There is a duplex I’m interested in but it is 30min drive from me. Would you buy if it was cash flowing $400/month? Purchase:30k, rents are $650/per unit?
It depends on if you’re going to manage it or not. If you’re going to manage it, just keep in mind the cost of gas, time involved for maint., and if there’s any rehab to be done. It could be a real pain if you have to travel back and forth for rehab/maint. duties. As a rental, I don’t think 30 minutes is too bad to handle. You can always factor the added cost/hassle factor into your purchase offer.
I would certainly buy a property 30 minutes away and I would manage/maintain it myself. That’s close enough for me!
Mike
I own two properties 35 min. away and plan on submitting an offer on another in the same area this week. I would not, however, travel much farther than that with gas prices as they are.
I also manage the properties myself. You have to be VERY efficient and well prepared with the property maintainence for rentals that are farther away. There’s nothing worse then discovering you ran out of rental applications or you forgot to bring a particular tool for a particular task after driving 35min.
I would buy as many as I could that cash flow $400/ month!!