I know this is not a question that has a "right" answer but I feel the need to ask it anyway. How far is too far from your town is too far to buy your first project? My husband and I are looking in our area and not had the best luck. I have found other potential flips about an hour and a half away. I am worried that may be too far for our first flip. It doesn't need very much work and my husband (who has construction experience) would do much of it. He seems totally fine with the drive but I wonder how similar situations turned out for some of you? Again, no right or wrong answers here. Yes if I'm willing to drive 4 hours then the answer is 4 hours. I'm just curious what others have done and maybe wished they had done differently.
Well I am not a flipper but my rental is about an hour and a half away. (I’m in NYC so I had to go further). Now I’m not worried because o have automated online systems for rent collection, contractors and licensed repair professionals on speed dial, and I have some boots on the ground in the form of family who can lend their knowledge and keep an eye out for me.
My first thought to this question is : if I’m worried that it may be too far ,then for me it may be too far.
I could never do a flip that far away, IMO. I would lose sleep over it .
Hope that helps a little.
I went one hour and wouldn’t go further than that . Even an hour adds complexity and difficulty arranging things and costs a lot in fuel and time if you self manage .
It's the flip period, when you have to travel to the property frequently, that will be difficult. Although in our area, traffic can be so bad up and down I-95 that people regularly commute an hour and a half each day to their job. So, I suppose it's all about what you are used to putting up with or willing to accept in terms of travel time and expense. Sometimes you have to sacrifice to get a good investment property.
With that said, I own and self manage rental properties from the comfort of my home in Fredericksburg, VA that are as far away as California and Florida. It can be a hassle at times, but the increase in your ROI from self-managing is hard to beat. Free services like Zillow Rental Manager and Transunion Smartmove make it easier.
Good luck! And if you ever want to meet up or let me help you find a good property (as your broker), feel free to message me. :-)