How do you go about owning property in a state you don't live in? I'm interested in investing in property in Texas, but I live in PA, and I can't imagine how taking care of and managing the property would be easy. Would you hire a property manager, and is it worth the costs?

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

Get a property manager.

From experience, dont do it in TX. Wish someone had told me that.

like

Why? Mind elaborating a bit more? I know the real estate taxes here are quite high so margin can be thin

like

I did it. Get a property manager 100%.

like

Don’t do it in Texas. Property taxes will eat any gains unless you have zero mortgage.

I’m literally paying 2.7% in Forney. Granted, I have a new build that can command a higher rent. But I understand what you’re saying. It’s slim pickings.

Partly depends on whether you’re talking short or long term. Without a core group of reliable people (cleaner, handyman…), it’s not going to be possible managing it yourself.

We live in NYC and own in Poconos, PA, and have a property manager.

Out‑of‑state is doable, but I wouldn’t try it without a property manager. Their fee can sting, but if the numbers still work after management + maintenance, it’s worth the peace of mind.

It’s not that bad if you can make friends with the agent who you can pay to be your property manager. They can rent it out for you. After that all maintenance is calling someone and making sure tenants home at that time.

I have a side IRA which is truly self directed. That IRA bought a 'turn key' property in another state (Missouri, I'm in Ohio). I overpaid for the property and failed on my due diligence. The operator (property management) went under and I sold at a loss (-20% in 2 years) just to stop the bleeding and redeploy. I'm in private credit and syndications now as a LP (limited partner). I thought since I'd been a low key slumlord with single families locally for 20 years I had the knowledge I needed to do this. (ok, not a real slumlord just 3/1 blue collar affordable houses bought well, +elbow grease = instant cashflow and equity). But I was wrong. I failed and bailed. And holding RE in an IRA is not very smart since part of RE benefits are in depreciation. It was never get rich quick I was planning a decade of illiquidity and positive cashflow. It was none of the things I wanted or planned on, and I won't be doing it again. I'll take 8-10% more passive returns and not swing for the fence going forward.

Related Posts

Any ACCA students register for an exam using the new website? No combo of dates or locations ever works under 'Add Exam'.

like

I was wondering what everyone would consider as ‘data driven insights’ in terms of sourcing and recruitment.

like

Mercedes-Benz Research & Development India Can someone please refer me Deloitte , EY India , KPMG , Infosys , IBM , Amdocs , Mercedes-Benz Research & Development India
22 days remaining in notice period, YOE - 4.8, TECH - .NET Backend

like

Turn up to the Max!!

like

Going to Key West in a few weeks - any recommendations? Have a reservation at Latitudes already and day trip to Dry Tortugas planned

like

Thinking about getting an apartment but the pet fee is ridiculous. How likely is it that I'll get caught if I have a tiny kitten?

like

What are "paper pushers" called nowadays?

like

For my fellow males out there, when did you realize/know you were packing or not?

funnylike

I've cleared both the technical rounds in EY India. But HR is saying, they can't offer me more than 8 LPA as my YOE is 2.6 years. (I already have other offer of 13 LPA, still they're not listening). Is it correct that EY India can't give more than 8 LPA for 2.6 years of experience. #EY #EYIndia

like

We’re barely past Wednesday and I’ve already billed 40 hours. Pls send help

like

Anyone had good luck finding a therapist or counselor that specializes in patients that are lawyers or work in other high stress jobs? I tried therapy last year but felt that my therapist was not equipped to address the specific challenges we face. Feeling like I need help again, but I don’t know where to turn.

like

Best divorce lawyer in NYC?

like

Recently offered Manager role at Deloitte UK with total comp of 86.7k and M4 as Grade.. Do you guys think it's a good offer? Moving to Deloitte UK from Deloitte US with spouse and 2 kids

like

Last minute request...

Post Photo
likefunny
like

We just moved into a 50 year old house. We got the popcorn ceiling removed in the garage plus had the walls done. We didn’t use an official asbestos expert because of the price.

The horrible, dirty people that lived there before us left us a crappy mess. Hope we are not exposed, nor the neighbors.

like

Apparently my cat also finds interesting Dr. Seligman’s class 🤣

Post Photo
likeuplifting

Hello Fishes,

What will be my monthly in-hand salary ?

Post Photo

Hello all. LPN for approx 6 years and I really want to move out of state. Currently residing in Allentown Pa and working in Easton Pa. I really want to go where the air doesn't sting my face in the winter .lol. Any one from the Florida or south Carolina area that can tell me what the salary is like ?

like

Struggling to get work at a free market firm after lateraling. I was very well liked at my prior firm and had high hours so really struggling to understand why folks don’t seem to want to come back to me with more work. For those at free market firms, how frequently do you have to ask for work? How do you typically ask? Just send partners emails asking if they have any deals for you? Thanks y’all.

smart

Additional Posts in The Real Estate Bowl

What percentage of homes get sold without getting listed on the mls (off market deals)? Is it usually worth it for the buyer or seller?

like

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

New strat folks.
1. Buy a condo complex.
2. Put the land under said condos into a land conservatorship (for taxes)
3. Rent condos at discounted rates (for taxes)
4. A small fee of the rent goes to a trust as a land conservation fee in perpetuity (for tax reasons)
5. Have another business generating revenue to offset this.

like

I would like to learn more about development and real estate. Can anyone recommend any books or courses that you think are informative. Eventually I would like to own a few apartment buildings, but I know there is a lot I need to learn 1st. Any advice appreciated. 

like

For those that built higher end homes, what kind of appliance budget did you have?

like

Do you thank your tenants for paying the rent? A quick thank you text?

like

I'm under contract for a new build in progress that won't be done until much later this year. I fully expect interest rates will be higher than what I originally estimated. I may or may not try to lock in a good rate early, but I'm planning on renting it out and this throws a bit if a wrench in my margins. I can take it financially, but wondering, If I absolutely needed to get out of buying it, what recourse do I have? Or could I go ahead, and refinance later (who knows rates at that time...)?

like

Trying to find an investment property to rent out for about $300k - what are your recs for location ?

like

From a financial standpoint in this market, which would be a better approach in Austin -

1. Buy a ~8-850k house that meets most of our ideal criteria (size, schools, interiors etc) to stay long term

2. Buy a ~5-550k house that’s not ideal with the plan of moving into an ideal home in 4-5 years when kid is ready for school.

How easy is it to get a mortgage for the second home?

Household income - 300k

Happy to add more details as needed

Thanks

Hey everyone, curious about pros/cons and profitability of renting out a unit long term vs AirBnB. Let’s say it’s a condo downtown in a big city, how do you figure out what’s the better option?

like

Wanting to move from NYC to either Austin or Tampa. Open to hear the pros and cons.

like

Has anyone bought a 5 plex or 6 plex. Please share your experiences, cash on cash, challenges you ran into. Also, do you use management company or do you manage it yourself

like

For anyone that has bought a townhome from Lennar, are the walls fairly well insulated for sound?

What, if any, were your main complaints?

like

If I'm adding multiple people to purchase a property but not on the mortgage, when do they get added - do they need to already be on the purchase agreement? I heard it's easier to do upfront vs. adding them later. I've asked this question in a thread but didn't get a clear response. If someone could please help clarify - how do I add other people on the onset on buying a property? This is a new build, buying directly from the builder.

like

I’ve got a partnership w/ two of my uncles. We have two houses on rent. we use the profit from the homes as a single pot where we pay for the maintenance expenses (different cash flow from each). We are close family and they trust my judgement. Another of my uncles wants to join for the next home we buy. How do we split/ allow their buy in to our partnership for the next home? I don’t wanna add extra accounting of maintaining expense/cash flow from the next one we buy as a larger group Thoughts?

like

I have the opportunity to buy a new build in ATX for 310k at 5.625% 30 year. Should I buy it? I can either:
1) rent it out
2) sell it

It's not my primary and I don't need it to live in. The news about a housing market crash is worrying me. Any advice?

like

For any of you real estate investors, what tools or sources did you learn from when getting started. Can’t find a mentor currently so want to find some highly recommended books or videos. If focused on the tri-state area (NY, NJ, Long Island mainly) that would be even better. My hope is to buy and rent out a apartment while also owning a house and house hacking that by renting part of it out. Trying to understand all the steps, traps, and how to find if it’s a good investment.

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

Any one familiar with Ocala FL. Does it flood? Would you send your children to the public schools? Is it a good place to live and raise a family?

like

How do you judge a low ball offer with how the market is changing? Earlier this year, you would look at comps and say this is the value. Now with rates going up and people pulling out, how do you justify the value? (View point from the buyers end)

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