OfflineI'm from Illinois,cragslist is a great page to go to,to find great deals,but in my area its far and between,so I started exploring other states,I was amazed on all they had to offer versus my state.Anyway I found a handyman special,3/2 after 6,000 in repair costs,it will have 20,500 in equity.I would rent it out. My question is can I make this happen living so far away?
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mike
Hi:
Of course this can happen!
Need to planning details.
Do not know were you are buying, but you should need a property management to handle all the issues on the rental, repairs, etc.
I am in California, let me know if i can help.
Thanks,
Ernesto.
In my opinion, anything can be made to work. A lot of it has to do with your skill set. Opinions on this website are going to vary from extreme YES to extreme NO. I happen to be of the opinion that local works best. However, you are the only one that knows your true risk tolerance. Ask yourself if YOU are able to effectively manage a work project X miles away. If you truly feel that you can, go for it. Never go through life second guessing your dreams.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
I tend to agree with Bill about it being much tougher doing a deal, and especially a rehab from long distance. You mentioned it would take $6000 in repair costs. Did you make a physical inspection of th property? It is too risky to use pics. Be careful my friend.
Steve
We seldom get what we want, but we will always get what we expect.
Thank you my friends for the info,it really helps.
mike
It can be done, I would suggest putting together a good team in the State you want to work in before you move forward. I would try to find a good property manager that will be handling things for you since you will be an absent owner. I have learned what not to do from my out of State project the hard way.
But like Bill says, it depends on what you can handle.
I was fortunate enough to have some really good DG friends in the area on my team that I knew I could trust to help out when I ran into some road blocks.
good luck
Richie
I'm planning on building a A team before I move forward on this project,thanks Richie for the info!
mike