Terrible PM and contractors-cautions out of state investors

[Amy Hu]

A word to fellow investors from both coasts- too many liars and blood suckers waiting for opportunity to rip you off. If you're a working professional and haven't seen the ugly side of greed , traps, lying, betrayal etc. in the business world, Think twice before you jump in.

There's just too much risk investing out of state. The biggest is people. PM collected rent and ran away. Or placed tenant with recent eviction record into your property. Contractor grabbed money and disappeared or cut corner everywhere. Talk to other investors. I'm not the first one who bumped into these troubles, not the last either.

Even after doing business with a provider, there's no guarantee he/she's trustworthy. Maybe he's just waiting for the big feast! You can never be careful enough. And do not assume everyone on BP is a good guy.

[Austin Tam]

I went through literally all of this last year on my first two out of state properties.  I thought seriously about cutting my losses and giving up at one point. I'm glad I didn't because every purchase since then has been better with fewer headaches, and I've learned a lot along the way. Next month will be a milestone for me; It'll be the first month I'll have all of my Cleveland units occupied with positive cash flow.  It's really not that much work, if any, once the units are filled.