Rural Multifamily, who is doing it?

Rural Multifamily, who is doing it?

Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes

My question is simple. Who is investing in rural America, why are you doing it and what is your experience? Is it your longterm goal or is it a temporary goal to achieve cash flow?

Lets define rural America as towns of less than 20k population without a major metro within 15 miles. 

I will start by saying that I am one of these investors. I have 23 units (a 3, 4, and 16 unit) in a rural town of 15k population. Overall, my experience has been fantastic from the perspective of stability, modest rent growth and long-term tenants. It amazed me how many people thought I was crazy for buying into the small town, but the cash flow and ability to find sellers who are willing to get creative on closing has offered the ability to scale with minimal funds available. 

I have also found that the lack of other options in many of these towns has positioned me to easily be viewed as one of the more or most professional management companies. Its common to only have a few available rental units on the market in the entire town for rent at a given time. 

My preference is to expand to larger markets, and I have added an 8 unit into a larger market which has also been a very positive experience.

My frustration has been getting more opportunities in larger markets that offer decent cash flow via purchasing around an 8cap. My ideal property is $1m to $2m right now. There seems to be a regular flow of opportunities in these smaller towns that I can get a 10cap or 12cap on, solid properties that I can depend on longterm, and provide me with cashflow. 

The biggest con is obviously the microeconomic risks are more acutely affected by changes in employment by one of the local major employers and the issue of lack of opportunity for appreciation since there arent tons of buyers on the market for these assets. 

Would love to get others feedback on their opinion of these smaller towns a long term or short term strategy. 

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Member since 2019 · 1 post · 8 votes
7y

I've done all kinds of investing, including rural investing in some apartment complexes.  The properties tend to offer decent returns and sometimes it is easier to get a deal.  I'm about to sell a 16 unit apartment complex about 25 miles from Waco TX, so meets your definition.  Town is Marlin, TX, about 6,000 people for an amazing price--$399,000 or less than 25K a unit.  It would be a 10+ cap rate.  All units are 2-1.5 townhouse config at about 1000sqft each.  It stays fully rented most of the time until a move out and then it will fill back up.  There is one lady that has been in it 20+ years...  It would be hard to find a deal like this in current markets in a bigger town...  So that is a real deal to answer your question--so smaller towns offer opportunities out there that aren't in bigger ones.  There is some risk to the things you mentioned like large employer closing, etc but at the end of the day, if the size of property is smaller, there is probably always a tenant.

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  • Rental Property Investor · Albany, NY · Member since 2016 · 37 posts · 42 votes
    7y

    @Joel Florek

    Thank you for making this post! I have had the same thoughts/strategy as you (although you are ahead of me in implementation).

    I am purchasing a 4-unit in rural America (10k population, very isolated from major metro) and hope to purchase 20 units by the end of this year. I chose this strategy for the same reasons you mentioned; cashflow, creative financing, and being the big fish property manager in a small pond. My goal is to cut my teeth in real estate investing with this rural portfolio and then potentially move into other markets as well. It helps that this market is my hometown, so I know many people there (instant network).

    I have two thoughts about my potential long term strategy. The first would be to move to a larger market to get exposure to appreciating assets, which it sounds like you are doing. The second, and potentially more interesting, would be to find other small towns that have similar characteristics to my current area, but are completely uncorrelated (different state, industries, etc.). This would provide some diversification to protect against local employer risk. A multifamily portfolio in 3-4 rural areas seems like would generate cashflow long term and protect against risk (other than the trend of people moving to larger metro areas). 

    I would love to hear about your plans for your 23 units in the rural town. Are you planning to hold them long term? Are you going to try to sell them as a portfolio? Or something else? 

  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    7y
    Originally posted by @Joel Florek:
    Originally posted by @Bjorn Ahlblad:

    @Joel Florek Great thread you got going here. Two shortcomings in a smaller market for me are a lack of PM and a shortage of more buildings to buy. I self manage-correction my wife manages-so that is not a problem. We only invest within an hours drive and driving in the countryside is more pleasant anyway. As far as appreciation goes on my 12 unit I do not plan on selling; appreciation will either be forced or rise as income rises-which has been pretty steep anyway. Units that the prior owner was reting for 575, we are painting and doing some new flooring as needed and turning them over for 775+35 for garage, and they may even be under market at that. I do understand that small town investing may be at an increased risk, the returns more than make up for that. Also if you are not too leveraged then you can choose when to sell, or not, and that to me is the game anyway. The real risk is that the big city slicker investor types may be reading this thread and wanting in on this action!

     Thats fantastic! $2400 in extra monthly cash flow on top of however much you had when you bought it is great. That is what makes multifamily so exciting! Great deal Bjorn!

     Oh boy, did I ever miscommunicate! Sorry, we have only turned over 4 units so 800 per month. The other tenants are still there and only getting minimal increases. I apologize for the misunderstanding. :<(

  • Raleigh, NC · Member since 2017 · 80 posts · 46 votes
    7y

    Hi all and Happy New Year!

    This has been a great discussion that I have really enjoyed reading. I agree with most of what has been stated.

    As a new investor, cash flow is more important to me than appreciation in rapidly growing markets and I think rural markets have tremendous potential.

    My grandmother is in her 80s and employs this strategy - she owns many SFH, MF and mobile-home parks that have produced tremendous cash flow. It has been very successful for my family and it has been a lot of fun to see how much she loves real estate even in her oldish (LOL) age. :-)

    To the point about employer concentration - you can greatly mitigate this risk if you buy in a "rural" area that is 25-40 miles from a decently sized city. The average American commutes ~25 minutes to work but if you are employed in a lower paying job, in the service industry, etc. you may be living in a cheaper area for a number of reasons and driving 30-45 minutes or even an hour to work everyday.

    I was surprised to realize how many Americans commute much further than I would personally think is reasonable but it certainly happens. 

    I live in Raleigh, North Carolina and originally wanted to invest in my city but as prices have increased I have become very interested in the rural markets surrounding Raleigh/The Research Triangle Park that I had discounted at first thinking it was too risky or I would not be able to exit the property if I needed the liquidity. 

    Again, I agree with the above point about not being over-leveraged - if you aren't you should factor a longer wait time to sell the investment into your plans. The prices are typically much cheaper anyway.

    Thanks all for a great discussion! I would really love to talk about this more as we each become more educated. 

  • Property Manager · Minneapolis, MN · Member since 2014 · 380 posts · 167 votes
    7y

    @Joel Florek I like it for the reason of less competition and honestly I enjoy managing a property that is outside of the urban density.

    I also agree you can get better cap rates at times, but it is risky if the one company supporting the local economy shuts down.

    We have around 200 units in various town/smaller communities.

  • Member since 2018 · 25 posts · 23 votes
    7y

    Love this discussion.  My wife and I actually made the decision to invest in smaller towns.  It was actually her suggestion and it is working out well for us.  We currently only have two properties; a tri-plex and a duplex.  We have seen all the same benefits listed in this thread.  We plan to continue with this strategy.  We have successfully raised the rents from $450 to $600 on most of them and will continue to push them up.  We have found there are a lot of "old school" landlords in the area we are investing and the tenants LOVE the way we are managing them.  They have all told us we are the best landlords they have ever had when it comes to service.  The tenant base is also very good and we get lots of very good applicants every time we fill a unit.  

  • Rental Property Investor · San Antonio, TX · Member since 2011 · 266 posts · 158 votes
    7y

    @Joel Florek you’ve got a popular thread going!

    Regarding PM, could possibly employ a technique I’ve seen in other industries—hire a regional/area manager to oversee projects, contractors, on-site managers, new employee training, etc. Thus could be a good job for a family member who needs supplemental income. Some mobile home park owners seem to employ this technique effectively.

    Any thoughts on owning complementary businesses in your rural markets? E.g. self-storage. Self-storage typically has on-site managers that could potentially be cross-trained to assist with your MF property. Tenants can rent a moving truck from you, store their extra stuff in your storage units, and rent an apartment from you. Kinda like owning the whole tenant lifecycle.

    Keep the comments coming folks, loving this thread.

    -Andrew

  • Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
    7y

    I am not buying in these areas.  I noticed you were from Michigan City, Indiana, which is a place I know a bit.  I see momentum in the greater Northwest Indiana due to tax refugees from Chicago and/or Illinois.  

    I think it is an interesting plan, if the smaller cities are relatively close to Michigan City.   So some of the towns in Western Michigan and the top half of Indiana.  The local economies of some of the small towns range from stable to declining.  Obviously avoid the declining areas.  Rarely are rural areas in the midwest a growth situation.  

    Keep in mind it is harder to sell your properties in these towns.  The local buyer pool is limited.  Outside capital wants cheap and won't stretch because of the location.

    Last idea - avoid lower income areas in rural towns.  Buy a property that has the potential of being stable, workforce housing.

  • Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes
    7y
    Originally posted by @Joel Florek:

    Here's a data point for you.  For my retirement, I moved from a city of 1 million (San Jose, CA) to one 5% the size (Pensacola, FL). My new home town is still 20 times larger then where I grew up in Rural America. Whether I end up living within the city limits or 50 miles away in the surrounding area is a lifestyle decision I haven't made yet. It doesn't matter because with the Internet, I can travel the globe with my computer mouse (before the Internet, I would have used amateur radio).

    The cost of living is cheaper here (housing is one third the cost of Silicon Valley) and there was a noticeable lack of traffic when I first arrived, although I'm starting to get spoiled about the traffic. What convinced me to choose this area over other candidates was the local news they stream over the web. The media market is too small to support news and traffic helicopters.

  • Real Estate Investor · York, PA · Member since 2018 · 115 posts · 58 votes
    7y

    Awesome thread. I think that it comes down to - cash flow is king. While rent growth potential may be lower, and liquidity likely lower, if you are using it for your retirement, and you’re there for the long term, I love it as a strategy. 

    I plan to invest in an area I love to live, not live where I love to invest. (Or invest remotely)

  • Investor · Saint Charles, MO · Member since 2016 · 118 posts · 91 votes
    7y

    .   

  • Specialist · Charlotte, NC · Member since 2013 · 260 posts · 245 votes
    7y

    @Joel Florek - is that an 10-12 cap with upside or stabilized?

  • Scott TitusPro Member
    Rental Property Investor · Lake Ozark, MO · Member since 2017 · 102 posts · 86 votes
    7y

    @Joel Florek

    I would love to talk more with you, this is definitely something I’ve been looking at as the market around KC is incredibly hot and filled with buyers. I’ve got a few apartments I’ve had sent to me in rural areas that I’ve been kicking around moving forward on, I’m just so green to the areas I haven’t been sure how the numbers would line up. Thanks for posting this...I’m going to start digging in and see what I can come up with.

  • Townsend, MA · Member since 2016 · 20 posts · 6 votes
    7y

    Great discussion topic.   

    I just looked at a 3fam 3br each that's cash flowing like a mother but it's in a high density urban slum.  I would never be comfortable living there or seeing someone I care about live there.  Not a tree in sight, noplace for a kid to throw a ball, 3deckers on top of eachother, sunlight never reaches the ground, no offstreet parking.   Front Doors wide open swaying in the January wind.   Sad, depressing.   

    The cash is real, but it made me sick to think I'd be getting rich on the misfortune of those without the wherewithall to get theselves out of it.  I was starting to think that a slum would be the natural progression of a focus on cash flow investing.  

    You're example offers hope that cash flow investing doesn't need to be cheap high density urban decay.   Not only is there probably less competition in smaller towns, there's probably more room for a little dignity.  

    Thanks!  

  • Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    7y
    Originally posted by @John Hoening:

    The four duplexes in small college town first time investing, my experience has been they are over priced and high turn over, which in turn every time a apartment turns over your spending funds to clean up and re-rent etc. 650k for a 8 plex seems awfully over priced. unless the NOI supports it,, and provides a nice positive cashflow. is this a A class property or B.

     College towns can definitely get out of whack. I have a few buddies who got started in the college rental game and seem to talk about how they would love to get out of it at some point since turnovers can be so tough.

  • Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    7y
    Originally posted by @Shamus Wheeler:

    @Joel Florek

    Thank you for making this post! I have had the same thoughts/strategy as you (although you are ahead of me in implementation).

    I am purchasing a 4-unit in rural America (10k population, very isolated from major metro) and hope to purchase 20 units by the end of this year. I chose this strategy for the same reasons you mentioned; cashflow, creative financing, and being the big fish property manager in a small pond. My goal is to cut my teeth in real estate investing with this rural portfolio and then potentially move into other markets as well. It helps that this market is my hometown, so I know many people there (instant network).

    I have two thoughts about my potential long term strategy. The first would be to move to a larger market to get exposure to appreciating assets, which it sounds like you are doing. The second, and potentially more interesting, would be to find other small towns that have similar characteristics to my current area, but are completely uncorrelated (different state, industries, etc.). This would provide some diversification to protect against local employer risk. A multifamily portfolio in 3-4 rural areas seems like would generate cashflow long term and protect against risk (other than the trend of people moving to larger metro areas). 

    I would love to hear about your plans for your 23 units in the rural town. Are you planning to hold them long term? Are you going to try to sell them as a portfolio? Or something else? 

     Love your plan! I am happy that I was able to pick up a good deal to get an 8 unit in a large metro of about 500k to diversify out of my small town a bit. Hopefully, I can keep that up with a few more deals in the coming years. 

    Ultimately my goal is to have own a few 100 to 200 unit complexes (total to 400 doors) that can cash flow $200 a door. With that said my 23 units likely wont make too much sense for me to hold forever. However, I do plan to hang onto them until I own assets that make the small portfolio a hassle. Hopefully, that can happen in 5 years, but if it takes 10, 15 or 20 years I am ok with that. My wife and I get to live a fun life these days and it will surely get better as we pick up a few more properties. Luckily when you start young time is on your side. Ive got 40 years of playing this game until I am 65 so slow and steady wins the race as I look at it. 

  • Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    7y
    Originally posted by @Bjorn Ahlblad:
    Originally posted by @Joel Florek:
    Originally posted by @Bjorn Ahlblad:

    @Joel Florek Great thread you got going here. Two shortcomings in a smaller market for me are a lack of PM and a shortage of more buildings to buy. I self manage-correction my wife manages-so that is not a problem. We only invest within an hours drive and driving in the countryside is more pleasant anyway. As far as appreciation goes on my 12 unit I do not plan on selling; appreciation will either be forced or rise as income rises-which has been pretty steep anyway. Units that the prior owner was reting for 575, we are painting and doing some new flooring as needed and turning them over for 775+35 for garage, and they may even be under market at that. I do understand that small town investing may be at an increased risk, the returns more than make up for that. Also if you are not too leveraged then you can choose when to sell, or not, and that to me is the game anyway. The real risk is that the big city slicker investor types may be reading this thread and wanting in on this action!

     Thats fantastic! $2400 in extra monthly cash flow on top of however much you had when you bought it is great. That is what makes multifamily so exciting! Great deal Bjorn!

     Oh boy, did I ever miscommunicate! Sorry, we have only turned over 4 units so 800 per month. The other tenants are still there and only getting minimal increases. I apologize for the misunderstanding. :<(

     No worries. But an extra $800 a month is nothing to scoff at. One of the biggest mistakes I made on my 16 unit was not pushing up the rents fast enough on all tenants rather than just the tenants who turned. I thought it was great that people wanted to sign 2 and 3 year leases. Then I realized they were paying $100 to $150 below market rent for the property and with 16 units that adds up to a lot of money. So this last summer I bumped everyone up who I could by $75 and will do another $50 next year. More cash flow means I can invest back into some exterior projects and interior projects that make people feel like they are getting something for the extra money. Clearly I am still coming out on top, but they get a great place to live and when you rent that is a longterm risk you take. 

  • Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    7y
    Originally posted by @Hannah Smith:

    Hi all and Happy New Year!

    This has been a great discussion that I have really enjoyed reading. I agree with most of what has been stated.

    As a new investor, cash flow is more important to me than appreciation in rapidly growing markets and I think rural markets have tremendous potential.

    My grandmother is in her 80s and employs this strategy - she owns many SFH, MF and mobile-home parks that have produced tremendous cash flow. It has been very successful for my family and it has been a lot of fun to see how much she loves real estate even in her oldish (LOL) age. :-)

    To the point about employer concentration - you can greatly mitigate this risk if you buy in a "rural" area that is 25-40 miles from a decently sized city. The average American commutes ~25 minutes to work but if you are employed in a lower paying job, in the service industry, etc. you may be living in a cheaper area for a number of reasons and driving 30-45 minutes or even an hour to work everyday.

    I was surprised to realize how many Americans commute much further than I would personally think is reasonable but it certainly happens. 

    I live in Raleigh, North Carolina and originally wanted to invest in my city but as prices have increased I have become very interested in the rural markets surrounding Raleigh/The Research Triangle Park that I had discounted at first thinking it was too risky or I would not be able to exit the property if I needed the liquidity. 

    Again, I agree with the above point about not being over-leveraged - if you aren't you should factor a longer wait time to sell the investment into your plans. The prices are typically much cheaper anyway.

    Thanks all for a great discussion! I would really love to talk about this more as we each become more educated. 

     You are so right on the surprise of how long people commute. Even where I live we are a town of about 30k. There is another town about 40min away that is larger with about 50k. In between, there is this little town with 3k to 5k people it has been growing like crazy. They have a good school and the subdivisions just keep getting tossed up. I sware the town has doubled over the last 10 years. Apparently its very popular for families whose parents work in the opposite towns. Moderate commute for each rather than a long commute for one and a short for the other. 

    This has been a fun thread for sure. Cool to see how many people are encouraged and focused on these small little towns. There is a 16 unit in a small town about an hour from me which I found out is for sale for a reasonable price. As mentioned, I have been trying to get away from the small town investing but the part of me that loves rural America wanted to get people talking about it to discuss more. 

  • Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    7y
    Originally posted by @Andrew K.:

    @Joel Florek you’ve got a popular thread going!

    Regarding PM, could possibly employ a technique I’ve seen in other industries—hire a regional/area manager to oversee projects, contractors, on-site managers, new employee training, etc. Thus could be a good job for a family member who needs supplemental income. Some mobile home park owners seem to employ this technique effectively.

    Any thoughts on owning complementary businesses in your rural markets? E.g. self-storage. Self-storage typically has on-site managers that could potentially be cross-trained to assist with your MF property. Tenants can rent a moving truck from you, store their extra stuff in your storage units, and rent an apartment from you. Kinda like owning the whole tenant lifecycle.

    Keep the comments coming folks, loving this thread.

    -Andrew

    What you describe for PM is what I do right now except I handle all leasing activities remotely. I put screening and advertising systems in place that have produced consistent results and allow me to stay objective rather than let emotions get in the way.  The local manager helps in the leasing by opening doors, calls and schedules contractors for maintenance items, and does a few minor things here and there to help. I still get involved for all capital improvement projects, but those are nicely scheduled out as a once a month or every month type of thing. 

    Self-storage is one which I haven't been convinced of just yet. While I think it can be a gold mine, I also watch the local builders decide they want to be investors and toss up another 200 units in a 6 month period!!! Only so many can get in the game when you have 10k to 115k people in the town. The low barrier to enter just scares me as an investment strategy. 

    With residential, as long as rental rates are $700/mo or under no one can build and make it profitable without subsidies.  That said if a new builder comes in we compete in different classes rather then head to head for the same tenants. 

    Ill definitely keep the idea in mind... always looking for opportunities to grow. 

  • Real Estate Agent · Troy, MI · Member since 2018 · 39 posts · 21 votes
    7y

    Love this thread! Thanks for making it, I was curious on this topic as well as I’m looking at some deals in my area that are in a rural location.

    Thanks!

  • Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    7y
    Originally posted by @Brian Ploszay:

    I am not buying in these areas.  I noticed you were from Michigan City, Indiana, which is a place I know a bit.  I see momentum in the greater Northwest Indiana due to tax refugees from Chicago and/or Illinois.  

    I think it is an interesting plan, if the smaller cities are relatively close to Michigan City.   So some of the towns in Western Michigan and the top half of Indiana.  The local economies of some of the small towns range from stable to declining.  Obviously avoid the declining areas.  Rarely are rural areas in the midwest a growth situation.  

    Keep in mind it is harder to sell your properties in these towns.  The local buyer pool is limited.  Outside capital wants cheap and won't stretch because of the location.

    Last idea - avoid lower income areas in rural towns.  Buy a property that has the potential of being stable, workforce housing.

     Thanks for the opposing view. All are valid and I cant argue against them. Longterm my plan is to get into the metros and I have started that with an 8 unit I picked up last year. I do sleep easier knowing I have assets in a stronger market long term. 

    The draw to some of the smaller markets is I happened to start investing in one of these and it has been fantastic for me. Once you find something that works really well, its hard to turn a blind eye to focus on going in a different direction. Maybe its too small of a mindset and that limiting belief is holding me and others back.... All good food for thought. 

    One of the things I think is interesting with small towns, especially in farming regions, and ones with tourists hooks is that they have a form of industry that is always going to provide a base. That protects from completely falling out. When you see vacancy rates at 0% or 2% its just crazy to me. Search in some of these little towns and you find 0 places for rent publicly advertised, but then you dig into it and there are a few hundred units in small multifamily properties. That is a strong position to be in as an owner. Then again so many large cities see strong occupancy rates as well with the only threat being the rapid development of new complexes. 

  • Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    7y
    Originally posted by @Ian Tudor:

    @Joel Florek - is that an 10-12 cap with upside or stabilized?

     In the small town where I invest my 16 unit was purchased at a 9.5 cap 3 years ago. I added $1200 to the monthly rent roll via rental increases without renovations. Still another $800/mo that I can get out of it which I should be capturing by mid-fall next year. So the potential is to operate at a 12.3% cap. 

    Smaller multifamily, 2 unit and 3 units can be picked up for 15 cap or 20 cap as is and even have some upside. I have only picked up one of these properties. But those usually come with their fair share of weird stuff which I don't like to deal with much. So I have passed on a lot of small opportunities(except that one I mentioned) just because the headaches dont seem to be worth it for me. I like to get the C+ tenants and then to B+ tenants. I haven't played with A and I stay away from low C to D stuff. 

  • Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    7y
    Originally posted by @Jack Moran:

    Great discussion topic.   

    I just looked at a 3fam 3br each that's cash flowing like a mother but it's in a high density urban slum.  I would never be comfortable living there or seeing someone I care about live there.  Not a tree in sight, noplace for a kid to throw a ball, 3deckers on top of eachother, sunlight never reaches the ground, no offstreet parking.   Front Doors wide open swaying in the January wind.   Sad, depressing.   

    The cash is real, but it made me sick to think I'd be getting rich on the misfortune of those without the wherewithall to get theselves out of it.  I was starting to think that a slum would be the natural progression of a focus on cash flow investing.  

    You're example offers hope that cash flow investing doesn't need to be cheap high density urban decay.   Not only is there probably less competition in smaller towns, there's probably more room for a little dignity.  

    Thanks!  

     There is some really terrible stuff out there. All my properties are square, have up to date plumbing and electrical and I would live in every unit that I rent. If I dont feel comfortable leaving a tool trailer over night I dont want to invest in the neighborhood or town. I have come across a lot of enticing opportunities from a numbers perspective, but this is about lifestyle so you have to say no to those properties. There are opportunities, just takes time and patience. I picked up my first two deals in 10 months. Then it took 18 months before I found another deal and the 4th got under contract only a few weeks after closing on the 3rd deal. Havent done a deal for 14 months now... Would love to get great deals all the time but would rather hang on and enjoy what I have and wait for the right play that I am comfortable with. 

  • Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
    7y

    @Joel Florek   Some of those smaller towns will not have new competition, meaning no new apartment stock is likely to be built.  For me, one of the downsides is logistics - I don't have time to drive more than 45 minutes to a property.

  • Member since 2018 · 3 posts · 2 votes
    7y
    @Joel Florek If you are absorbing some of the typical PM roles, what are you paying them? My first concern with this type of strategy was PM as well, but it sounds like you have it covered. I grew up 45 minutes away from Iron Mountain in Escanaba, so I find this whole thread especially interesting. How has your experience with contractors been up there? I figure there are probably quite a few in the area but some may not be quite as reliable. I sent you a PM request, would love to chat further!
  • Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes
    7y

    Retirement articles on personal finance sites discuss the options retirees have to help fund their retirement. Depending on one's own situation, selling the house in the big city and moving to a small town is one alternative. Many people buy homes in their retirement location (for cash) and have money left over for investing in assets that generate income. Other retirees prefer to rent. Owning a home has its rewards, but it's also a full time job some people would rather delegate to a landlord.

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