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Are the <3.5% rates gone for good?
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I’m in Massachusetts and have a place on coastal Rhode Island. About a 75-minute drive. This is an obvious comment but I think it’s still worth stating… there are two certainties with things like this: (1) you will very likely become only more busy with your life as time goes on, and (2) there will inevitably be issues at a rental property that require immediate attention.
Given these two certainties, it is critical you acquire a network of reliable people - carpenter, plumber, HVAC, housekeeper - who can help you mitigate the need to and inability to be present for your tenants.
And a competent property manager if you don’t have the network
I wouldn’t touch those two places personally, prices seem reasonable, but there’s a reason they’re still so cheap
Subject Expert
When I invested out of state, finding a realtor who worked with out of state investors before made all the difference. I talked to 3 or 4 different realtors and there was one who made me feel way more comfortable than the others. He also offered me his Rolodex of handymen, cleaners, and other contacts that would help me get from a closed deal to a rented out property. I asked if he would show the house for me to prospective tenants as part of what was included in my commission and he was totally fine with that.
I highly suggest watching the older content from InvestWithAce on Instagram. I think he’s mastered the remote real estate investing playbook. He’s never even seen most of his deals in person, which is more possible now than ever.
I own one rental and will not ever buy another directly. Private real estate funds are so much easier. I would rather own .5% of five $50M apartment complex than a single family home. I don’t have to do anything but collect a check each month.