Rental Property Investor · Zainesville Ohio · Member since 2018 · 23 posts · 9 votes
Just as the title reads. I’m about 45-60 miles from Columbus Ohio and think that is where I want to focus my investments. The drive doesn’t bother me much as I commute a lot already.
How far do you live from your rentals and what would make you buy farther from home?
Rental Property Investor · KY · Member since 2013 · 1k+ posts · 537 votes
8y
Probably an 8-hour drive. Different state. Don’t want to see them, don’t want them to even know who I am. Just keep paying your rent, don’t break anything, and we’ll get along great. Stay as long as you like. 😁
I buy turnkey and have property management take care of my properties.
My properties are within the county we live in (San Diego) but we'd like to start buying in markets in the Midwest, as Southern California and particularly San Diego has become increasingly difficult to acquire rental properties unless you're buying cash and/or have the cash to rehab. We're looking into Cleveland, Chicago, and Indianapolis but are a bit afraid to make the "leap" as they're too far from us. Would appreciate any advice from investors experienced in those areas.
Hey Tony. I'm an experienced investor in Chicago. I have an outstanding property management company that I work with, an incredible GC, connects to various trades, etc. PM me if you'd like to discuss further. I'd be more than happy to share my knowledge of Chicago investing with you.
Investor · Oak Park, IL · Member since 2014 · 307 posts · 150 votes
8y
25 Minute drive in Chicago. It used to b five minutes.
It would be interesting to see if there is any correlation between distance and success, grouped by size of project i. e. single family and 100 units, etc.
Investor · Culver City, CA · Member since 2017 · 76 posts · 40 votes
8y
I had one property in LA and one in Hawaii. I lived near Pago Pago. My wife managed the one in LA while we lived in Pago Pago. Now we are back living in the LA property and we still have the Hawaii property with a property manager.
Specialist · Victor, NY · Member since 2013 · 823 posts · 844 votes
8y
Originally posted by @Account Closed:
Just as the title reads. I’m about 45-60 miles from Columbus Ohio and think that is where I want to focus my investments. The drive doesn’t bother me much as I commute a lot already.
How far do you live from your rentals and what would make you buy farther from home?
Mine range from 13 miles to 1150 miles from me.....but they are garages, not apartments. When I did apartment rentals, they were all within 20 miles of my house.
Are you using a local property management company to collect rent, find tenants, and care for the property? If so, what steps did you take to find a property management company that suited your needs?
Realtor · Keystone Heights, FL · Member since 2015 · 340 posts · 118 votes
8y
@Account Closed I live in Charlottesville, VA and have rentals in Omaha, NE and Southern VA. When being that far away (1200 miles to the Omaha rentals) a good property manager or a team of local contractors that you can trust is key. Knowledge of the local area (I used to live in Omaha) is a must in order to understand the market you're getting into and how to be successful there.
Investor · Saint Petersburg, FL · Member since 2013 · 73 posts · 29 votes
8y
Initially all of ours were within 20 minutes of home. And they still are....except we've recently been spending 9 months a year either overseas or on our motorhome. The first couple of years we were fortunate enough to develop a good team at home. While we take all service calls and texts then remotely arrange for service. We have to pay someone to open doors, but we still handle leases and turnovers remotely by internet and phone. Has worked pretty well at about $2000 a year in extra expenses for 15 doors, a mix of SFH and small MF. Way less than PM. But not sure we could have done it from the beginning that way.
Real Estate Agent · Jacksonville, FL · Member since 2015 · 1k+ posts · 1k+ votes
8y
I own a triplex 15 miles from my home and I have never seen it. I found it on MLS, my offer was accepted. I had it inspected and appraised, for the mortgage company. I have great property management and no need to visit the property. June marks the one year anniversary of the property and it is the most profitable property I own.
The real question is what business are you in, investment or Landlord? If you are an investor, then 15 mile or 1500 miles are the same. You will hire the best people to do the job and run the investment. If you are in the landlord business, then you better live close to the property.
Brussels, Belgium · Member since 2014 · 52 posts · 22 votes
8y
i have ine property about 7500 km away from me and another a bit under 9000 kn away. Depends on the situation. As an investment with good on site management, kinda doesn't matter. I haven’t even ever seen one of my properties.