A lot of times people selling deals, whether ICG or another outfit, don't talk about the impact of vacancy losses. These can be significant in markets that are over saturated with investors. Many property managers don't work hand in hand with the investors, and we have all seen examples of scams/crooks in property management. It's very hard to trust anyone.
For this reason, I'm starting to think that the best way to do long distance investments is by partnering with someone local in the area. So for example - work with a real estate agent who would be willing to go in 50/50 with you on a deal. He or she would be local, and your investment would be secured and watched over. This would also possibly eliminate the need for a property manager.
I have had success with a long distance property even while not having a property manager. The tentant was willing to do a direct deposit into my bank, so a physical presence was not necessary.
One way to accomplish this goal is to use the equity share concept. Become an investor with someone who will live in and take care of the property for you, as they are half owners. The website for this I'm using is . I have been matched with a number of partners, but so far no solid connections. I feel that it will work eventually though.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment