Anyone invest in properties that are in other states? How do you manage these properties. I am in NYC and thinking about investing in properties in the South and the Midwest

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Following. Interested in areas with lower values compared to where I’m at - Austin.

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Accenture1 - I am looking at Missouri, Texas, and Ohio.

P&GC1 - I am strictly looking at multi-family units because if cash flow considerations. How long did it take you to build the team? Did you do all these remotely? Just trying to come up with the best numbers that makes sense without losing much going through trial and error

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what states are you investing in?

Yes. We manage in house. But I have houses in the two states where we have property. I’m on the phone a lot with the property managers that work for us, but the key is building a team you can trust. Easier said than done, though. The absolute key here that OP hasn’t mentioned, is what kind of property is this? That will determine how feasible it is.

Yes. I live in California and have 2 properties in Arizona, one long term and one mid term rental that I self manage.

I have a helper on the ground that I pay for any tasks I need help with who is also a fellow real estate investor. Generally speaking, it isn’t too hard. For my long term rental, anytime there’s an issue, I just contact a few vendors on Yelp and find one that does what I need. I have a handyman who did some work for me before I rented it out who’s available for small fixes. I’ve had a few small issues (a plumbing issue, a sprinkler that was leaking, a broken appliance, etc) and I just coordinate with the tenants for when they can stop by.

For the mid term rental, I have a smart lock on the door that I can change remotely, a cleaner who’s husband is a handyman, and my helper can help for small errands as needed. I try to stay there twice a year, partially because we enjoy the area but also to check up on things.

What are your concerns from a remote management perspective?

There’s definitely some risk in finding the right people. I’ve had to evict a tenant. But if you buy in the right state and follow the processes (that favor landlords in those states), you’ll be fine. Just save for vacancy and repairs appropriately and you’re good.

Is there risk? Yes. But you have way more control in real estate than in stocks or other equities.

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Hi all, I’m in the north east metro area and due to the current RE market we decided to look into PA specifically Lancaster. Anyone in this market and have any thoughts on where it’s headed? We’re looking purchasing a single family property all cash at 110k that rents for $1100 a month. The last owner bought for 35k like 15 years ago 😩 but hoping buying and holding for a few years will give a equal or greater returns over the long run.

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