Out of State Rentals - Living Nearby
Hello,
I have a few questions about investing in rentals out of state. The market is picking up here in MA so prices of properties are going up.
We have been looking at rentals in the area, but since we live just a few minutes from RI, we wanted to keep our options open. Real estate prices in RI are cheaper and, therefore, cash flow for a higher amount. So, buying in RI may make more sense for us.
Although this would be investing "out of state," we'd still be nearby to view properties, meet tenants, etc.
Anyone have experience in this area - managing out of state but living close enough to manage (we aren't against hiring a property manager, though, if that makes sense)? Do you set up an LLC in the other state for your rentals? Any other thoughts or input?
Thanks,
Steph