Let's get to business, I'm a young driven individual who's father moved outside the US and has a property in Las Vegas. I asked my father if I could fix up the house and rent it out so he doesn't have to pay a mortgage and in return I gain any profits including being the landlord and the point-of-contact. If this goes well my father will transfer the house in my name which he still owes roughly 80% of the selling price. I understand this is a great opportunity for me to start my passion in the real-estate market. I'm also excited about the property since Las Vegas is getting two professional teams and the stadiums are about (5-10 miles away). Anyways, the only thing I'm nervous is about being on the other side of the map. Being my first property, I want to be as engaged as possible in the process for the learning aspect and not spend money on someone to do so. Any feedback on managing properties far from your current residence and just great tips for a young(23) year old to consider with this opportunity.
Hi Steven. So this will be a long distance renovation? if so, you’re taking on one of the harder parts of long distance investing. You’re going to need someone boots on the ground that you can trust. Plug into the local REIAs and make some friends.
Actually the idea is to begin renting this property in about a year. I'm waiting for my sister to graduates college and move out to begin. I'll be making a trip to Las Vegas about every two months and I'll be doing about 80% of the renovations (painting, trim, new carpet) to keep cost low and because I like it.
I was born there and know a few handy people that can help and be the to-do-to for simple property maintenance. I'm simply excited but new to the whole rental and property management and don't want to overlook anything that maybe a costly mistake about being so far from the property.
Allocate 7-10% of your rental income to property management in your budget/analysis.
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