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Old 02-17-2012, 08:42 PM
 
196 posts, read 199,623 times
Reputation: 209

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I listen to Jason Hartman's podcast and he is always pushing investment real estate in different markets across the country. Buying rental property in Texas when you live in
NJ seems like a foolish thing to do. Anyone actually do this with positive results? It seems like it could be a nightmare.
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Old 02-18-2012, 02:36 AM
Status: "I LOOOVE COLORS" (set 6 days ago)
 
30,125 posts, read 27,192,451 times
Reputation: 17564
having done it i wouldnt do it again ever.
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Old 02-18-2012, 06:52 AM
 
157 posts, read 258,758 times
Reputation: 78
I did it and don't recommend it unless you can find a very reliable agent or know the people you are renting to.

My experience...I had a house in AK and didn't want to spend the winters there any longer, but wanted to return for summer. I changed it to a duplex and tried renting half. It was a disaster. Pipes froze and they told me I needed a cirulating pump for 1600 even though we'd never needed it when we lived there. I decided to sell but had trouble getting tenant out.... I almost owed the agency money by the time I returned about 5 mos later.

We'd been landlords for a number of years, but our rental agent had moved and the new one for this property was bad.
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Old 02-18-2012, 03:42 PM
 
Location: Lexington, SC
4,281 posts, read 5,226,129 times
Reputation: 3479
My belief was unless I personally could be there to see and/or deal with it, I wanted nothing to do with it. Of course some might say this prevented from becoming a real estate mogul.........LOL
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Old 02-18-2012, 05:06 PM
 
Location: Clermont Fl
1,453 posts, read 2,011,921 times
Reputation: 929
Single houses I would never do it but I am part onwer of a apartment building but a 150 units is much different the 2 or 3 houses.
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Old 02-18-2012, 10:54 PM
 
Location: southwest TN
6,751 posts, read 7,479,573 times
Reputation: 10874
We bought our house 2 years ago in TN while waiting to retire. We have a reliable PMC and the tenant pays insurance, mortgage, taxes, pmc fees, and a tiny bit extra to cover minor repairs. We love it and would do it again.
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