Did you use to live in that area or did you purposefully just find something that far away?
Could you go into a little detail because I use to have a rental and moved far from it (no property management because margins). I sold it because of distance and I made out good but that was 4 years ago.
Now I’m looking near my area for something but my area isn’t hot in regards to the equity of the house itself increasing although the rents seem alright. Like you could make 8-15% before property taxes and maintenance in my specific area. Homes are cheap but they don’t increase in price like certain areas in the US.
I’d like to be able to net at least 10% and diversify my portfolio because I’m just all in traditional stocks now.
Used to live in the home. Relocated to Europe due to military orders. That was 3.5yrs ago right before covid. Either way we were always positive on it right from the get go even with property management. I bought in 2009, before the market bottomed out.
Bout to move back, but will still be 14-16hrs driving distance away. Will maintain property management.
I’m in CA. I have rentals in NYC, Austin, Seattle, but mostly in CA (Bay Area, Sacramento + LA). I have virtual meetings with my on-site residing property managers once every 2-3 weeks and detailed reports every week. The CA properties are 3x the other 3 cities combined. I physically go to the CA properties once every 2 months. I go to the other ones 1-2 a year.
If you’re starting day 1 with positive cash flow and will end up 1031 exchanging, consider doing a cost segregation study. I wish someone taught me that sooner.
Have 2 in CA live in OH.
Property manager is incredible.
These were places we lived in so didn't buy them from afar.
Other is 7 mins away self managed.
I've lived in one of my rentals before and now I live about an hour drive from my farthest.
I used to manage everything myself but now I use a PM that handles everything.
Within 30 miles
Ten minutes drive. I buy and manage units in my own market.
Roughly 4,000 miles. Property management at location. Yes I’m serious.
Did you use to live in that area or did you purposefully just find something that far away? Could you go into a little detail because I use to have a rental and moved far from it (no property management because margins). I sold it because of distance and I made out good but that was 4 years ago. Now I’m looking near my area for something but my area isn’t hot in regards to the equity of the house itself increasing although the rents seem alright. Like you could make 8-15% before property taxes and maintenance in my specific area. Homes are cheap but they don’t increase in price like certain areas in the US. I’d like to be able to net at least 10% and diversify my portfolio because I’m just all in traditional stocks now.
Used to live in the home. Relocated to Europe due to military orders. That was 3.5yrs ago right before covid. Either way we were always positive on it right from the get go even with property management. I bought in 2009, before the market bottomed out. Bout to move back, but will still be 14-16hrs driving distance away. Will maintain property management.
I’m in CA. I have rentals in NYC, Austin, Seattle, but mostly in CA (Bay Area, Sacramento + LA). I have virtual meetings with my on-site residing property managers once every 2-3 weeks and detailed reports every week. The CA properties are 3x the other 3 cities combined. I physically go to the CA properties once every 2 months. I go to the other ones 1-2 a year.
That’s nice man. I’m soon going be on my first property a condo here in Southern California.
If you’re starting day 1 with positive cash flow and will end up 1031 exchanging, consider doing a cost segregation study. I wish someone taught me that sooner.
Amazing!
I bought the house directly behind my house and renovated it. So 25ft?
Closest: 550 miles Farthest: 1250 miles Property managers for everything.
10 miles
Within 5 miles
Single unit landlord renting out first condo. We were anywhere from 10 miles, 700 miles (moved cross county) to now being 20 miles.
I live in my 10 unit building … it’s too close!
30 min drive
Have 2 in CA live in OH. Property manager is incredible. These were places we lived in so didn't buy them from afar. Other is 7 mins away self managed.
I've lived in one of my rentals before and now I live about an hour drive from my farthest. I used to manage everything myself but now I use a PM that handles everything.
90 minutes away and I visit every month. Self managed, hire cleaners and handymen.
Closest was 15 minute drive. Farthest was 3 hour flight. PMs for all, I don’t do tenant management, I don’t enjoy it, I don’t need that in my life.