Hi there! I am a new mom and recently left the corporate world to start building out a RE investing business focused in the Lehigh Valley, although I am currently based right outside of NYC. I just closed on our first property earlier this year and am under contract for our first duplex. My husband has a stable W2 job so I am looking to qualify for REPS. Overall just really excited to learn more and would love to connect with other investors, realtors, etc.. in the area who might be interested in partnering on deals in the future. Also any advice on managing properties from afar would be much appreciated!
Congrats on the first property and the duplex. For managing from afar, I'd build the local team before you need it. Interview two or 3 property managers, ask what they charge for leasing, renewals, and maintenance markups, and call a couple of their owner references. Also line up a handyman and a local agent you trust, and use the inspection on the duplex to have a contractor tell you the age of the roof, furnace, and water heater so you can plan your reserves from day one.
Congrats on the first property and the duplex. For managing from afar, I'd build the local team before you need it. Interview two or 3 property managers, ask what they charge for leasing, renewals, and maintenance markups, and call a couple of their owner references. Also line up a handyman and a local agent you trust, and use the inspection on the duplex to have a contractor tell you the age of the roof, furnace, and water heater so you can plan your reserves from day one.
Great advice, thanks Jimmy! Luckily found a good agent and handyman and currently trying to self-manage before reaching out to property managers, but will see how far along I get
@Leah Stutz Congratulations on the baby, the first property and the duplex under contract, that's a lot to celebrate! For managing from afar, I'd focus on systems more than distance. A good local property manager is usually worth the fee, and a reliable contractor and agent you trust will matter just as much. Set clear reporting, approval limits for repairs and a regular check-in schedule, and keep a repair reserve so surprises don't become emergencies. Since you're close enough to drive in, a visit now and then to see the units for yourself goes a long way. On REPS, the time requirements are strict, so keep a detailed, real-time log of your hours and work with a CPA who knows the rules, since the details matter a lot. Just keep in mind this is my general take and not tax or financial advice. Wishing you the best as you build this out, and I hope you find a great local team!
@Leah Stutz congrats on the baby and the duplex. Lehigh Valley is home for me, my first big rental was a mixed-use building in the Coplay area. For managing from a distance, the thing I'd set up before you close is a couple of contractors you trust and someone local who can be your eyes and do a quick walk-through when something comes up. Start a new contractor with a small job before you give them anything big. And if you're buying in Allentown, plan for the rental license and inspection, because that can hold up a turnover if you're not ready for it. Hit me up if you need help or want to get on our off-market list. Keep us posted on how the duplex goes.
Congrats on the first purchase! With one property, it’s fairly unlikely you will qualify for reps but is possible if you do a lot of the work.
For now though, I’d recommend keeping a time log for your involvement in your property and reviewing with a cpa at least every few months to ensure the hours you put down actually count.
Best of luck on your real estate investment journey!