All Forum Posts by: Nitin Gove

Until you have more than 20-30 properties Quicken (quickbooks little brother) is overkill for this. But it’s only $50/yr with scheduling, reports, transaction downloading/entry. 

Hello- I live in Springfield (just outside of Dayton) and have owned a handful of single family properties in Dayton over the past few years. I'd start by lining up a good realtor and PM. Realtors are great but they don't have the tenant/rent knowledge a PM has. Some popular options for PMs are Independence Property Management and Vic Green. My favorite areas are outside of the city of Dayton (Kettering, Huber Heights, even Fairborn). Belmont/Oakwood are other good areas. I owned a few in the Wright View and Burkhardt neighborhoods on the east side, too, these are OK areas and your price point is lower...but of course there is a reason for this. Just my personal preference, I stay away from properties off of Salem on the northwest side.

1) Do thorough due diligence on the property (visit if you're out of state), walk unit, get inspections, evaluate neighborhood, ask around about area, etc.

2) Do thorough due diligence on the property management company you're using too (call for references)

3) Buy through a title company and get title insurance

4) Put property in an LLC

5) Get insurance, preferably replacement value and not ACV

6) If it's vacant, put a security system in it (Simpli Safe is a great and cheap option for this). You can also consider a ring camera

5) Make sure to 

Hi Nitin Gove,

Here are some ways to safeguard your new out-of-state rental property:

1. Monitor the local real estate market: Stay updated with the local real estate trends and prices.

2. Create a go-to list of trusted service people: Having a list of reliable local service providers can be very helpful.

3. Purchase a home warranty: This can cover the cost of repairing or replacing major home systems and appliances.

4. Automate rent collection and maintenance requests: Use online platforms for rent collection and to manage repair requests.

5. Perform routine inspections: Regular inspections can help identify potential issues early.

6. Network with the neighbors: Good relationships with neighbors can be beneficial for out-of-state landlords.

7. Stay organized: Keep all documents and communications well-organized.

8. Schedule time to visit the property: Plan regular visits to your property to ensure everything is in order.

9. Hire a trustworthy property manager: A good property manager can handle day-to-day operations and tenant relations.

10. Embrace modern technology: Use property management software or other tech solutions for efficient management.

Remember, managing an out-of-state property may require additional planning and effort, but it can be a rewarding investment.

Are you protecting it from squatters, thieves, etc?

Security cameras and signs showing that the property is actively monitored. I also recommend regular walk-throughs in case something is missed by the camera.

If you are in an area where crime is more common, I would perhaps speak with the police or local investors to get a better idea of what the law allows and how others handle break-ins.