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Syracus New york is one of them. Well, I am living in California right now and want to be an out of state landlord. My friend has been buying real estate in Las Vegas, he thinks it is worth it. I want to buy a rental property either in Syracus area or ALbany area depends on the location and price.
I plan on hiring a local (new york) property management company to manage my property and my budget is about $80,000 - $120,000
I wonder though, should I purchase a single family house or a multi family house? Any suggestions or advice would be greatly appreciated. Also, what are the pros and cons of being an out of state landlord?
Short answer that better answers your question: Multi.
Advice: Ask your friend. He will sugar coat it. See short answer.
Prediction: You do it anyways and wish you hadn't in 6 months when you have your first big repair, in 14 months when your first tenant leaves it a ****hole, and in 17 months when you've gone 3 months with it vacant.
What are the advantages of being out of state? Why not target an area close to you (say within a 2 hour drive) that is on its way up or that caters to renters? I'm sure there are many. Think college towns that are expanding.
What are the advantages of being out of state? Why not target an area close to you (say within a 2 hour drive) that is on its way up or that caters to renters? I'm sure there are many. Think college towns that are expanding.
California you mean? Too expensive, I cannot afford it. =)
I am just curious though. What makes out of state landlord so unattractive? I am not trying to pick a fight, just honestly curious about it.
Too often, the only stake the absentee landlord has in the community is to draw money out of it.
Community pride is absent.
Example...
My neighbors are putting new roofs on their houses because they are aged out, and the new roofs look good. A landlord who never sees the property will too often wait until there is damage and then use a low bidder to do a crummy looking job. Less impact on the cash flow.
Will you put out flowers each spring?
Update the property to local standards?
Support the schools?
Etc.
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