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Is it a good idea to buy a rental property in another state?

4 Answers

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  • dog ma
    Lv 7
    1 decade ago
    Favorite Answer

    Only if you know the area extremely well, plan to visit there often (2-4 times a year), and have an absolutely trustworthy property manager in the other state.

    I have income property in 2 states, but I bought the units in the other state years ago when I was a real estate broker there. We have an excellent manager and we visit often, and still there are some issues that we wish we could be there to deal with.

    I would recommend that you stay local with your investments.

    Source(s): Real estate broker, landlord
  • .... it would seem that you would need to satisfy a different motivation before it would be "a good idea".

    but just to make this investment-move on an "out of the blue" offer to sell ... has many of the markings of a con.

    be reeeaaaallll damn sure there's a reason why this sale is proposed ... which fits YOUR interests. <why is it being sold?>

  • Don S
    Lv 6
    1 decade ago

    Absolutely not unless you hire a local manager

  • 1 decade ago

    In my opinion, it is not a good idea to be a long distance landlord.

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