Long distance duplex?

4 Replies

This year we bought a personal home and a SFAM rental. Rental rented out October 1 for $1000/month. We’re thinking of buying a duplex in another state (WI) where my friends moved to and not sure of how to get the 25% down necessary. HavING A pROPERTY THERE WIILD BE A GOOD INVESTMENT AND ALSO ALLOW OUR TRAVELS THERE TO BE MORE TAX DEDUCTIBLE. Refinance what we currently own, or wait until I have the cash to put down, or just wait? It seems the Green Bay Area has good deals on duplexes and I’m interested in adding to my portfolio. 🤷🏼‍♂️ Any ideas will help! (Don’t know why when I added text above that my phone made it all caps!)

It's easy to get excited and want to rush into buying the next property but I think that's where many investors make mistakes. Don't try to force it. Save up the funds, wait for the right deal. I personally think the market is peaking and now is a bad time to stretch yourself and take on higher risk.

@Chad Chism

I'm more conservative than most folks and would rather not keep a ton of debt on my properties.

Before you start looking out of state, make sure you have a reliable, trustworthy property manager in the new city. The biggest factor in the success of a property is a good property manager!