I live in south florida and looking at multifam properties. It seems like there are lower priced properties with better returns in north florida and out of state areas. I was concerned about getting property in my local areas because I know the markets better and can be available to go to the properties.
*Anybody have properties scattered throughout the country?
*How often if ever do you see your properties?
*What tools do you use to find the hot markets around the country or state?
Not sure if I should grind it out in my area or start expanding the search area. Any help is appreciated!
We have properties in 4 states. We rarely see any of our properties, even our instate properties (one just down the block) rarely get seen directly by us.
I suggest requiring periodic photos from your property manager inside and out and quarterly inspections. Its best if you have inspection requirements, and minimum tenant requirements as well. (credit score, income, pets etc)
Question 3 depends on what you are looking for. We don't invest in any hot markets outside our own area. They are all stable markets, but have excellent price to rent ratios.
I initially got very overwhelmed by all the data and finally settled on the following criteria being most important.
-Price to rent ratio
-unemployment and job growth
-the network I have in that city. We have invested more in lessor cities due to the quality of the people we work with in those cities.
-the bureaucratic BS in the city, I just don't want the extra hassle. Sadly this one is from trial and error.
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