Investing in Real Estate Before Grad School in Another City

[Joseph Gross]

All – my name is Joey Gross and I am considering purchasing my first buy-and-hold property in the Chicago area in the next year. However, I am only a few years out of undergrad and I am considering getting an MBA in the next 2-3 years. I am going to look at programs all over the country – it’s possible that I may end up somewhere like Philadelphia or Boston to continue my education.

Does anyone have experience with owning property / being a landlord for a duplex/triplex in one city when you are living (as a student) in another city? A real estate investment can generate cash flows that can be applied to my tuition, but I am also nervous about owning a property (w/o a property manager) and residing hundreds of miles away from my investment.

Thanks in advance – any guidance is much appreciated. 

[Aaron K.]

Trying to self manage from a distance will be a challenge.  Who will show the property when it is vacant? That alone could cost you round-trip airfare to fill a unit and could easily happen at very inconvenient times because Murphy's Law.