Why doesn't everybody buy Rentals down South?

[Account Closed]

Let me start by apologizing if this is posted in the wrong spot or with the wrong headings, but I've been developing my life around my strategy, and am actually going to move to NC/SC to live and buy rental properties. My units in PA had pipes freeze this winter and I got to thinking: Why deal with this if I don't HAVE to?  The duplex is built in 1910, cash flows well, but has snow sitting on the roof half the year, I have to replace the furnace already, worry about ice/snow removal, and of course, had to pay for that frozen pipe (that goodness it didn't burst).   

I'm moving to be an owner occupant of one or multi-family homes and hopefully get the benefits there (tax/mortgage) before I buy a SF.  

I know people like to invest local, have different strategies and look for the best cap rates in decent neighborhoods, but can't everyone find that down South also?  

Why deal with the cold and the older homes?

[Rob Beland]

Because if you know what you are doing you dont have to escape to the south. Insulate your attic properly and the snow can sit on the roof for 12 months without problems. Maintain your mechanical systems and set up a capex reserve account and dont worry about replacing the furnace. Buy a shovel and some ice melt. Snow removal is good exercise. And insulate your pipes or find the reason they froze and fix it. Have fun in the south when a hurricane hits and your properties are flooded and your central air needs replacing.