Considering Real Estate but I move for work. Good or Bad Idea?

Question

Hey Everyone!

I'm new to the site and I thought I would start my first discussion with a question I've been having with myself for some time now. I've always LOVED the idea of investing in Real Estate but I don't know if it's the right move or not. I have a very demanding job and it tends to move me around the country from time to time and I don't know if becoming a potential landlord is the right move to make, considering I may not be in the same state as the property. I don't have any intentions of quitting my day job to pursue a career in Real Estate but I would like to begin investing in rental properties as a way to grow a passive income. Does anyone have any suggestions or thoughts on if it's possible to make this a reality or is it a pipe dream?

Thanks

Trevor

Elizabeth Colegrove · Answer

Every dream starts as a pipe dreamer.

My husband is active military and we move alot. It has turned into an amazing situation. We are able to buy houses as personal and turn them into rentals when we leave.  Moving around has allowed us to find great areas and see more of the different real estate markets. Totally worth it for us.

Mindy Jensen · Answer

@Elizabeth  Colegrove

Stewart Guthrie · Answer

@Trevor Fenton

This is actually a great way to build a diverse portfolio; there are loads of military members with properties near every duty station Where they served during their careers.

The fundamentals remain the same, you need to buy it right; where you can offer it on the market at an attractive price and be able to hold it and repair it during vacancies.

What this may translate to is you purchasing a property to live in that might be a few steps below where you, (and your family?), might be accustomed, (in other words, a mortgage you're VERY comfortable with), and you'll want to squirrel away some reserves to operate out of for make-ready expenses and repairs.

In general, it would probably do Americans a lot of good, in general, to not absolutely max out on their mortgage expenses, but I digress...

I think it's totally doable, and your career choice might be just the ticket to steadily building out a strong, diverse portfolio.

Dawn Jett · Answer

Lots of investors have properties in other states. Just make sure you have a good property manager. Choose one who will not charge a fee when the property is vacant. If they collect a management fee when the property is without a tenant, where's the inventive to work hard to secure a tenant?

Dawn