Any one own real estate out of state?

We don’t own any real estate, but are looking to add some properties to the portfolio.

We may be buying a place in Florida shortly which we will live in for a couple of years and if your travel plans hit, rent out for a few years after that.

Mrs Ned is eyeing up some nice condos out west. She wants to snow bird it for the next 2-3 years, then rent or sell or reassess.

Any one own out of state real estate? How much of a pain in the ass is it to care for when you aren’t there?

And you’re buying

Get divorced.

Mrs Ned is going to out earn me several times over in 2022. 7-10x. She has a great year ahead.

Well you need a good management company, many will give a good discount for multiple properties.

Always charge a higher price, people that pay more take better care of the place

They will check on the place and make sure it isn’t damaged in the weather, pipes aren’t frozen etc?

Everything is negotiable

Do you have holdings in another state?

Colombia

We are staying domestic for this purchase.

Yes, but I’ve moved closer so I can manage them my self now. But I have SC property and I’ve lived in VA and TX

Why don’t you buy some farmland in like SE Utah or the like. You can have a guy farm it and get like 30% of the crops every year. No tenant, no Maintenance, no nothing. Put a tiny home on an acre of it and use it for a vacation property

A good management company can make it super simple maintenance and tenants. Nothing really complicated about the tax side of things. If you do it yourself not bad if you target tech workers for example in the Phoenix area for example.

I have properties in Texas, Arizona, Michigan and Georgia.

Just looking to get a condo in the mountains.

Spend a portion of the year working there and the rest in Florida.

I am curious how people handle maintenance and stuff for months they aren’t there. If there is a big winter storm I can’t go check on it etc…

In.

It really is all about your management team. I don’t own anything out of state but own properties and a real estate company in SC and we manage properties for out of state owners. They depend on us for everything since they are not local i.e. showing, leasing, maintaining and everything in between. You would want to specify any extra things that you want them to do in your management agreement i.e. check on the unit during a huge storm or if it’s vacant for so many days etc.
I have often times thought about doing exactly what you are talking about but then I had kids so priorities have a changed a bit and I keep buying stuff in my town, haha. Good luck if you pull the trigger though!

You have to have a crackerjack handyman locally.

Someone that does it all. If the alarm goes off, he checks the house.

If it snows, the driveway and walkways are clear when you arrive, etc…

I own a house in michigan and it is painless, just a pain to get paid. Covid has been hell for my tenants to pay. The courts shut down and the eviction moratorium really fucked everything up. I didn’t receive any rent money for 8 months and could do zero about it. Oh and the tenants stopped paying the water bill and city was about to put a lien on the house over the $2,000 water bill. $2,000 water bill.

I personally would never own another rental property, unless i was local to it and could do the repairs and maintenance myself or have someone you really trust do it.