I may have the opportunity to do distant property management. Knowing a few of the downfalls from my fathers past experience, that didn't go well, I feel as thou there might be more challenges than I can think of.
Anybody have experience and able to outline some challenges in doing so?
I self-manage 3 houses on an opposite coast. It has had its moments, trust me it keeps my blog articles and website full of "fodder" That being said the biggest thing, is to put systems in place, treat it like a business and prepare to be tested :)
That being said, it has been a great financial decision and has worked very well. PM me if I can help in any way!
Make sure the property supports a Property Manager fee. And whether you follow @Elizabeth Colegrove 's advice (which by the way is great! She's a freakin' bulldog!) or you go with a property management your long distance investment will continue to cash flow!
thanks for the fantastic shout out!
I found a reliable handyman to take care of any repairs that comes up at my properties. Sometimes though I get other bids if it is a major repair. This helps keep him from taking me for granted and that he can feel that he got it in the bad and start to overcharge.
I did distant rentals once. Once. :) Now I only owner finance my houses. I get cash every month, they maintain it, if a default ever happens, I get another 5k down and start over. Works well for us.
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