Updated over 8 years ago on . Most recent reply
Purchasing Multi-family Properties
Hello,
I'm curious on what the forum thinks as it relates to purchasing multi-family properties in another state and hiring a property management company to run it. For example, I live in Virginia but I'm interesting in purchasing property in Georgia.
Most Popular Reply
@Felicia Elliott, I live in PA and own product in GA and SC and have a third party management company run the day to day operations.
I am currently under contract on a 556 unit deal.
Although the property is out of state, you need to be a very hands on owner. When running your numbers, make sure to allocate funds to travel since you will be visiting your asset periodically. Also make sure you select a reputable management company, get references, due your diligence on them, ask lots of questions and validate their answers with your real estate broker or other professionals in the marketplace.
Not sure the size of assets you are targeting, but you are essentially handing over the keys of a multi-million business to a 3rd party and you need to be very engaged in the process.
Good luck