see while you're there.

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CAELI RIDGE: But with and without a turnkey there is some value, I think, to taking a one time trip over there just to be engaged right? And and maybe have that familiarity and plus for those of you that are kind of on that edge for real estate professional in the exemption within your schedule. E. That tax incentive that says that you've gotta have 750 HA year of active participation, etc. That would count

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CAELI RIDGE: right, that that freaking counts. So if you were to take a weekend trip to Savannah, Georgia, or wherever it is that you're looking to invest all of those hours while you're gone will count against that. That real estate professional exemption, anyway.

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CAELI RIDGE:  alright building your team. I'm cheating again. I'm building building our team. So we've got, what do we have? We've got property management. We talked about property management. We have our term key. Legal advisors, real estate agents. If you have a real estate agent, you use a real estate agent, let's talk about contractors for a second for those that may be looking at fix and flip, or fix and hold, or whenever there's going to be renovation included in the transaction.

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CAELI RIDGE: I think that it's gonna be. This is. This is almost equally as hard as finding the right property manager. In fact, I think of finding a really good property manager might be easier than finding a really good, reliable general contractor and subcontractors. That's tough.

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CAELI RIDGE: I've only had a handful of experiences, and I learned very quickly that it was not for me. I did not have the the mental capacity, the patience, II just it wasn't. It wasn't a good fit and and I hear it all the time. So for investors that are wanting to include rehab where they purchase it under distressed conditions? Maybe not. Maybe they do. But also, if they're, you know, just the cheapest house on the block. And if you put a little

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CAELI RIDGE: cosmetic into it. 5 grand, 10, grand, 20 grand, and your rate of return beyond that is going to be exponential. Right? You wanna have a team. Now, if you're gonna try and do that out of state.

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CAELI RIDGE: I was gonna make a joke and say, God help you! No if you're gonna try and do rehab out of state, and you want to it. It's gonna be real real important that you you vet the general contractors. Very, very carefully.

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CAELI RIDGE: Maybe maybe if if any of you listening to this or that are on here today, if any of you has that as as an objective or a a goal. Maybe we should talk a little bit about it, one on one, and kind of go through some different variables. Experiences maybe not spend too much time on that, because I don't know how prevalent that is. With those that are here today

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CAELI RIDGE: or listening. Just call me when it comes to general contractors and rehab out of state. If you do not have your established team, let's talk about that one on one. Okay.

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Karlie Smith: until sorry just to interject. Here, Michael, let us know that he also checks to see if the property manager is a member of

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Karlie Smith: the National Association of Residential Property managers as a tool.

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CAELI RIDGE: Michael.

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CAELI RIDGE: Okay, so Michael's gonna teach us something. Hey, Michael, would you do you mind unmuting yourself and kind of share with us any of those details. I honest to God, I didn't even know that there was such a database of obviously real estate agents, lenders. That kind of thing. Is that a new thing, or is that? Do you know.

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Michael Hodges: can you hear me? Yeah, that. Where are you

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Michael Hodges: been around for about 35 years now

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Michael Hodges: for the Department of. but they specialize in residential property man. So whenever I'm looking around the country or somebody

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Michael Hodges: different parts of the country, I just make sure that

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Michael Hodges: the

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Michael Hodges: alright bye.

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Michael Hodges: on my way to Tallahassee to navigate

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CAELI RIDGE: very cool, excellent tip, Carly, would you pull that up? Maybe put the link in the chat for anybody that's that's listening in in on the Youtube Channel, please? That's fantastic, Michael. Thank you for that tidbit, sir. I really appreciate that. You know.

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CAELI RIDGE: 25 years, you guys. And I didn't even know that there was a national database for property managers. Okay. Didn't even know that. That's a little embarrassing. But hey? Thank you. Michael will share that with with anyone that wants to to gain access to it, and I'm sure that that's a very useful bit of information if you need to be vetting

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CAELI RIDGE: and I'm sure that there's gonna be chats in in different forms and things that in different markets you guys can get valuable insight. Where it's tangible and and real

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CAELI RIDGE:  tested, tried and and true, right where you've got people that are saying that this guy, this and that guy, that and and recommendations I would take a minute and go over.

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CAELI RIDGE: I feel like we've just talked about it so many times over inspections. I'll just. I'll just say this

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CAELI RIDGE: if you're not getting inspections, and you're expecting the appraisal to do that work. You're doing it wrong. You need to get an inspection, especially if you're going to be going remote, and I would not also take. If you're working with a turnkey while I'm sure it's completely valid me. Personally, I am not going to take the turnkey's inspector recommendation. I'm gonna go get my own, or maybe

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CAELI RIDGE: maybe I'll take theirs and my own, and then have a conversation. And then, based on those discussions and conversations who do, I feel more comfortable with. I feel like I've got a pretty pretty good barometer or sense

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CAELI RIDGE: for you know.

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CAELI RIDGE: Bullshit meter right? Or just somebody that I'm more comfortable with, anyway. Get your own inspection. The appraiser is not going to do all that. If you are going to get an inspection, keep in mind that the inspector's job is to nitpick the hell out of every possible thing.

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CAELI RIDGE: and you cannot expect that, you know. And and usually they're going to be anywhere from 5, 6, 7, 10 plus pages and inspection. Do not expect unrealistically that everything on there that the inspector came up with, that the seller is going to correct or cure or fix. That's not gonna happen, Fyi, but it is your job to get an inspection, I believe, so that big things like foundation or electrical, or you know the things that cost real money, safety hazards are gonna be taken care of or covered, or you're

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CAELI RIDGE: backing out. Which actually kind of brings me to a quick point. I'm finding that that clients more recently, and this is probably a deficit on our side. We're not having the conversations upfront with our clients. Do those in advance of getting along going, you guys, we don't want to deal with getting an inspection after the appraisal is done.

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CAELI RIDGE: You've already incurred the cost of an appraisal. We've got a lot of time and and manpower and resources into it, which you know obviously is not my first choice. If we know the inspection isn't hasn't been done, and you intended to get one, and then the inspection comes back bad. Everybody loses. You've lost money on the appraisal. We've lost time, so make sure you're getting your inspections in in advance of

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signing your loan disclosures if you can

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CAELI RIDGE: and the last one here, and then I'll open up for whatever questions technology,

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CAELI RIDGE: and this is a big one, especially in the the world that we live in today. If you're gonna be investing out of state.

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CAELI RIDGE: make sure you're taking advantage of the technology that we have access to Jesus Google earth. Right you can. You can

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CAELI RIDGE: get into your your, your deep sleuth undercover investigator hat and and find out a lot of information that you will need and want without leaving. You know your bedroom in your in your Pjs, or whatever it is, utilize the technology. Since we're talking about technology, make sure to your property management. I like now some people like it more, you know.

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CAELI RIDGE: old school, but II wanna make sure that my property manager has the the highest use of technology there is, and the technology that's out there now can get pretty dang sophisticated. You should have your own portals and access to the costs line itemized everything. 24, 7 from your property manager.

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CAELI RIDGE: So technology. Let's see, what else did I say about technology?

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Yeah. Virtual tours, management software video, conferencing

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CAELI RIDGE: monitoring property conditions. That would be another thing that you wanna expect from your property manager. So technology is gonna be a big one to make sure that you're you're protected as much as possible, not just about the use of the property, but

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CAELI RIDGE: How you're getting paid, and expenses. All of that stuff.

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CAELI RIDGE:  I think that's good. I think I'm I'm over time, anyway. What do you guys have for me? Any questions in there, Carly, that that would be timely to answer.

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Karlie Smith: See here.

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Karlie Smith: none in the moment. If you have a quick one, guys pop it in there. So Chile can answer for you

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CAELI RIDGE: overall. I think that that remote investing is not only

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CAELI RIDGE: important. I think it's necessary for a rounded portfolio, so if you are stuck in in the market that you're in right now. Okay, until you maybe you're brand new to this, and you want to get your sea legs. I get it. That's exactly what you should be doing. But at some point I really feel like foraging out and looking at other markets. Maybe it's another town right? You're gonna get more comfortable if you're you're here, and you just go 50 miles down the road, or something like that, maybe from that perspective. But

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CAELI RIDGE: remote investing is your highest and best use. You just have to be smart, and you've gotta have the right team around you, and you gotta do your own. You gotta take responsibility for your your dollars and cents that are going to work for you and do your due diligence.

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Karlie Smith: Otherwise, let's just finish out with Carly is going to send an email. When do you think you're going to send that Smith? Either sometime this week or early next? We're still deciding on that date. But yeah, look out for it. We're gonna have a survey just seeing your guys interest in live events, and what type of events that you like for educational purposes with Kaylee? So if you could spare a few minutes to let us know that would be greatly appreciated, and then we can make those things happen for you.

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CAELI RIDGE: Yes, thank you, honey. So yeah, I think it'll be a better platform than this, anyway. And if you guys do have pertinent doesn't even matter. It could be 20'clock in the morning. You thought, oh.

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CAELI RIDGE: what I really wish I knew this or how. What's the information to that? Or what's the answer to this? Shoot an email to info at Richland and group.com even right if it if you don't have the survey in front of you, or whatever, so that I have access to it. And I can be speaking on it. And you guys will have the availability to watch it whenever you want on our Youtube channel, or whatever other channels we use. I don't even know otherwise, as always, my friends, I will miss you on

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CAELI RIDGE: II like the interaction when we have it, but I will not miss the for long fire at 1 25 Pacific time every other Tuesday afternoon. What am I doing? What am I talking about today?

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CAELI RIDGE: But I will be seeing you on the flip side info@richlandgroup.com. 98557474343 you know how to get us guys. I'll see you soon. Thanks for being here. Bye, everybody.