How close do you keep your properties ?

Question

Frankie Woods · Answer

I have properties in 5 different states.  Distance is irrelevant if you use property management.  However, for the properties I do management myself, I try to keep them within about a 3 hr drive.  Though I do have one that is over 1000 miles away that I manage myself, but the two tenets that have lived there the last 10 years knew my neighbor :)

Bjorn Ahlblad · Answer

When I lived in California We had properties within 30 minutes as well as others 850 miles away. The far away ones had a PM. Today I live in west Wa and my properties are all within an easy 1 hr drive. I manage a 12 unit and have a PM for 2 duplexes-we may take those over as well. Managing the 12 has been relatively easy so far, we go there once a month.

Grant Rothenburger · Answer

@Jake Diamond

Could be a pain if you're constantly visiting these properties. Are these c/d areas and tenants with higher turnover and maintenance issues? Or a/b areas and tenants with a little less headache (typically)? If you're visiting these properties often and you're self managing it may be a bit of a pain. But if you scale in those areas and have a pm eventually, it won't matter much.

David Smith · Answer

How many units in one building for pm ? And how much you pay the pm?

Patrick Liska · Answer

I have a PM manage mine, they are 3 hrs away. i go there every once in a while to personally check the outside, for a meeting with my PM or to look at another property, i usually do the trip in a day, 6 hrs driving and usually 4-6 hrs out there. i have even gone out for a 30 min zoning variance meeting i needed one time, and headed right back home. it all depends on what you feel you can handle.

Kenneth Garrett · Answer

@Jake Diamond

Proximity is to you is relevant if you are self managing and/or are performing maintenance.  My rentals range from 30 minutes to over an hour away.  If you have a pm it won’t matter.