SUCCESSFUL OUT OF STATE INVESTORS?
I tend to feed on positive people around me and I have seen a few posts claiming that out of area or out of state investors are not going to be successful.
So I am curious to know who on here is not only an out of state investor like me ( I live in northern cali, where cash flow is not good), and who are successful doing it, especially buy and hold investors. I 'd also like to know where you are from, where you invest and you general plan and profits, details, details.
I have also seen people claiming that paying ppty managers is a risky and takes too much of the profit.
Let me disagree on that, I do believe that even if my properties where a mile away from where i live, I think that managing your own property is inherently bound to fail if your goal is to retire on real estate.
Self managing is very limiting as far as the number of ppties one can acquire and puts a limit on success. As an extrem example, Donald Trumps would never be a billionaire if he self managed his properties.
I believe that delegating properly is what makes one successful.
Plus the 7% management fee I pay allows me less stress, and I would never be able to be as professional as my ppty manager.
Doing it myself I ll go crazy after 2 or 3 ppties. Having a ppty manager, I can sleep good and have 50 ppties or more.