Rookie Out-of-State Travel Question
Hi all,
Rookie here looking in to buying my first investment property to rent (SFH or MFH). Originally from Cleveland, but have lived in NYC, Orlando, and now currently near Boston, MA. I'm 35 years old and married with two young kids. I'm trying to earn some passive income so I don't have to work full-time for 25-30 more years.
While I own and live in New England and the housing market is very attractive, I don't think I'm comfortable with the amount of capital I need upfront for my first property. So I'm strongly considering the Cleveland, OH and Orlando, FL areas where I have some knowledge and friends/family still in the areas. My questions are, how much travel are investors doing to their out-of-state properties? I assume travel to view the property before buying, closing, meeting property management companies and potential tenants, handling any serious tenant issues, but what else? I assume that investors are periodically checking their properties in-person, but how often in your first year?
Asking for budgeting considerations but also to see how others have integrated traveling to their properties with their lifestyles. For instance, I still work a full-time job (remote fortunately), so my vacation days are something I have to consider.
Thank you!
Patrick