Is it a big NO-NO to buy my 1st rental property in another state?

[Allende Hernandez]

Hi there folks,

I just happened to bump into a FB post from an agent marketing a 4plex in Indianapolis that at first seems to be a good deal. I am from Miami, FL and have never been in Indianapolis or any of its surroundings. I am not targeting it either, I just happened to see the ad and took a stab at analyzing it.

I exchanged a few emails with the agent and after factoring in all the expenses (PITI, vacancies, capex, utilities and management) the property is still above the 2%rule.

The downsides I see are the distance and the age of the property(1910) 

Not sure if the distance should be a blocker for a good buy and hold deal.

Can any one from the area give me your impressions on the age of the house and also the area? The property is located in IN 46221

Thanks in advance and Happy Investing!

[Lane Kawaoka]

Allende Hernandez

Everyone has an opinion in real estate. I think it's because a lot of people in real estate make money so a lot of egos. That said take everything with a grain of salt and one POV. I see both arguments and both work. I personally do out of state since I can't find what I am looking for in Seattle. Some people don't have the skills to manage from a far and should not do that. Does not mean you are the same. Some people cannot sleep at night if they did that... There are meds for that but you need to challenge paradigms.