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Live in Chicago with a long term rental in Nashville. Having relationships with handy people or contractors is strongly recommended (particularly plumbers), or be willing to make trips yourself. Having good relationships with your neighbors or locals is helpful if you need eyes on something but it’s not worth a trip (is the lawn mowed regularly as per the lease?) Finding decent tenants is ultimately the most critical - ideally someone low impact (ie not punching walls), handy or tech savvy themselves to minimize avoidable calls, and reasonably invested in the place (interested in staying for >1yr in hopes they take good care of it).
All that said, it’s hard to achieve all this ^ so be prepared to make trips, sometimes emergency ones. We did it for 5 years and are now putting the house on the market to buy elsewhere (still out of state but where we have a reliable network to help with cleaning and maintenance.)
I second the contractor relationships. I would not have been able to do mine without my trusted contact. I would check local listings and start calling up listing agents that look like they are listing flips and go from there to find connections.
Subject Expert
- try to find an investor in the remote market that you can bounce ideas off of. Use Facebook groups or BiggerPockets to find those people.
- find a realtor who’s comfortable working with out of state investor clients. The good ones will offer their Rolodex to you for contractors, cleaners, etc…
- find someone who can be your boots on the ground for things like open houses, changing locks, etc… it can be either of the above 2 people.
- build a relationship with your tenants. Fix small things when they come up, offer a handyman to replace air filters and inspect the interior, and generally try to be responsive. A little bit of attentiveness goes a long way with most tenants.
That’s it. The reality is that there aren’t that many things that might come up that would actually require your physical presence. In most cases, you’re calling in a professional and just have them show up at the property.