Hi,
Would buying real estate rentals in an area from 1,000 to 2,000 miles from where you live be a very bad idea? If your parents lived in the area (talking Canada here) that would be a bonus as you could visit when you had to go do repairs, rent units, etc. However, would it be reasonable to have a rental company look after vacancies when you could not get there to take care of this or is this just a hassle? Owner would be semi-retired.
Any insights would be appreciated. Thanks in advance.
I don’t think it’s a bad idea… we own rentals that are about 1700 miles away from where we live. Good property management is a MUST (learned that the fun way)! I wouldn’t think of self managing from that distance.
If the numbers (including professional management fees) work and we can identify good management companies we don’t let the distance hold us back…
J
Agree with Sannyboy. A good managment company can make geographic proximity a non-issue.
Having your parents close is a great perk. They can do drive-bys and make sure the property mgr isnt slipping. Plus, trips to visit your parents could become partially tax deductible if you also meet with your property manager and/or inspect the property.
Thank you both for the information you provided. I appreciate it.