Questions about Multi-Family Properties

[Mike Lynch]

Hi,

I took advice from this site and bought a book called Multi-Family Millions by Dave Lindahl. He says over and over that if you buy a Multi-Family property, it is a huge "No No" to manage it yourself, and you should find a great property management company to do it.

He also says that since they will manage it for you, it doesn't really matter what town or state you purchase the property, providing that it is a good investment, in a good location, and the numbers work.

Now, Phil Pustejovsky said that after he moved to Florida, his Nashville properties really started going down the drain, due to his property management, so he got rid of them, or most of them.

There are not a lot of great Multi-Family properties in my area. Most are very small 2, 3, 4 units. How far out of town would you guys purchase them? ... Would it be a disaster to purchase them up to 8 hours away by car? I live at the Beach in NC, but my wife and I would like to move near the mountains later on, maybe in 5 or 10 years and thought about buying something here and maybe up there near Asheville or Hendersonville, but I don't want to screw up and buy something too far away and have the property managed wrong.

Thanks!