Is Running Real Estate Remotely A Possibility?

Question

I'm starting work soon on a Cargo Ship where I will be away from up to 6 Months at most and without cell or internet for about a week at most. My question is  will it be possible for me to own and rent out property's with these circumstances? My thought to circumnavigate this issue is to have someone run it for me while I am gone (Preferably a family member) and/or possibly buy a satellite phone to call and text anytime to maintain the property. Does this sound viable or is it not plausible? I'm not sure how property management company's work but would me just having a cellphone while over seas be enough to run things back at the property given im not going to be doing renovations or and projects unless i'm back from a contract?

Nam Trang · Answer

@Bryce Kennebeck

Getting a family member to run it might be a good idea, but make sure it someone you can trust and has the capabilities. But if the cost of property management fits comfortably into your budget, then it can also be worth the investment. It can diversify your assets and open up your future expansions.

Nate Bell · Answer

@Bryce Kennebeck

I think you’d be setting yourself up for a very contentious relationship with your tenants. The very least that you owe them is responsiveness. You can relate right? Think about dealing with the cable company, a big banking institution, or government. The most frustrating part is feeling like no one is listening. Hire a property manager, manage them, and sleep easy.

Richard A. · Answer

Tampa, FL is a great area. We're looking to expand our investments to the St Pete area.

I have a great PM team that services our Kissimmee properties. Send me a message if you're interested in the team.

We get a monthly statement. And rarely get a call. Per our agreement, PM handles pretty much everything including repairs under $250, finding the tenant, screening the tenant, lease, and any issues that come up (like tenant not paying). Anything over $250 requires an email and approval from us.

Colin Reid · Answer

I also work overseas, though my communication is usually pretty good. I might go a day or two without internet, but it's pretty rare. My contact with my PMs is pretty infrequent, except when something goes very wrong. I've had HVAC fail on move-in day, a furnace go bad on the first cold day of the year, things like that. Those are rather urgent. Other than that, I get my statements once a month, and they handle the minor stuff without even asking. Maybe have a trusted partner in the US that you can authorize to make those big, time-critical decision if you can't be reached.

Brian Pink · Answer

I'm a real estate investor and real estate agent in Joplin Missouri. If you're looking to invest here, I can point you in the right direction for a manager, and help you source deals.

What I usually do for distant investors is either facetime, or take videos of the houses.

I have flipped several houses and currently have five rentals, with 27 more rentals under contract, so I have decent eyes when looking at houses as investments.

Patrick M. · Answer

Are you looking at a SFH or MF?

The bottom line is no to running it yourself if you are just starting out. There is a learning curve and the first 6 months is crucial if you are running it yourself. It poses far too many potential problems, and you are in a vastly different boat then someone who can hop a flight to deal with an eviction and showing. (pun intended)

You should not even entertain the idea as long as you are ship bound and out of pocket for that length of time.

With that being said- I know people who are stationed over seas and manage their properties and it is no issue whatsoever, but in the vast majority of those cases not only did they have a direct line of communication with the states, but they also had the infrastructure in place (banking, contractor, plumber, etc.) prior to going overseas.

(I regularly travel overseas, when I can, and I don't give it a second thought. Though, getting that 1st text at 2 am on my 1st trip was a bit nerve-racking- but all good. ) Best of luck

Richard A. · Answer

Save yourself the headache and worry.. get a property manager. Well worth the money. What area are you investing in?

Bryce Kennebeck · Answer

@Colin Reid That is exactly what I was thinking. I just wasnt sure if other people did it or what their thoughts were. Thank you for the advice!

Bryce Kennebeck · Answer

I have not yet pulled the trigger on anything yet. I'm working on getting all my ducks in a row first but I plan to buy into either Joplin, MO or Tampa, FL. How often can you expect to get contacted by the property Manager as my contact will be limited at points and is it pretty hands off once you find a good manager?

Is Running Real Estate Remotely A Possibility?

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