Rental Property Investor · Highland, MD · Member since 2020 · 5 posts · 20 votes
I am purchasing an out-of-state luxury rental (6k sqft + high end furnishings). I am new to this type of real estate and want to be sure not to get taken when hiring a property manager and any other advice for this type of investment.
I am purchasing an out-of-state luxury rental (6k sqft + high end furnishings). I am new to this type of real estate and want to be sure not to get taken when hiring a property manager and any other advice for this type of investment.
@Shari M Port depends on what your goals are in investing in RE. I really like Columbus OH because its beginner friendly (in the sense that prices are appreciating so almost anything you buy is worth more the next month) and there is a huge tenant pool to choose renters from.
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
5y
How are you going to maintain the personal property and not have it damaged or stolen? A single executive who travels may want a furnished unit BUT most luxury renters have all their own furniture and kitchen equipment. Furniture has little value once it is used, even antiques don't quickly sell for much, and are subject to "taste."
I am purchasing an out-of-state luxury rental (6k sqft + high end furnishings). I am new to this type of real estate and want to be sure not to get taken when hiring a property manager and any other advice for this type of investment.
@Shari M Port depends on what your goals are in investing in RE. I really like Columbus OH because its beginner friendly (in the sense that prices are appreciating so almost anything you buy is worth more the next month) and there is a huge tenant pool to choose renters from.
I am purchasing an out-of-state luxury rental (6k sqft + high end furnishings). I am new to this type of real estate and want to be sure not to get taken when hiring a property manager and any other advice for this type of investment.
Househacking is a great way to get started! I started this way while I was a sophomore at OSU here in Columbus OH. I used an FHA loan to buy a duplex, rented the rooms to my friends while I renovated. Then I rented it for top dollar, refinanced, and had enough money to go buy my second property, and still that duplex is net cash flowing over $1,500/month.