Quote from @Srikanth Kumar: Hi Everyone,I’m relatively new to long-distance investing and am exploring the purchase of multifamily properties in Cleveland.

20% is about average for a short term rental as far as management fees go.

Avery Carl's Book, 'Short-term rental, long-term wealth' How did you find this deal and how did you negotiate it?

I've realized that although idaho is long distance for me, it's still a market I'm familiar with and have lots of community in, unlike other areas like arizona and texas.

Maintenance and potential repairs will also require a long-term financial plan and setting aside a contingency fund for such expenses.The steady cash flow, appreciation over time, and tax benefits can make a meaningful difference to your wealth in the long term, especially with the principal paydown on the mortgage.However, if managing the property from a distance feels too burdensome, or if you’d prefer the certainty and flexibility that comes with having less debt (especially given the high mortgage rates), selling and using the $100,000 in equity to reduce your loan for your next home may be the smarter move.

Numbers look enticing (coming from Hagerstown, too)Distance, not having a team out there, and the population had been on a steady decline with very little chance for a turnaround anytime soon.

Short term rentals do get more money, but also cost more to run and require more time.  

What are you looking to achieve in the short, mid, long term?

Since my first property is long-distance, I figured it’d make sense to look for my next one closer to home.

Hi ChrisManaging out-of-state investments can be a great way to diversify, but it comes with unique challenges like relying on property managers and handling long-distance communication.