Rental Property Investor · Chicago, IL · Member since 2017 · 51 posts · 26 votes
Hello fellow investors!
I recently purchased a property in Pittsburgh and the property next door was also for sale. I decided at the time that I wouldn't pursue it as I convinced myself it was risky in case the neighborhood turns for the worse.
Well, the property I purchased ended up renting very quickly and for $200 above the projected rent and the property next door just dropped in price, so it's looking attractive again.
I'm hoping BP can convince me one way or the other. Let me know of any pros and cons you can think of for owning two properties next to each other. Note: I'm out of state and use a property management company.
If the numbers work and it isn't a war zone then why not? Your property management company will be doing most of heavy lifting for you anyway once you own the property. I would be more concerned with the specific deal and the numbers.
@Ron S. If the neighborhood and types of clientele it attracts works with your personality, I don't see a problem with that. Just be sure to take your time when it comes to screening tenants!