Does anyone have experience managing an out of state property yourself? Are there any tips/services you use?

like
Posting as :
works at
You are currently posting as works at

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.

like

I do it. No big deal. I travel to the property about once a month.

like

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.

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.

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.

like

Related Posts

1099 or w-2 ? I have been given the option though the company prefers w-2. It’s a day rate booking couple of months or more (no end date). I already have 1099 from similar company this year and am leaning towards 1099, but I don’t want to be difficult. I do take home office deduction and they are not supplying any equipment. Suggestions?

like

HYSA anyone recommends?

like

Received my 1099-INT after filed for tax refund 😳 It’s only $0.23. Do I need to amend my refund?

like

On a credit file, do multiple credit cards from the same issue count as multiple accounts or is that issuer counted as a single account regardless of how many cards

like

New to US. Which brokers offer best margin accounts? For e.g. I have equities worth $100K and want to trade options. Is there a broker where I can do so without paying more in collateral money - essentially using stocks as collateral, and also not paying margin interest. Was able to do so in London, Hong Kong, and India. However, Robinhood here doesn’t seem to allow it.

like

What’s everyone using instead of Robinhood? I just learned of WeBull recently but am not sure it’s for me.

like

Currently 25 y/o making 70k/year in Boston. I grew up pretty poor and I have minimal financial education. A lot of my salary now goes towards helping my parents get out of debt. My parents are no longer able to live on their own, so considering selling my grandmas house where they live (maybe 550k), paying off their mortgage (100k) and buying a duplex (between them they make about 55k/year). Is buying a two family home a good investment ? How much can I afford to spend on a new house?

likehelpful

City inspectors are now going around inspecting buildings because a lot of the buildings are empty so if your building is pretty much empty they will give you a tax credit

like

If you follow the cryptocurrency market, or even have been just taking an interest lately, with the Bitcoin "halvening," you should check out Pi.

If you haven't heard of Pi, it's a new cryptocurrency (like Bitcoin), developed by a bunch of Stanford PhDs. What makes it really interesting is that you can still mine this coin, using just the processing power of your phone, unlike just about every other coin out there. (Contd)

likefunny

Senior dev working alone in an office, everybody is remote. Thinking of moving to PHX to be fully remote myself, currently in LA. Lower COL. Change to buy house. I like heat. Thoughts? Why? Why not?

I consolidated grad loans in ‘15, kept federal separate from private (w SoFi @6.75%). Can I refinance w SoFi or w Earnest? Should I combine the federal and lose the protections for better %?

Standing in a long line at CVS... how / why do so many people still use cash!?

like

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.

like

Anyone finding it harder getting managed money biz? If so, what changes or adjustments have you made in prospecting or sales approach? Thanks.

like

Honestly though what stocks to buy and when?

like

Amex platinum vs CSR??

like

Best credit card for someone who goes out to bars and restaurants a lot and enjoys travel???

like

How can I invest in real estate ? Looking for an additional passive income source

like

Moving to Austin end of this year, with a new baby.

With ~$500k HHI and almost no debt, in which neighborhood can we practically afford a house? We do outdoorsy stuff (mtb biking, kayaking etc.) and also have a dog that likes to run.

Any suggestions are appreciated! 🙏🏽🙏🏽

like

More Posts

Any thoughts on how do we deal with an incompetent boss who you dont look up to and have no trust that you would ever get credit for the work you would do for him/her? Given that changing the boss is not an option.

like

Any insights on BX London? Specifically the credit platform (ie the ex GSO guys). Culture/comp/near term roadmap?

like

Anyone with experience with the snoo and any feedback on it? Have a friend that offered to let me borrow hers, so no cost considerations to think about, but have read that it could cause a flat head/other issues and just curious as to what experiences people have actually had with it. Thanks!

like

What is a good bonus number/percentage?

like

Hello, I’m currently looking for a non clinical position in the Charlotte area, more in the public health field. Does anyone have any referrals or info on any jobs?

Anyone play QB in high school/college or just a good QB? My Rec flag football team needs a new QB. We have great players, just pretty average there. DM me if you’re interested.

likefunny

Incoming (job title) vs ex (company name).
Which one is more cringe?

like

How often do you cry at your job? I cry usually one day a week triggered by stress/overwhelm but want to know if this is a typical response

like

Just started in Biglaw as a first year - one of the partners made a passing remark that he couldn’t remember my PQE but thinks I’m “the same as X associate”. Went on LinkedIn and saw that X associate is a third year. How do I gently correct this misconception in a future conversation?

like

Ah, Fridays. The day partners decide they don't want to work all weekend and dump everything on you.

likefunnyuplifting

Biglaw capital markets mid levels, how many hours does it look like you will finish the year at?

like

Anyone have a suggestion for a nice bracelet or ring for a college graduate gift (up to $500)? Thank you in advance! :)

like

Creative artwork roles in London?

like

How much enjoyment do you get from your job? Do you get fulfillment from it?

like

Moving to Bay Area from NY, office in Sunnyvale. Good places to find apartments when you dont have a car and can walk down to places to eat, coffee etc. Any insights will be helpful. Thanks!

like

Does anyone have any recommendations for laser hair removal? I want to get just a few treatments on the back of my neck/ lower hair line but I don’t necessarily want to pay for 10 treatments like most places make you

like

Those who got the offer from luxoft romania. Comment below. Have whatsapp group will add you in that.

like

Any recommendations on credit cards with lounge access? Currently have the Chase Sapphire Reserve which has Priority Pass, but have been turned away from lounges not accepting PP at peak times

Is there anyone from Canada here? I’m looking for some information on working out of the country, but selling insurance.
Thanks

like

Hello, I have accepted an offer at a competitor company and sent in my resignation letter. My start date is 5 weeks from now so I put in my end date 4 weeks from date letter was signed. The manager said I had to leave the job in 2 days and the company can only play 2 weeks of work. Is it normal how they do that?

likehelpful

Additional Posts in The Real Estate Bowl

I went under contract last fall for a new build that will be done later this year. In the contract the seller/builder included a clause that gave them the ability to change the price without cause anytime before the house is complete. This past week they invoked that clause to increase the price by like 7%, supposedly due to material costs. I can either agree to the increase or they return my deposit. My question: is that type of clause even legal? (Cont)

like

Commercial real estate question. When a residential property will likely zone commercial in the coming years, do we, the owner, wait for a buyer/developer to contact us?

like

What are some of the things that were a MUST when buying your first home and what were some things that you were more flexible with and why? I’m having a discussion with my partner about what we absolutely need and what can be worked on later.

like

Hi - any good books recommendations for getting started on real estate investing?

like

This isn’t relating to investing but we are looking buy a SFH in South Orange NJ. We are have a 2 yo and we are moving from Sacramento. It is a close to a train station to New York.
Does any one here have any info, good or bad things to know about the area. We toured 3 different homes and they were relatively affordable by (600-750k) and it seemed like a small town community but we are not familiar with east coast/ New England. It’s going to be our first move there.

like

I joined a real estate team & I was expected to show up at 9:00am sharp every single day. Is this a common team policy?

funnylike

Anyone know the average annual rent increase for 1200 sqft 2 bedrooms? I’m renting and want to know what to expect in a few weeks

like

I am moving to Charlotte, NC for a new job. I currently live in Portland, OR and have a single family home here. With my income, and current mortgage, I can afford a 350k house I’m Charlotte with about 10% down. What are the pros and cons of buying a new place in Charlotte and then sell my house in Portland?

like

How might I start to evaluate whether or not it’s worth it to keep my current primary residence and turn it into a rental, instead of selling and using the cash to roll into the next down payment for our next home? Currently in our “starter home” and thinking to upgrade in a few years. Some figures to consider for current house - 299k purchase price, 240k left on mortgage, could prob rent for 2250-2500/month, or sell for 375k. It’s in a desired school district, but in the “city” tax district.

like

I’m in Dallas and have been renting for 5 years. I don’t have any savings, but have about 30k in my 401k. Im thinking about leveraging that to buy a condo/or house. Is that a good idea or am I in over my head? I mostly want to, because I’m tired of renting and I’ve read reports that prices will only continue to go up. Although, I will have to pay back the 401k + pay rent, so maybe not a good idea. Advice/resources would be helpful.

like

Any investors in the woodlands Texas for single family homes, rent looks good as per Zillow , good school district and houses are still affordable compared to Dallas and Austin

like

If I’m a Real Estate Agent buying my own property, can I negotiate the Buyers Agent commission to be 0% instead of being paid the buyers commission? Essentially converting what would be Income into Cost Savings for tax purposes?

like

Looking to buy in the DMV suburbs (northern VA). Is this the wrong time for such a move? Beyond down payment, got about 6mo emergency fund and must tap into it for moving&house expenses like furniture

like

If you living currently in a home and looking to buy another home but plan to put only 10% on the new home, can I pay the remaining 10% after selling my existing home in 1-2 months .. and get the PMI

like

We are renovating a condo and the previous owner had two Crane toilets (not sure how old, but functioning although seals are old according to our contractor). Back outlet flour mount ones are the only options for the building, and one toilet can cost $300-$500.

We are redoing all the bathroom tiles and walls and debating what we should do with the two toilets. Would resealing the toilets extend the use life? Or should we just replace the toilets? Any other recommendations? TIA!!

like

I am selling house and remodeling both master bath and kids bath. Got quote for 29k for both and I buy floors and cabinets.question is I have a very big whirlpool tub and tiles around it discolored. It’s a hassle to lift it up change the tiles and fixtures and put it back. It’s old but works great. Remodeling ppl recommend get rid of it, give space to buyers if they want to buy standalone tub. I thought it adds value to have whirlpool tub. But can’t even change fixture. Should I get rid of it?

Post Photo
like

Who is still in denial about a housing correction? The Fed just made another .75% increase. Powell said they won’t stop until inflation is 2%. He also said a recession would be better than the consequences of unchecked inflation. He announced he will bring rates to a “restrictive level” until “the job is done”. He said that labor demand needs to soften (ie: layoffs). He very explicitly said he wants to slash demand and that housing needs a “correction”.

like
like

What is the term for giving your home buyers a credit for immediate renovations they will have to do before or upon moving in? And how does it affect the seller?

like

What’s a “true lead” in apartments.com. Im curious if they’re interested in our property or if they’re leads based on preference.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal