Manage Property from Out-of-State

[Sarina Drucker]

I own property locally, but due to cost and looming rent control (CA) it just doesn’t seem worth it. So, looking to invest out-of-state. Nervous because I manage my own property and prefer it. I understand that I would need to hire a property manager...

1) How do you go about finding a reputable and responsible company?

2) If buying a building that requires TLC, how do you renovate from OOS?

3) What information/reports do you receive from PM? Frequency of communication?

4) How often (if at all) do you make a visit?

5) How do you follow local trends regarding rent/amenities for OOS property? Do you?

5) Worth it or wish you hadn’t?

6) Tips, suggestions, thoughts?

Thanks in advance!

[Oleg Shalumov]

@Sarina Drucker welcome to BP and congrats on making the next step on you RE career. 

There is a lot of info here on BP, but I would recommend you to read the book “Long Distance Real Estate Investing” by David Greene who specifically addresses the question of buy and managing out of state properties.