Posted by Randy -IL- on January 22, 1999 at 01:36:06:
You live in Atlanta and you’re investing in Philly? I have to ask, How can you get anything done on the deal? I would assume you have relatives or an agent nearer to the purchase than you are. What are you going to do with a house 600+ miles away? Unless I was going to make an absolute mint on the deal, I wouldn’t even consider it. Atlanta is a pretty big place with deals galore.
Provided that you can perform the deal efficiently and make some bucks, then go ahead. I don’t know much about the real estate laws in PA. I do know that in most (if not all states) agents are required to present ALL offers to purchase property. If the agent is refusing to present the offer, then he/she is breaking the law. You may try reminding him/her of this requirement. I would assume that it would be impossible for you to accompany the agent to present the offer. That is a good way to get a positive chace to explain your deal in the best light. But your just too far away.
How did you aquire your own house? Maybe you could try the same thing. Do you have equity in it? Maybe you could get an equity loan on your house to buy the other. I would just make VERY sure that my own home is not at risk of foreclosure due to the distance involved.
I know several 600 unit+ landlords who don’t purchase more than 10 miles away. They do this because they can react to situations involving the properties and the surrounding market immediately. They have become very rich focusing on a market niche. Well, as they say, if it isn’t broke then don’t fix it!
I wouldn’t even consider buying that far away. There is much greener pastures right around the corner!