30-40min away investment
Should you invest 30-40min away and self manage?
I live states away from some of mine and still self manage. IMO managing LTR's is much easier than STR's long distance. But in my approach distance doesn't change my managing style so no matter how far away it is it doesn't change my systems.
It depends on how hands on you will be with self managing. For instance are you personally fixing minor things that come up? Or are you delegating to someone? If you're DIY'ing most things 30-40 minutes is not that bad of a drive. If delegating, then it doesn't really matter how far you live away. Personally all of my rentals are within 20-25 minutes which I have found to be very helpful as I self manage.
I will only self-manage. We have a property almost 1000 miles from our home that we self- manage. Part of it is learning what you need to know in advance and having systems in place. The other part is just confidence in yourself that you can do it. I think that too many people doubt their own abilities to handle managing their rentals and think too much of the PM abilities to manage.
#2 Managing Your Property Contributor
30-40 min is nothing for a long term rental. If you want to self manage, then do it.
Since I'm still relatively new to investing in real estate I prefer homes within a 20-30 minute drive. The time savings compounds very quickly when you consider things like getting a property ready to rent (especially if it takes several days/weeks), semi annual inspections, repairs, and any other random reason you have to go to the property. Plus if I'm ever in the area I can drive by to take a look at my properties. I also understand my local market much better than I understand markets even an hour away.
If you have a solid team in place that's doing these things for you the distance becomes less of an issue. Some people share my school of thought, but others like long distance investing so they can invest in the best markets for their goals.
Definitely not too far. I have a few properties that are over a hour away where I not only manage but also handle all the basic repairs/maintenance. It was only a bit of a pain when one had a lengthy rehab and I was driving back and forth daily after work to chip away. But I definitely dont regret it.