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Updated over 9 years ago,
renting from a distance
I know this is been asked many times and I'm sure my question or situation isn't new. but I'm looking for i guess some advice from some who has experienced this.
I live in the 5 boros of new york so to say its expensive is an understatement. as a result i want to test sending out a mailer to some lower priced areas in PA about 2 hours outside of where i live.
i sent out these mailers with the idea of buying and holding and just getting use to having conversations on the phone with prospective sellers.
i sent out 100 letters and received 4 calls. Out of the 4, 2 were highly motivated and 1 was was ready to do seller financing.
at this point i choked, i had the conversation and got him to confirm that he is opened to seller financing.
I never visited that area but know and visited near that area, i know that the area is a moderate to high crime area. and i also know that for that area they do maintain consistent blue collar/factory type jobs.
so as a rental area i think from what i have learned thus far, is that this is a good rental area barring the crime.
where i choked was the distance, and started thinking how will i maintain it from a distance.
my questions i guess would be.
those who have experienced similar situations what did you do?
also is it feasible to have a management company manage just one piece of property as i try and grow a portfolio?
thanks as always guys for your input