Rookie Out-of-State Travel Question

[Patrick Hamlin]

Hi all, 

Rookie here looking in to buying my first investment property to rent (SFH or MFH). Originally from Cleveland, but have lived in NYC, Orlando, and now currently near Boston, MA. I'm 35 years old and married with two young kids. I'm trying to earn some passive income so I don't have to work full-time for 25-30 more years.

While I own and live in New England and the housing market is very attractive, I don't think I'm comfortable with the amount of capital I need upfront for my first property. So I'm strongly considering the Cleveland, OH and Orlando, FL areas where I have some knowledge and friends/family still in the areas.  My questions are, how much travel are investors doing to their out-of-state properties? I assume travel to view the property before buying, closing, meeting property management companies and potential tenants, handling any serious tenant issues, but what else? I assume that investors are periodically checking their properties in-person, but how often in your first year?  

Asking for budgeting considerations but also to see how others have integrated traveling to their properties with their lifestyles. For instance, I still work a full-time job (remote fortunately), so my vacation days are something I have to consider. 

Thank you!

Patrick

[Randy Sommers]

Your level of involvement will be dependent on your risk tolerance and your confidence level in your property inspector and property management company.  Some investors have never personally seen the property that they own.  It is not necessary to be present for the closing as that can all be done remotely.  If you are going to have a property management company, which I would recommend, then there should be no need to meet potential tenants or handle serious tenant issues, as those should be handled by the property management company.   Generally any periodic inspection will just be to the outside, rather than disturbing the tenants and if you have friends and family in the area, you could just have them check it out for you, letting them know what to look for.