Owning distant rental properties - bad idea?

Question

Hey there! My name is Brian - I'm a 27yo engineer working remotely and currently living in Philadelphia. I'm super keen to get into real estate investing and have the money ready to go for my first property. I grew up and have family in the Philadelphia area so I've been searching in and around the city for a solid duplex. My issue is that my partner - a 4th year medical student - will be graduating next spring, and we could end up anywhere across the country based on how her residency interviews go. I like the idea of investing in Philly, I'll have family in the area long term, and I'm not opposed to using a property manager if necessary, however should I wait until I'm more settled somewhere and look to buy in that location or do I take the plunge now? I just don't want to make the decision to invest and immediately regret it if we have to move next year. Any thoughts or advice would be appreciated!

Frank Rodrigues · Answer

If you are planning on managing it yourself then I would wait but if you were going to hire a PM company to do it for you then waiting makes no sense IMO as long as the numbers help you achieve your goals. I hope that helps and best of luck.

Jibu V. · Answer

As long as incorporating property management still works for your cash flow numbers, why not go for it? If you find a good enough deal, you can BRRRR out of it and move on to the next one at a distance wherever you end up.

Seon Gilding · Answer

Hey @Brian Groener, to be honest if I was you I would wait. In your case I think it's best to be safe than sorry.

Michael Plante · Answer

Personally o would just wait until spring

most likely she will secure a job well before graduation so more likely around March