Is it best to buy near where you live?

[Jeannette Birnbach]

I plan to purchase my first multi-family property (2-4 units) before the end of the year.  I live in Woodinville WA, and my research has led me to Tacoma or Lynnwood as being the best areas to find the right property.   My question is this:  is it better to purchase close enough to home (Lynnwood) to manage the property myself, or if the cash flow is better, is it fine to purchase further from home (Tacoma) and use a management company?  It seems there is a lot to learn from managing properties yourself, especially early on.  And finally, what is a "reasonable" distance to live from a rented property to serve as the property manager?  Thanks in advance for any advice!

[John D.]

Welcome to BP @Jeannette Birnbach

To start, I wouldn't even consider anything more than 45 minutes from home because I want to see the processes to feel comfortable.  At the very least, I would want someone I know as the "boots on the ground" person that can give me periodic updates and make sure things get done timely.

Many folks run their business cross country and are very successful and I give them a lot of credit.  Each to their own!

Good luck to you!!