Buying first property 4 hours away no property management

[Anna Muzirwa]

Because prices of real estate are high in my area is it a good idea to buy in a market that you don’t really know ?

[Brandon Rush]

Hey Anna,

Short answer, no it is not a good idea. I am not saying it is a bad idea to purchase a property four hours away, but going in blind is a bad idea. I myself purchased a property that was only 45 minutes away without understanding the market completely and self managing. Turns out there is a lack of any tradesman in this area (plumbers, electricians, handymen and etc), resulting in lots of time spent trying to resolve issues when tenants report them. 

Is it possible to self manage a property four hours away? Of course, but you will need to make sure you have a team of people available to assist with different aspects of the property such as a handyman, HVAC company, realtor and etc. You will need these resources because you do not want to find yourself driving back and forth to your property, especially with it being four hours away. I would recommend looking into property management as an option. Many see it as too much overhead on their monthly baseline but it will take a huge burden off of you and free up your time and mind space to look for new deals. 

Lastly I would recommend taking your time in choosing your markets to invest, no need to rush. If you could focus on a couple of markets and buy a few properties in them, that would be much more efficient that buying single properties in numerous markets. This will create a logistical nigh mare.

I hope that helps and good luck on your journey!