what are the biggest obstacles when managing a rental property that isn’t local? What should someone consider before deciding to invest in properties long distance?
If you are trying to manage it yourself, distance is the challenge. How are you going to do showings when you have a vacancy? How are you going to check in to make sure everything is good on the outside periodically?
Right. So you suggest hiring a property manager if investing in long distance properties?
Using the internet, you can find a partner in your target market. Create a fair arrangement where they are compensated for their management.
My first question is why are you buying out of state property?
I was just curious on the thoughts. I know someone who owns property in my area (Kentucky) but lives in Florida and he seems to manage fairly well as far as I can tell. I have family in a couple different states that we visit every so often and we always like to look around when are there, just to see what’s on the market and prices and such. Just didn’t know how difficult it would be to manage properties that aren’t in my area if we ever decided to do something like that
If you’ve got the right partner or property manager, it’s easy. Otherwise it’s very hard.
Thanks for the input. It’s definitely appreciated
I’ve heard a lot of horror stories of property managers who don’t control costs. I don’t like them for smaller properties. That’s why I’ll stick with only buying local.
Yea I assume there would be a lot of factors that could easily get out of control if you aren’t near by. Probably a lot less trouble and risk involved staying local.
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