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I have properties in DC and live in Denver. Not a big deal as long as you have good tenants. I also have a handyman and plumber on standby for any issues. About once a year I have an inspector go and check for any looming maintenance issues or repairs.
I do it. No big deal. I travel to the property about once a month.
No but tons of people I know do it with high success. If anything it makes it MORE worth it because you can truly optimize on purchase price, cap rate, etc and have pressure to outsource and make passive
People who think it’s not worth it don’t want to put in the work and research necessary. Do you really think that the best deals, cap rates, tenant and tax laws are in your metro?
Yes, mine is a STR and I’m about 4 hours from it. Slightly more work than I would have originally expected but overall not too bad.
Subject Expert
Short term or long term?
I’ve done both, but the strategies are different for each scenario.
For short term, your cleaners and handyman are absolutely necessary to being successful! Managing the lock codes is easily automated, as is scheduling cleaning with third party software.
For long term, again your cleaners can manage most of it, and you can retain a realtor or a management company as a flat fee for showing the unit and cross-posting to the correct services.
Subject Expert
I’ve been self managing for close to a year. If you’re proactive about maintenance and have a good tenant, it takes almost no time.