I have found a few multi-family properties I am interested in purchasing, all meeting at least my minimum cash flow numbers and Cash on Cash percentages, however these properties are about 4 hours away from my primary residence. The costs are far better where I would be investing than where I live and number still seem to make sense, even with factoring in 12% PM fees for them to advertise, rent, execute the lease, manage, pay bills and vacancy factoring. Does anyone have any similar positive or negative experiences they could share? I have a couple properties in my area, one in Florida, and this is western PA. Like most of you, Im a bit of a control freak when it comes to my investments so I self-manage and am in contact with my tenants so this is outside the box for me to allow/need the PM to handle all aspects of this investment due to the distance, but if the numbers are there take advantage of it... right?
I have 2 long distance properties that I manage myself. No need for PM. I have few handymen close by, yelp, real estate agents. Sometimes I visit if we do big improvements. Good luck!
How do you handle rent collection and bill pay? Just electronic pay and auto withdrawal?
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