Hi everyone I just posted a new member introduction, which is basically a recap of this post. I was interested in purchasing more sfrs for good prices and good rents, I have been pre approved for 325k for mortgages and have some savings for repairs and possibly some cash deals. I am in the Florida area near Hobe Sound looking at sfr rentals in Ocala FL, and Port Saint Lucie, FL . My mom has just been diagnosed with ovarian cancer so I will need to visit her in Seattle even though I was hoping to invest in Florida. So just as I was pre approved and have some savings to invest I will probably be heading back West, I am just trying to think of ways I can invest on the East coast while living on the west coast for maybe the next few years. Maybe I can do some of the work on the internet or find some people I can trust to assist me with finding some good investment properties. Any suggestions on the best course of action? Thank you for any insights.
I am sorry that you have a loved one with this difficult illness. We have a similar situation w/ a parent who was diagnosed stage 4, terminal from the first. It was too far advanced to do surgery/radiation but chemo works to push back the cancer, and it will be 2 years since diagnosis, with no major decline, though it is likely to cause declines in the future. While we have visited and may have to move at some point, we decided to shore up our assets while we still have steady employment income. Since your mom has just been diagnosed, perhaps you might wait to see what the course of action will be, and how well she responds to treatment, before making an immediate move.
We don't invest where we live, and our properties are under professional management. It is quite possible, if you buy right, that income from the properties could assist in your travel costs, whereas once you have gone through your "nest egg" it will be gone. Perhaps you might continue with the buying process while you are still in your local area, where you can interview investment-oriented Realtors, property managers, mortgage providers, title agents and property managers. This can be done in short order. If you have these professionals identified now, you can buy from a distance, as we also have done.
However, before we bought investment property at a distance, we had the experience of buying a number of properties while on the ground in our local area. While I wouldn't recommend buying sight-unseen on your first few properties, please know that it *can* be done. Regardless of your investing decisions, I am saddened regarding your mom's health, and pray that she has an amazing recovery. "Remission" is a lovely word.
@Cam Mckin I live in Maryland, but my first investment property was in Vero Beach for my brother to live in because he is taking care of our mother, who has Parkinson's.
If you want to send me a pm my brother agreed with me that we will do what we can to help you get things established. If nothing else maybe a bit of oversight to make sure you aren't getting screwed.
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