Posted by Jack E on March 28, 2008 at 15:32:23:
In Reply to: Self managing-out-of-state property? posted by RevInv on March 28, 2008 at 10:38:55:
I have always had a hard time understanding why anyone, especially a newbie would want to have any out of state properties? Unless it is a really great deal that you cannot loose, ( and those are few and far between) the problems you take on cannot possibly be worth the trouble IMHO. Why not just make yourself an expert in properties in your own state? Now I know it may not be that way everywhere, but where I am there is more available in my own immediate area and that is my county, not state, than I could ever manage or be able to handle anytime. I do not buy outside my own or one adjoining county.
However, having said that, due to moving from one place to another, I have had the dubius distinction of being stuck with properties to worry about out of county and out of state too often. I have gone both ways, managed them myself and hired some one to do so. Both ways have some up and down sides.
Overall I would say if you can find a good manager in the immediate area of the properties you are probably better off than having to deal with the mess yourself. But that is only if he/she is good! I have had excellent ones and poor ones. Usually I have found that(and I hate to say it) Relators or better yet, Brokers who also specialize in management can be the best. That is usually because they hope to get the listing when you want to sell it. I had one great one in Oklahoma City and one poor one in Venice FL. The one in OKC I let sell my houses and the one in Venice I took to the local Relator's association and got him sanctioned.
If you are not stuck in this situation, my best advice is to get out or it. Or if you are get some local references whether you want to do it yourself on not. What ever you do take it as a learing experience and learn from it. If you go the manager way be pepared to change more often than you want. Good Luck
- The reason I only invest outside of CA Rich-CA 22:27:46 03/28/08 (3)
- Re: The reason I only invest outside of CA james(CA) 12:13:45 03/31/08 (1)
- Re: The reason I only invest outside of CA Rich-CA 18:44:27 03/31/08 (0)
- Re: The reason I only invest outside of CA Jack E 14:24:28 03/30/08 (0)