Looking to invest in multi-family outside of my market
Hi all,
I currently reside in upstate NY. My parents are looking to relocate to Florida (Sarasota Area). My wife and I currently live in a two family house we own (House Hacking) and are looking to invest in a 2-4 family house in the Florida area where our parents are looking to move. They are going down in the end of March to look at condos/townhomes and possibly investment properties. My question to you is, do you have any experience buying investment properties in markets you don't reside in? Do you recommend it or not? I most likely will have my father in-law (who has experience) manage the properties and pay him. Or I will hire a management company (That others recommend) and pay them the market rate. I look forward to your feedback!
Thanks,
Trent