Buying Rental Property Out Of My Area

Comments(5)

• 
  commercialking8th May, 2004

  Is it a single family or what kind of rental property?

• 
  crunch8th May, 2004

  Multi-family (3 units).

• 
  DaveT8th May, 2004

  If you are an experienced rental property investor and if the property will still cash flow when you employ the services of a professional property management company, then I ask why not.
  
  At one time, I had rental property in three different states, none of which were my domicile. I put all of them under professional property management and have never looked back.
  
  I only ask if you are an experienced landlord because then you are likely to have sufficient cash reserves to handle most any emergeny repair that may come up.
  
  As an aside, out of state investing appeals to me because my state (SC) does not tax the profit on the sale of my out of state real estate.[ Edited by DaveT on Date 05/08/2004 ]

• 
  dlitedan8th May, 2004

  crunch, I really liked your question about out of state investing considering I just purchased my first property 3000 miles away(I live in wa state and the property is in va). I thought long and hard before I did and I came up with daves answer, why not? if I had a really good rental property manager and I can still have positive cash flow why not? so I did. I close at the end of the month and I will let you know how it goes and you tell me about yours, GOOD LUCK! Ps I purchased mine site unseen but had an inspector check it out(ok maybe I am a little crazy).

• 
  carolinej9th May, 2004

  I have 2 properties in another state and it works out just fine once they are rented. Perhaps you could get a property manager to rent/show the property and screen tenants. Just take trips a few times per year to check out the condition. Other than that I just collect the $$. We did have issues with the mail (or the tenants using that as an excuse for being late with their rent) Now I have them deposit cash in my bank (just use a bank with branches there) and I just check online to make sure it is there.