Looking buy and hold outside of NYC

[Eric Tsang]

Hello BiggerPockets!

I am very interested in the Buy and Hold strategy in real estate and was wondering if it is a bad idea to invest 3-4 hours outside your home? 

I bought my first home (3 family home in Brooklyn NY) in March 2015 and live on the 3rd floor with the two other units rented out. The rental covers all the mortgage/tax/insurance. I do not have enough capital for a investment property in NJ/NYC.

Is Syracuse,NY a good area to buy rental properties? and if anyone is familiar with Syracuse, is vacancy and tenants that do not pay a big issue?

A little bit about myself, I am an Auditor in the financial services industry and fell in love with real estate after purchasing my first home and becoming a landlord.

Thank you very much for all the help!

[Travis Lloyd]

To be honest, 3-4 hours might as well be 10-20 hours away.

Think about when you bought your current 3 plex. When you first rented it out, how many times did you have to pop downstairs to answer a question, turn a little knob, flip a breaker, handle something minimal and minor? Probably often. If that little occurrence happens 3-4 hours away - its a whole day, and you'll be furious! "I drove all the way here for THAT?"

So in the end, you will find yourself a local handyman who can visit and handle the little stuff. Well that, my friend, becomes remote land lording. You could just as easily do that in Virginia, Texas, heck - even Honolulu!

My suggestion is to find a property within an hour of you. Your only landlord experience is literally downstairs. I understand the capital constraints, but find something in Yonkers, White Plains, Dobbs Ferry (nice area for rentals right now). See how much you like it after having to drive 20/30/40 minutes for every problem before you make the leap into remote landlording.

Make no mistake - once you cross over, its just SO much fun! I just suggest you get used to having to put on more than slippers to go deal with tenants, before you make that leap.