Considering that your’re a hands on PM, how far will you travel to own rentals and manage them. There’s an area that’s about forty-minutes to an hour away from me, but this seems like a long drive to manage properties.
The prices are significantly less less.
For me, the real question is do the benefits of the outer area exceed the extra costs and hassles of the distance versus the current prospects in your own neighborhood.
It depends on the type of property. Right now all I do is go to the mail box get the checks and put them in my bank. I don’t go to my properties except to do a drive by every couple of weeks to make sure there is nothing crazy going on. My fartherest house is about 15 minitues drive, but drives in some areas of the country are differnt. For example I can drive 1 hour and have driven through 3 states in the north east while in Texas here I would be in the same neighborhood.
that made me laugh! I would still be on the Dan Ryan trying to get into Chicago!
We purchased two doubles last summer about 30min. away. Personally, I would not want to travel any farther than that.
My limit is 15 minutes. Gas is expensive!
I take that back, I’m contemplating a purchase on the other side of the country. It should be a great rental. I’ll let you guys know how it turns out march 19th.
I think you have to be a some sort of freak of nature to qualify to purchase, JB!
does anyone use a property management company. They handle all the paperwork, repairs, and even evictions for a small % of the monthly rent. By using them you don’t have a limit as to how far you can go to buy rental properties