Owning a Long Distance Rental Property
Hello all,
Newbie here, I'm starting to look into my purchasing my first rental property and have a couple different ideas. I live in New Jersey but because of the lower prices and property taxes one of the things I'm considering is purchasing a multi family property in another state, maybe down south. My job allows me to travel easily and affordably, and I understand I would most likely need a property manager, but does anyone have any experience with this? Is it worth it or is it an unnecessary headache, especially for my first deal? I also know that in some states taxes are higher if you don't claim the property as your primary residence anyway. I haven't done any deal analyses yet, just wondering if the idea is even worth considering. Thanks!
Most Popular Reply
I think as long as you do your due diligence and know the market you are going into and have the property expectations you are at a good starting point. Next I would say having the right team in place is vital and have the ability to leverage that team.
We manage over 500 homes here in Houston and over 50% of all of our owners do not live in the state or the country.
It can be done if you partner with the right team.