Turn Key out of state - what is your strategy

[David K.]

Hello BP,

so I have acquired 3 turn-key properties since when I started in Summer  and in process of closing on 2 more.

Out of total 5, 2 are relatively close by (PA and NJ) and I have seen them and believe those are great purchases, but the other 3 are "virtual" buys - via turn key providers online...

When I take time to reflect on online purchases, I can't help but think that this is probably not the smartest way to invest my money. Sure, the numbers on paper work and I should be getting positive cashflow every month. Sure, I took all your advises and stash away 10% from all the earnings in case of repairs...

The reason why I do buy these far away properties is two-fold

1. There are no good deals that I am able to find anywhere in driving range from where I live on Long Island, NY

2. I am a newbie and work full time and all these online providers such as Roofstock are great for someone like me

But the more I am getting myself into this game, the more I am concerned that repairs and vacancies will eat my profits away and at the end, the properties are not sell-able too and I will be stuck with them or lose big.

If you are passive investor and invest out of state, I am interested to know what your long-game strategy is?

thank you for reading!

David 

[Jay Hinrichs]

these are always worries in any market at any time..  just keep them in the best condition that you can so you get the best tenants and get them paid off as soon as possible.