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Updated about 10 years ago on . Most recent reply

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431
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171
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Joseph Weisenbloom
  • Investor
  • Austin, TX
171
Votes |
431
Posts

I've got 3 options...

Joseph Weisenbloom
  • Investor
  • Austin, TX
Posted

I currently have a duplex in the north Dallas area and am being re-positioned for work down to Austin, Tx. My current property would be about 4 hours away from my future living area. The property is in a working class neighborhood with low crime and not too many headaches yet as far as collecting rent or maintenance issues.

From my perspective I have 3 options.

1. Manage the property from a distance: use my network of contractors and handymen if their are any repairs needed. I may even hire a Realtor if I need to re-rent the place. I can drive up 4 times a year to do inspections.

Cons: I have never done this before so not sure if it would even work out. It could be stressful if there is some type of emergency. What if a tenant just moves out?

2. Hire a property manager: pretty straightforward hand everything off and let them handle it all.

Cons: that % cut every month. Also we are in a more rural area so not many choices as far as property managers. I have heard a lot of horror stories about PMs.

3. Sell the house: I could sell the property but it may take some time to do that.

Cons: I don't think I have enough equity or appreciation in the house to break even on all the closing costs and Realtor fees needed.

Thoughts?

Most Popular Reply

User Stats

431
Posts
171
Votes
Joseph Weisenbloom
  • Investor
  • Austin, TX
171
Votes |
431
Posts
Joseph Weisenbloom
  • Investor
  • Austin, TX
Replied

@Christopher Leon Thanks for the response! Yea its sounding like it depends on what I am comfortable with. I have heard of people managing long distance but its one of those things where you cant tell if will work unless you try.

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