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Updated 6 days ago on . Most recent reply

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Tom T.
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7
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Dropping off the grid for 3 weeks after buying first property

Tom T.
Posted

I am trying to determine what timeline makes the most sense for purchasing my first rental property, which will be a self-managed house hack. The main issue is I have a trip planned where I will have no cell service for 3 weeks from July 30 - ~Aug 20. I am eager to purchase a property before I depart so I can kickstart all the wealth building benefits of real estate, lock in an interest rate where the numbers can still make sense, and not wait several months from now when interest rate or prices may be very different. However, leaving soon after closing for 3 weeks straight with no cell service seems a bit risky. Here are some angles I thought about mitigating the risk:

  • Hire a property manager: Do this at the beginning (even though I plan to self-manage), they will manage it when I am gone, then I can terminate the management services when I return.
  • Compensate someone I trust to manage: Perhaps easier to do this then set up a whole PM just to end it as little as one month later.
  • Buy a vacant unit: Don't move any tenants in until I am back so that there are no potential urgent issues. Risks property crime if the unit is vacant.
  • Buy a fully occupied unit: no vacancy risk, I don't personally move in until I am back from my trip. 60 day max time to move in on owner-occupied loans could make the timeline a bit tight.

    The main thing that has me wanting to start now is interest rate & inflation risk (e.g., Tariffs supposedly unpause in July). Worried prices would increase when I return. But it seems pretty obvious that dropping off the grid for three weeks right after buying my first property is not wise. What advice would you all have for a rookie?
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