I am considering purchasing rental property in another state (South Carolina, North Carolina) thinking that appreciation would be better than in my area of upstate NY and I may retire there.
I would appreciate any tips on finding a good Property Manager, Realtor, good rental market area and any other advice you may have on this subject. Thanks.
could be a mistake.
Unless you pay someone very well to watch it as if it were their own.
I wouldn’t purchase anything 60 minutes away let alone 12-14hrs.
I had a friend purchase a home in Flint MI which is about 1.25 hrs North of where we are. He recently closed on it but man, it was almost the worst year of his life dealing with all the issues that came up. Had he contacted me prior to purchasing it, I would have told him to walk away.
It’s tough unless you have someone you know very well and can trust to keep an eye on your money.
Even in that case, having multiple issues come up could put undue strain on said relationship with the trusted individual.
Make sure you know the laws in the particular state you’re planning to buy properties. A friend of mine bought a property for investment in another states and found out that he can’t have it as rental for at least two years because he’s from different state.
Experienced investors will tell you the best way is to invest local. No need to buy accross the country trying to find a “better deal”. You have deals in your own area, you just have to find them. But if you planning on moving down there. Move first, get to know the area, than invest. No need to rush things. There will always be homes to buy, no matter what the happy perky Realtor (r) told you.
I own homes 1500 miles away.I buy simply to sell.Not a lot of maintnance this way.The selling relators keep an eye as they show them.Works for me.