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Updated 27 days ago on . Most recent reply

Remote Property Management of Iowa Property?
So I'm in South Florida and as everyone knows, prices here are sky high, and I can't afford to buy almost anything without a considerable loan. Now, I happen to have a good friend in Davenport, Iowa. I've been perusing the property listings there on Zillow, etc... And the price differences are enormous. Would it make sense for me to buy a property there and have my friend help me manage it?
Of course, I'd pay him for it, but it'd be cheaper than a professional property manager and would be extra side money for him. I would handle everything that could be handled remotely. He would simply be my eyes over there and help verify what tenants and technicians are saying. Of course, I would have to run the numbers on the specific property.
But, for example I saw a 1070sqft house with 2Bed/1Bath for $100K that was supposedly being rented for $1200/mo. According to the listing, it was updated only a few years ago and has a new roof. The only thing is that it's literally over a hundred years old, but I figure that if it's still standing, it must be well-built. Is my enthusiasm wrongly-placed, or can this work out?
Most Popular Reply

@Drew Sygit: Thank you for the wisdom... As for the property and tenant classes... I even see spiritual parallels and intersections here... I normally don't think too much of the type of people in a property.... I guess I just use myself as a placeholder for the tenant. I've rented and have always given the place back in good shape and have gotten my deposit back. But I do know that some tenants are disastrous and really wear down or even destroy a place. And I guess one has to take that into account as an extra cost in maintenance or just steer clear of such people. I will reread your Investor Advice again.
@Ryan Irwin: My friend has no experience with managing rentals. I just figured I could do much of it remotely and he could be my eyes on the ground. But maybe you're right. I am a little hesitant to have a long-distance rental, but I don't know what to do with the market where I'm at. Perhaps I would be better off buying a very small/cheap apartment an hour or so from my area and manage it myself.