Managing From Afar...

What is the farthest out anyone would buy property to rent out? [relative to where they live] (Single family home) Want to know my radius of attack when I'm buying homes.
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Comments(9)

  • 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)

  • 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.


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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.

  • edmeyer3rd December, 2003

    I am in CA and just bought in IN.

  • edmeyer3rd December, 2003

    P.S. last post, one property in HI

  • 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 ]

  • Brandon20024th December, 2003

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

  • 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

  • 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.
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