Distance From Investments
Hi guys, I am yet to purchase my first property (was in contract to purchase my first for 6 months before the deal fell through because of the sellers dragging their feet) and I have a question regarding how far away far from your properties do you live on average.
From personal experience, do you find it too much of a hassle to own a property that is an hour or so away from where you live?
Thanks
DrZ
My experience is with a property that is 8 hours away. It has been a big hassle for me to deal with this property due to being an Absentee Landlord. I am currently working through my third property Management co and this one seems to have their act together, We'll see how things turn out.
With a property only one hour away, I would say that is not a problem as long as you have reliable transportation. Anything above three hours, I would suggest a prop. Management Co. but in this case of only an hour, I would try to work it myself before giving some of your profits out.
Good Luck.
JS.
An old rule of real estate is to never invest more than 1/2 hour drive from the property; this is a rule I have often broken and with good results. I do not think an hour drive would be too bad, if you have others work on the property. Hopefully it is a property that will attract good long term tenants ie. 1 family dwelling in a good area. Just remember: You will think of all the productive other things you could be doing when you are making that one hour drive to the property once again. A good comfortable car and cell phone helps but time is money.