All Forum Posts by: Casey Gocel

@Harrison Smith I have full control of all my TK's; The deed is in my name, I approve all tenants, I approve all repairs (if I want to), etc. I had much the same mindset until I saw how my investments were run and the consistency of my returns over the past 4 years. I've since backed off some allowing repairs up to $250 before being notified and get copied on any tenant changes. I'll PM you the company...

@Casey Gocel Yes many of us, myself included, who live in expensive markets on the coasts, have focused on out of state investing.  I started out with turnkey investments, and have grown into other "passive" investments.  My BP blog article discusses Three Key Routes for Passive Real Estate Investing

All best in your REI!

Interesting question, @Casey Gocel. Many investors are in your shoes. If you look at the large vibrant cities, this is a common problem- Manhattan's median apartment price is about $1,200,000, and the median rental rate is about $50k/yr(culled from various sources.) That's about a 4.2% yield if you purchased in cash, and had no expenses(an impossibility.)

I think you can turn this problem into an opportunity. My first purchase was two hours away from where I lived(Hudson NY from NYC.)  The cap rates were compelling, but illusory- managing in Hudson from 2 hours away turned out to be too difficult for me. It forced me to obtain competent management.  This step is essential in any investor's career- managing your own properties ceases to be scalable at some point. If you start with good management, you've already removed one scalability hurdle(capital will likely be your next hurdle.)  

Why not follow that plan? Stay within two hours in case you need to be there for some reason. That will give you the ability to meet with management on a semi-regular basis, and to drop in now and then. A two hour(by car or train) radius should allow you to find properties that meet your cap rate requirements. You can reach into fertile areas of NY, Pennsylvania, and your home state as well.

are you looking in Parsippany area ?