Things to consider before buying in another city
Good afternoon all - I'm looking to purchase a few different property options in St. Petersburg, FL. I currently live in Miami with my wife, and we have two properties between us (one investment condo and the townhouse we live in). St. Pete is the city we went to college in, and would love to retire in. I had previously thought of purchasing in another state like North Carolina or Ohio, but this a better idea due to being close enough where I can visit frequently, and it's a place I can live in myself one day.
My question is, what are some things to consider before I look to buy a home in another city? Should I locate reputable Property Management Co.'s in the St. Pete area? Should I make sure I have enough money saved up to cover me for a few months in the event I'm not able to immediately rent out the property and am stuck with another mortgage payment? Etc. The more detailed the better! Thanks!
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Things to consider: know the area (it sounds like you have an idea as to the area as you had gone to college there but it's good to reacclimate yourself with it in the event areas have changed for better or worse).
Also, know local laws, taxes, inspection procedures.
You don't need to have a PM company. It's personal preference. I manage a handful of multi-family properties from across the country. It's not hard to do and I like that extra 10% rental income.
Definitely have 3+ months saved to cover your mortgage payment/capex - some banks will require this - mine did - for my first multi-family mortgage on a 4-unit anyways.