Quote:
Originally Posted by L-Pink
Out of state/country means you will need a management co. There goes 15 to 30 percent of monthly income. Another concern would be how much repair money is needed after each tenant leaves.
You are also gambling on the amount of appreciation if any over the next x amount of years.
Just pointing out a few negatives.
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He should be able to get long term property management for 10% of the monthly rent charged. I agree, any excess damage, tenant payment issues etc... could eat away the few hundred you'd be clearing each month in profit. Depending on the amount you'd put down, if you were able to swipe a foreclosure that needed little clean up, you could clear a few hundred each month between your mortgage and rent and not have to rely on the property appreciating to earn a profit from it. Problem is the local investors/flippers that have cash are swooping up the best deals quickly, very hard for someone living out of state to get in on the action without being there.
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