Investment Property out of State

I have the oportunity to buy an investment property at an execellent price. The problem is that it's cross-country. Is this a good idea or am I going to seriously regret this later? How much of being a landlord is hands-on?

Well, I can't tell you if you'...

Well, I can't tell you if you'll regret it or not, but I can give you some pointers. You could hire a property manager or a property management company to keep an eye on it. That way you could put something in the lease that says that there could be site visits so often during the year Granted, those groups often have in their paperwork that they are not liable for any damage done to the property. It's always best to have someone you know that could keep an eye on the property. Maybe a family member or a friend in the area? Good luck!

Years ago I had a rental prope...

Years ago I had a rental property in different city than the one I lived in. It was vacant for a month at one point and was broken into. We didn't find out for weeks. I haven't invested outside of my own city since.

I would definitely hold out fo...

I would definitely hold out for one locally. That's probably not the only property that you will find for a reasonable price and it seems like the risks will out-weigh the benefits.

That is an interesting questio...

That is an interesting question.  I actually own a property in Hawaii and live in the mainland US.  I hired a reputable firm locally to manage the property, after interviewing 3 firms (all over the phone).  You can find quite of bit of information online if you work with reputable firms.  They are expensive, but in my situation it was worth it.  The take 10% of the gross rent from my tenant month and 20% of the first month's rent.  But they paid for all of the marketing and have found me several tenants.  I would prefer not to pay this much, but it was part of the evaluation.  If you want to buy something out of state it is imperative to add this to the cost equation, or find a reasonable alternative (neighbor, etc).  I hope that this helps.

What's the best way to find a ...

What's the best way to find a reputable firm? You said to take a look online... Is there a good site to look for these or jsut google it?

You can check out their BBB ra...

You can check out their BBB rating, that's usually helpful.

I thought of this conversation...

I thought of this conversation when I saw this article. These are some interesting things to look for in a property management firm and what to avoid:**bleep**-property-management/

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