Turn Key out of state - what is your strategy
Hello BP,
so I have acquired 3 turn-key properties since when I started in Summer and in process of closing on 2 more.
Out of total 5, 2 are relatively close by (PA and NJ) and I have seen them and believe those are great purchases, but the other 3 are "virtual" buys - via turn key providers online...
When I take time to reflect on online purchases, I can't help but think that this is probably not the smartest way to invest my money. Sure, the numbers on paper work and I should be getting positive cashflow every month. Sure, I took all your advises and stash away 10% from all the earnings in case of repairs...
The reason why I do buy these far away properties is two-fold
1. There are no good deals that I am able to find anywhere in driving range from where I live on Long Island, NY
2. I am a newbie and work full time and all these online providers such as Roofstock are great for someone like me
But the more I am getting myself into this game, the more I am concerned that repairs and vacancies will eat my profits away and at the end, the properties are not sell-able too and I will be stuck with them or lose big.
If you are passive investor and invest out of state, I am interested to know what your long-game strategy is?
thank you for reading!
David