Long Distance Relationships Between Owner And Property
Would any of you have experience in owning property that is located in another state than your primary residence? Property in my area of California is very expensive. I would like to purchase a property for cash in areas where the property values are lower and hold them as rentals. I know that there are property management companies that are willing to assist with this, but I was wondering if anyone had any first hand experience that they could share. Everything that I have purchased advises to purchase property that is near you.
i have a similar question. what are the tax implications of say living in california and investing in arizona. am i now subject to taxation in both states?
I am a real estate investor in WA State....but I live in Alaska. Property is more expensive in AK and I have not personally had a problem having 'out-of'state' rentals. I also buy and sell in WA. Again, I have people that can help me (contacts, my eyes, and legs). Realtors can be very helpful too.
I have to also state for the record...I know people that can oversee things for me in WA. I do not think I would recommend purchasing property in another state and trying to handle everything on your own. If you use a property manager...make sure they are reputable and that you do not go in the hole each month with the fees they charge.
i'm in california and own 2 properties in north carolina,
there is risk in any investment, could be the house next door or across the county, what is your risk level?
you develope relationships with people who manage or repair things, again either here or there
as far as extra taxes, not sure yet,
just remember " No venture no gain"
I think I posted about this long long ago. But just the highlights
I bought a property in Paris France in 1941. In 1945 at the liberation of Paris I asked the nice German SS who used it for a headquarters to move as the U.S. Army had a need for it and right that minute. So they left. I had a big sign made up "Off limits to all Allied Forces, by order of ETOUSA Headquarters". It worked. When things calmed down we rented them out at a high key deposit and an even higher rental. My resident manager ran it until she could pass it on to her daughter and so it went. No problems Did all the banking and repair work, just submitted an accounting every quarter. I would show up stay for a few weeks enjoy France then home.
I gave this property to one of my children who lives in Paris. We never had any problems including installing an all copper replacement roof. It is always full and loaded with wealthy Saudi's. the key deposits on renting non refundable are now up to around $45,000 per 3 br.apt.. My child lives there and leads the good life of an American living in France a true AngloPhil er something. She no longer marries her men, five was enough, now as she so indelicately puts it. She Rents Them!
Yes you can have properties far away. Just know the areas and customs and pick people who will make a career out of property management and stop there.
Cheers Lucius 8-) 8-)