Luckily, I have found a good property management team to oversee our current property. I realized from day one there was no way I could manage a rental property from hundreds of miles away. I plan to invest mostly in the Greater Baltimore, MD area; where our current rental property. If we planned to buy more properties, I wanted to keep them in the same general area to keep consistency in local laws, tax rates, and management consistency.
In addition I hav also begun to network and build my team in the MD area. We currently have an excellent contractor on call that works with our management company but also does renovation, and home maintenance projects as well as commercial contracting in the city.
We do have significant savings to help offset the risk. We currently have enough saved up in cash reserves to pay the mortgage for a year and handle any major expense. Allot of my coworkers have invested in the local Fayetteville area and have come up with mixed results since transition rates for military families are so high.
