Hello Fellow Investors! I was a Realtor in Philadelphia, Pa so I am aware of the Real Estate Market here and how the prices of Real Estate are absolutely ridiculous. I have a couple of Questions about doing out of state Real Estate investing out of state in Dayton Ohio. I live in Philadelphia PA, and investment properties prices are through the roof. If you were to buy a duplex in a C class area it would run you no less than 165,000$, thats if you got lucky in Philadelphia. So if you wouldn’t mind, I would really appreciate it if anyone can answer a few questions I have.
So I want to know from experianced out of state investors, how hard is it to own property out of state, and how good is the property management company you use, when it comes down to it being a headache, after all you are paying them every month so that you don’t have that headache.
Also for investors who invest in the Dayton Ohio Area, what neighborhoods are good to invest in, because I've heard that there are some neighborhoods that I should stay away from. Also what are the ROI in the properties you own? And the average price of the Property you own?
I am looking to purchase my First Investment property in the next 12- 16 months, so I am trying to get as much information as possible, so that I can determine of I should buy Real Estate in The Dayton area/out of state or not.
THANK YOU IN ADVANCE!
I don't know anything about investing in that area, but I own out-of-state property. Now, keep in mind, I bought it while living there, THEN moved later, so my situation was a little different. I get the impression that some folks on here actually buy stuff without looking at it in person (though I could be wrong). THAT is not for me. I'm looking at investing in another city that I don't live it...about 4 hrs away. I plan to travel to see properties. To me, buying will be the trickiest part for you.
Regarding having a PM, I did even before because I'm disorganized and too nice to ever evict someone. I've always had PMs. Are they good? Well...mine are okay, but not great. I'm actually looking to move away from them to another PM company, though I don't yet know who. They take forever to fix stuff and I discovered (remember, I'm disorganized) that after 8 years, my property rent was still the same. HUH? Granted, you probably shouldn't raise it without consulting with me, but you should, IMO, suggest I raise it when it's been a couple of years and you know I could be getting more. On the good side, they are the cheapest in town. On the bad side, well, you sometimes get what you pay for. Though I will say, they are very nice. :-) But whether you have a good or a bad one, you probably don't know if you aren't visiting the property. I try to get there every year. That's when I see they haven't done something we discussed last year or whatever. I also call a few times a year to check on things, see if they (at least will claim they) are working on stuff we discussed, etc.
Don't get scared. I'm sure my case is unique. But do check on them from time to time...
Thank you @Jody! Very informative
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