Originally posted by @Armando Payano:
Agree with Lane if your first investment is out of state try to make it close to you. Within driving range preferably. Otherwise you will miss out on invaluable lessons learned.
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imo, once you assign the responsibility to someone (property manager) you surrender the most valuable part on the road to FF. Which is, of course, the journey.
I understand where you are coming from. You are correct in that statement, especially since there are many high risk property managers. A good property manager will not only manage your property but open deals for you locally from what I've heard. There is alot of good things to a property manager. With my very busy job in Manhattan I wont have much time to travel to many places locally. The cheapest place I could go to is probably 2~3 hours away from where I currently live. And if something major happens at my tenant lets say a flood, I wont be able to be there ASAP.
Im not exactly sure how it goes but once you get in the business does people own more than one property manager or does a property manager run every complex you own? Im pretty sure its multiple but im just making sure.
Thanks!