Need Advice:2000 Mile Away NNN Property Management
I would appreciate anyone with experience in managing a long distance property. Paricularly enumerating all the disadvantages such as travel cost at short notice etc. How many times one will have to go to the property per year to take care of any problems (reasons unknown to me excluding repairs) I am planning to give maintenance work to a local contractor for one unit.
My problem is that the strip center I am looking at has five units three are NNN and one is not. The smallest unit will be empty. (the owner will vacate when sold) However the numbers are not bad, CAP of 9.8% (excluding the small unit). The property is located at a major intersection and the surrounding area has major retailers such as Office Max, Target etc. I would really like to have an insight on this issue because I am getting priced out here in NY for any reasonable investment
I hope I posted this problem in the right forum!
I am just interested in knowing all the extreneous expenditures one could incur being a long distance landlord. Help out please. Thanx in advance
A strong local management company or leasing agent/manager might save you money.