Posted by JPiper on April 01, 1999 at 20:32:14:
I wouldn’t call this advice “pathetic” at all…it’s good advice from one who has been there.
JPiper
Buying Property Out of State (Questions) - Posted by NJ
Posted by NJ on April 01, 1999 at 13:46:20:
I live in a secluded part of Alaska and the opportunities here are not as fruitful as they are in other parts of the U.S. Does anyone have experience with buying properties away from your local area of living? What have been your experiences if so? I’ve seen a couple of properties I would like to make offers on but I’m unsure of how I should go about this.
Nick
Re: Buying Property Out of State (Questions) - Posted by Marcy
Posted by Marcy on April 02, 1999 at 12:29:29:
NJ,
What part of AK do you live in? You might consider looking around Fairbanks - good area to purchase Single Family homes, due to the military bases and lots of government employees (BLM, etc). Also, a lot of the guys working up at Prudhoe live in Fairbanks area when not on shift. Also it is a college town. Anchorage is another good bet…Might benefit you to just check out areas within Alaska!
…Marcy
Re: Buying Property Out of State (Questions) - Posted by Mark (SDCA)
Posted by Mark (SDCA) on April 01, 1999 at 18:19:58:
I do it. It IS tougher(than local) but it can be done.
Screening is even more critical since you probably are not inspecting the property as regularly as you would if you drove by it every day on your way home. If you can get a good tenant in then you are 90% of the way home.
Having local people is critical (friends, realtors, handymen, plumbers, attorneys, cleaning people). Whatever. Someone reliable that you can call when there is a major problem.
I highly recommend SFRs over multis in this case. Multis are much more management intensive and there is a lot more turnover.
Hope this helps,
Mark
Re: Buying Property Out of State (Questions) - Posted by Irwin
Posted by Irwin on April 01, 1999 at 17:13:38:
The general rule seems to be that the closer you can stay to home the better. To me, out of state would be out of the question, although I might joint venture deals with a trusted partner in another locale. I might be wrong, but I’d venture a guess that the air conditioning business isn’t great where you are either. So, if air conditioning is your life, you might have to consider relocating. The same applies to real estate investing IMHO.
Re: Buying Property Out of State (Questions) - Posted by Kellie
Posted by Kellie on April 01, 1999 at 15:42:47:
I’m a newbie to investing, but I’ll just offer this little anecdotal suggestion, FWIW. We used to own a rental property in another city and frankly, I don’t ever want to do that again- if you choose to do it, hire a reputable management company. We had to move away when the housing market in Houston was terrible a number of years ago- we were able to rent it, but it wouldn’t sell. We ended up with a nightmare renter who was selling drugs out of the house, knocked holes in the walls, never heard of cleaning toilets and let fire ants build a nest in the a/c compressor and through the wall into the house, then couldn’t understand why his bills were so high. Neighbors were calling us to complain, and we weren’t there to handle it. SOOOooo, consider how you’re going to manage it up front, is my pathetic little advice!
Re: Buying Property Out of State (Questions) - Posted by Kellie
Posted by Kellie on April 01, 1999 at 15:42:47:
I’m a newbie to investing, but I’ll just offer this little anecdotal suggestion, FWIW. We used to own a rental property in another city and frankly, I don’t ever want to do that again- if you choose to do it, hire a reputable management company. We had to move away when the housing market in Houston was terrible a number of years ago- we were able to rent it, but it wouldn’t sell. We ended up with a nightmare renter who was selling drugs out of the house, knocked holes in the walls, never heard of cleaning toilets and let fire ants build a nest in the a/c compressor and through the wall into the house, then couldn’t understand why his bills were so high. Neighbors were calling us to complain, and we weren’t there to handle it. SOOOooo, consider how you’re going to manage it up front, is my pathetic little advice!
Re: Buying Property Out of State (Questions) - Posted by Brandi_TX
Posted by Brandi_TX on April 01, 1999 at 15:08:42:
If you are ever in chat, talk to Scott_AK. He may have some suggestions for you.
Best of Luck
Brandi_TX
Re: Buying Property Out of State (Questions) - Posted by Brandi_TX
Posted by Brandi_TX on April 01, 1999 at 15:08:42:
If you are ever in chat, talk to Scott_AK. He may have some suggestions for you.
Best of Luck
Brandi_TX