renting from a distance

4 Replies

I know this is been asked many times and I'm sure my question or situation isn't new. but I'm looking for i guess some advice from some who has experienced this. 

I live in the 5 boros of new york so to say its expensive is an understatement. as a result i want to test sending out a mailer to some lower priced areas in PA about 2 hours outside of where i live. 

i sent out these mailers with the idea of buying and holding and just getting use to having conversations on the phone with prospective sellers.

i sent out 100 letters and received 4 calls. Out of the 4, 2 were highly motivated and 1 was was ready to do seller financing.

at this point i choked, i had the conversation and got him to confirm that he is opened to seller financing. 

I never visited that area but know and visited near that area, i know that the area is a moderate to high crime area. and i also know that for that area they do maintain consistent blue collar/factory type jobs. 

so as a rental area i think from what i have learned thus far, is that this is a good rental area barring the crime. 

where i choked was the distance, and started thinking how will i maintain it from a distance.

my questions i guess would be. 

those who have experienced similar situations what did you do?

also is it feasible to have a management company manage just one piece of property as i try and grow a portfolio?

thanks as always guys for your input 

Hi @Alfonso Velazquez

I did something similar in 2012. We owned 2 single families in Poconos, Pa. It not work well at all because I manage everything myself (I live in NY) and any on site emergency cost me a lot of money.

If you want to invest in PA (2 hours from NY), I would highly recommend to invest in good marker and also in multi-family buildings. 

Now, I invest in mobile homes in PA and looking to buy mobile home park.

On the other hand my friend buys single families in Monroe County and Pike County PA (2 hours from NY) and he rents them out to section 8. Section 8 in those counties pays around $1100 for 3 bedroom and you can buy 3 bedroom from 15k-30k (handyman special - cash only). 

@Alfonso Velazquez So what is the update?  At least do something with the lead.  At a minimum find a wholesaler in that area who will work it for you and maybe show you how to do it.  You've gotten a pretty good response rate.  Keep it up.

Originally posted by @Larry T.:

@Alfonso Velazquez So what is the update?  At least do something with the lead.  At a minimum find a wholesaler in that area who will work it for you and maybe show you how to do it.  You've gotten a pretty good response rate.  Keep it up.

Larry your very right on that front. I have been short sighted on what I wanted to do that I may and most likely have been missing opportunities right in front of me. Thanks for the advice.