Managing From Afar...

Comments(9)

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  Sandbahr3rd December, 2003

  Depends.... Are you going to be doing the repairs and going over there when the pilot goes out on the furnace etc? If so, I wouldn't want to go too far from home and ruin my supper time or worse yet have to go 30 miles in the middle of the night. If you have a handy man who does everything for you then I wouldn't worry as much. My preference is within the city limits. (By the way I am in Wisconsin too- Sheboygan- on the Lake)

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  Stockpro993rd December, 2003

  I would travel any distance I could find a good deal. Too far away and it ceases to be a good deal
  
  I have looked at property 1000 miles away with 14% NOI
  
  If your using a management company no where is too far.. Finkel and Conti have a large part of their assets in several different states.
  
  
  [addsig]

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  DaveT3rd December, 2003

  I live in SC and invest in MD. Ron Starr lives in CA and invests in OK.
  
  What we might do should not influence your investment activity. I can confidently invest long distance because I have an effective team in place. Until you build a team, or are willing to make frequent personal visits, suggest you stay close to home.

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  edmeyer3rd December, 2003

  I am in CA and just bought in IN.

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  edmeyer3rd December, 2003

  P.S. last post, one property in HI

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  myfrogger4th December, 2003

  IMHO, investing far from home is only sound advise for larger properties such as commercial buildings or apartment complexes that are professionally managed by a property manager. I don't think that a small property would allow the cash flow to do this but a 12-unit should.
  
  GOOD LUCK[ Edited by myfrogger on Date 12/04/2003 ]

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  Brandon20024th December, 2003

  I suggest starting out.....by where you can drive to on a short notice.

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  edmeyer4th December, 2003

  myfrogger,
  It has worked for me with smaller stuff. I don't have anything bigger than a 4-plex. It definitely depends on the area though.
  The long term plan does include trading into larger properties.
  Regards,
  Ed

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  JoanAlyce14th December, 2003

  The nice thing I lik about investing in other places that I visit anyway (as in family lives there) is that it makes my trip expenses tax deductible as I am going to check on my rentals !
  
  Of course I make sure I have good management in that area.
  [addsig]