Out Of State Multis
I am considering buying rental props from 2 to 10 hours from my home and using a property management firm for day to day mgt. Is this feasible or a recipe for disaster given the distance.
Many thanks in advance. 
I have property in 3 different states. Over the years I have had great managers, horrible managers and everything in-between.
Remember no one is going to take care of your property like you would. Not your tenant and not your manager.
Just do your best to find the best manager you can and remember the trips you take to check up on the property are tax deductible !!!!
Good Luck !
[addsig]
Two to ten hours away, why not, remembering of cost as previously stated no one is going to look after your investment like you. Understanding this exercise the necessary and proper due dilligence in your selection of property managment and go forth with all deliberate speed!
Subsequently, this happens to be the same strategy that I'am employing.
Good luck ... I hope to see you on the millionaire side of things.
We also own property out of state. We made it a top priority to get a good manager (ie interviewing them and pestering them with questions over a period of time).
After the purchase we haven't had to be involved at all. There have been a couple of vacancies, but by the time I find out about it they are already filled.[ Edited by Marcher on Date 01/03/2004 ]
Its a good idea to visit your property at least twice a year. These little vacations (I mean work trips ) are tax deuctible. Make sure you follow all requirements though.
I have a client who is a miliary man stationed outside of San Diego. He has over 20 rental properties in NC, SC, MI, and CA. I asked him how he manages them all while he's in the military, and he said he just hires the best management company he can find, and when they screw up he quickly fires them and gets another until he finds the best.
This guy is about to retire from 20 years in the service, and he's already a millionaire. I finance his properties, and am starting to think I'm on the wrong end of the desk.
Quote:
On 2004-01-03 23:11, DecisionMan wrote:
I have a client who is a miliary man stationed outside of San Diego. He has over 20 rental properties in NC, SC, MI, and CA. I asked him how he manages them all while he's in the military, and he said he just hires the best management company he can find, and when they screw up he quickly fires them and gets another until he finds the best.
This guy is about to retire from 20 years in the service, and he's already a millionaire. I finance his properties, and am starting to think I'm on the wrong end of the desk.
Decisionman,
Due you finance in the tri state area ...
CT,NY,NJ? If not, due you hav eany contacts in the aforementioned areas?