My father in-law won a bid on a property in Fort Myers, Florida for way less than what the property is worth. It's right across the street from a beach, and he said it's sort of like a duplex type deal. Mainly for vacation goers. I'm wondering how difficult it would be to be a landlord from so many states away?
We are from Ohio, so we might be able to make it down there once or twice a year. He could flip it and make 100 grand profit within a few months.
Would it be better to rent it out, and get 600 bucks per side per week (vacation goers)? Or flip it and buy a couple rental properties up here in Ohio?
If it's cash-flowing and you think there's some potential for appreciation in the mid-long term, I'd hold on to it and use a local property management company to manage it for you. Unless you think your cash would be better put to use in Ohio.
Thank you for the reply. How much do property management companies charge? What is the process with going through with one of these companies?
Try using the BP search bar with some of the key words like "property management" and "property management costs" to see what comes up. There should be quite a bit to read about that should answer most of your questions. But for starters, I'd research PM's in the area and email/call them and ask for references. Give a call to the references and see what they do/don't like, any "hidden" fees etc.
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