A property I'm interested in is a 4 unit building with an additional 12 small garages right in town, for under $200k.
I am a new potential investor. I'm still lurking, reading, learning here. My long term goal is to take early retirement from my company within the next 2 years, and buy a couple of multi family properties to supplement my income.
My questions is, is it wise to try to be a long distance landlord? Especially since it would also be my first time? I have connections up there that could handle minor repairs and stuff like that and I am close enough that I could run up there if something big came up or there was a major tenant issue.
My situation is that I currently live in CT and have a get away place in New Hampshire. I am considering making my investments up there since the long term goal is to live there at some point but I am staying in CT for the foreseeable future due to family obligations.
I live in a more costly real estate market and so I found I couldn't compete as well where I live, plus I'm not sure if we'll still be here in a few years. So I bought a house in my hometown, as we will always have family there and it's a much cheaper / less competitive area. I do recommend using a property manager when doing this, I wouldn't have been able to screen tenants or get repairs fixed timely, being so far away. Luckily, since my family lives and does business there, I have plenty of referrals for all that stuff. it is in west central New Hampshire and Rt91 is my route of choice to get back and forth. I am very familiar with the area from a visitors standpoint, not an investors standpoint. I have talked to one property owner so far but his properties were in the next town over. He bought at the top of the market so he didn't do so well when he sold.
A single condo unit is fairly simple as the HOA takes care of the exterior and so most of the time it's flooring. That being said if I was going to own single condo unit, I would tend towards middle upper to upper end of market. However the people that never deal with property issues probably own something that is more A class with much lower returns (think 4 5 cap). They spend more money to pay the right people so they can be extremely hands off. That all lowers returns and isn't really inline with most investors on BP or most small/mid size investors in general.
If you are buying B to C class real estate, your rentals will not be hands off even with a great Nike Cortez Mens Size 12
Get The Ultimate Beginner's Guide to Real Estate Investing for FREE read by more than 100,000 people AND get exclusive real estate investing tips, tricks, and techniques delivered straight to your inbox twice weekly!
were a lot of trips. I would be inclined to say that if the rehab is reasonable and the renters are good quality you can do alright. Investing long distance does have some unique challenges but I'm a believer that investing in a strong remote market is better than investing in a weak local market. By weak I mean the kind of returns you can get. You live in a high cost market where they median home price is over $400,000. You can get decent cash flow and ROI at those prices just like in CA.
I do plan to start renting my current property to skiers next winter since we are next to a ski area and I don't ski. It will help to offset some of my costs.
property manager. Unless you hire someone full time to manage your portfolio property manager (not possible on small scale) you will have to be involved with the property beyond cashing checks.Everybody has a plan until they get punched in the face Mike Tyson
find another one if they move on.
How often are you up there and how much rehab does the property need? Yes it can be done but we are approaching a year with a 6 unit that needed lots of rehab and that is what took the time and caused some hassles. It is 90 minutes away and we have a property manager but I didn't feel right about being warm and toasty when we had a furnace issue at the apartment and big repairs I liked to Nike Classic Cortez White self manage. So there Black Nike Cortez Nylon
Single families, four pled, etc in my past experience, generally don't have the economies of scale to justify a property manager to really pay attention to a property. Certinaly it can be done profitably, but I feel it takes some "time on the ground" to find a good property manager, and then you need to be willing to travel there and Nike Cortez Shoes Nz
Would You Own a Rental Property that's 200 miles Away
That being said, I think the ease of owning a rental long distance would really depend on the property itself. 20 units or more, long distance.
Gucci Belt Brown Women's
Versace Belt Brown
Cortez Shoes Black
Hermes Belts For Men
Nike Cortez Id Usa
Nike Classic Cortez Nylon Blue
Camouflage Nike Cortez
Nike Cortez Blue Tick
Nike Cortez Og Red
Nike Cortez Montreal
Nike Classic Cortez Nylon Premium Qs
Louis Vuitton Belt Online
Louis Vuitton Belt Price
Nike Cortez In Blue
Nike Cortez Trainers Nylon - White/Maroon