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Updated almost 9 years ago on . Most recent reply
First Rental Property
I am currently living in Richmond Kentucky while I finish up my degree here at EKU. Here is my question to you guys: I live in a mobile home right now that is about 1 mile away from campus. It is a nice place this is only 2-3 years old. I have the opportunity to purchase the mobile home with a relatively small down payment and finance the rest. After running all the numbers with the highest possible expenses, they make sense (I really evaluated on the higher side of my expenses to be safe). The issue is that I will be moving back to Northern Kentucky and the property will be in Richmond. Could I manage this property from over 100 miles away or should I stick to something local for my first rental property? Thank you!
Most Popular Reply
My husband and I had the same issue with a trailer we bought for our girls to live in while attending EKU. The reason we sold instead of held and rented was that the owner of the trailer park it was in would not allow us to rent it. Be sure and check with the park owner (assuming it is in a park) to be sure they allow you to rent it out.
Our park owner said no.