-
All Forum Categories
-
Followed Discussions
-
Followed Categories
-
Followed People
-
Followed Locations
-
Market News & Data
-
General Info
-
Real Estate Strategies
- House Hacking
- Commercial Real Estate Investing
- BRRRR - Buy, Rehab, Rent, Refinance, Repeat
- Innovative Strategies
- Mobile Home Park Investing
- Land & New Construction
- Multi-Family and Apartment Investing
- Wholesaling
- Rehabbing & House Flipping
-
Short-Term & Vacation Rental Discussions
presented by
- Tax Liens & Mortgage Notes
- Medium-Term Rentals
- Buying & Selling Small Businesses
- Outdoor Hospitality
-
Landlording & Rental Properties
-
Real Estate Professionals
-
Financial, Tax, & Legal
-
Real Estate Classifieds
-
Reviews & Feedback
first time rental property. advice?
hi all. I just bought my first investment property near Scranton. it was a pretty good deal compared to the prices I normally see in jersey. I bought a duplex, move in condition, Newley renovated. This is my first time investing in real estate and being a land lord. I live 2 hours away from the property. Anything I should keep in mind for managing a rental property out of state? any tips or advice is welcome and if anyone has any info on the Scranton area that would be great too.
#2 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Hanover Twp, PA
- 2,666
- Votes |
- 2,552
- Posts
#2 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Hanover Twp, PA
@Brandon Morgan, most municipalities in this area have a rental ordinance that requires a local property manager. So, keep in mind that depending on how they enforce that you may need someone local when you have your units registered and inspected with the municipality.
Quote from @Kevin Sobilo:
@Brandon Morgan, most municipalities in this area have a rental ordinance that requires a local property manager. So, keep in mind that depending on how they enforce that you may need someone local when you have your units registered and inspected with the municipality.
hmmm okay will keep that in mind.
Some things to keep in mind is to have systems in place : maintenance,bookkeeping,management, filling vacancies etc.
Know your SWOT (Strengths, Weaknesses, Opportunities, and Threats)
The city requires a property manager if the owner lives more than 20 miles from the property.
Congratulations on your investment!
I highly recommend staying well-informed about tenant/owner laws. Remember to post necessary notices promptly and keep thorough records of all transactions.