Hey guys I am new here and I have a question regarding buying and holding real estate and renting it to someone.
Right now I live in Vienna, Austria, but I am planning to hopefully move to the united states in the future. My question is if I buy real estate here in Vienna and rent it to someone, how would I manage the property if I moved to another country. I would hire a property management company that I know, but if there were any other problems how could I solve them from another country?
Do you guys have real estate in another country or very far away from where you live? How do you manage it? If you move, would you guys sell the property or keep it?
Hi @Lukas Holzmann , great question! Most property management firms have experience with remote investors. Often, funds would be held in reserve to cover small maintenance items (which the manager would use coordinate maintenance). You would be consulted via your preferred method of communication- phone, email, etc. for larger issues. If there's an emergency which demands immediate action (hot water heater burst) and exceeds your reserve funds, the management firm may cover the overage and invoice you the difference...
Additionally, the management firm will provide accounting statements or other updates on a regular basis, depending on the level of engagement you prefer.
thank you very much @Melissa Melia
so i guess you can keep the properties when moving, but you should find a very good property manager
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