Has anyone ever sold and
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Has anyone ever sold and (by Mickie [OH]) Jun 23, 2019 10:57 AM
       Has anyone ever sold and (by NE [PA]) Jun 23, 2019 11:22 AM
       Has anyone ever sold and (by NE [PA]) Jun 23, 2019 11:24 AM
       Has anyone ever sold and (by NE [PA]) Jun 23, 2019 11:26 AM
       Has anyone ever sold and (by Robert J [CA]) Jun 23, 2019 12:07 PM
       Has anyone ever sold and (by AllyM [NJ]) Jun 23, 2019 1:25 PM
       Has anyone ever sold and (by WMH [NC]) Jun 23, 2019 3:17 PM
       Has anyone ever sold and (by LindaJ [NY]) Jun 23, 2019 3:19 PM
       Has anyone ever sold and (by Richard [MI]) Jun 23, 2019 3:43 PM
       Has anyone ever sold and (by BobbyT [IL]) Jun 23, 2019 3:49 PM
       Has anyone ever sold and (by BRAD 20,000 [IN]) Jun 23, 2019 4:52 PM
       Has anyone ever sold and (by BRAD 20,000 [IN]) Jun 23, 2019 4:53 PM
       Has anyone ever sold and (by RentsDue [MA]) Jun 23, 2019 5:59 PM
       Has anyone ever sold and (by BRAD 20,000 [IN]) Jun 23, 2019 6:23 PM
       Has anyone ever sold and (by Mickie [OH]) Jun 23, 2019 7:50 PM
       Has anyone ever sold and (by Still Learning [NH]) Jun 23, 2019 9:11 PM
       Has anyone ever sold and (by Still Learning [NH]) Jun 23, 2019 9:11 PM
       Has anyone ever sold and (by Richard [MI]) Jun 23, 2019 10:37 PM
       Has anyone ever sold and (by Mickie [OH]) Jun 23, 2019 10:48 PM
       Has anyone ever sold and (by Live The Dream [AZ]) Jun 24, 2019 2:38 AM
       Has anyone ever sold and (by bet [MA]) Jun 24, 2019 7:34 AM
       Has anyone ever sold and (by WMH [NC]) Jun 24, 2019 8:41 AM
       Has anyone ever sold and (by Mickie [OH]) Jun 24, 2019 8:54 AM
       Has anyone ever sold and (by Oregon Woodsmoke [ID]) Jun 24, 2019 9:22 AM
       Has anyone ever sold and (by Robin [WI]) Jun 24, 2019 9:27 AM
       Has anyone ever sold and (by Landlord ofthe Flies [TX]) Jun 24, 2019 6:44 PM
       Has anyone ever sold and (by GKARL [PA]) Jun 25, 2019 12:35 AM
       Has anyone ever sold and (by Ray-N-Pa [PA]) Jun 28, 2019 7:47 AM
       Has anyone ever sold and (by Leigh [CA]) Jun 29, 2019 1:43 AM

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Has anyone ever sold and (by Mickie [OH]) Posted on: Jun 23, 2019 10:57 AM
Message:

Has anyone ever sold their portfolio in one state and then relocated to a new state buy properties? How does that work? Is it a gradual shift meaning start selling in one location and as rentals sell begin buying in the new state you're relocating to? Is it a sell the whole portfolio in one fell swoop move and begin buying again?

I'm curious to know how other landlords handle relocating themselves and their business. And if said landlord is happy with the decision they made. --71.213.xx.xxx




Has anyone ever sold and (by NE [PA]) Posted on: Jun 23, 2019 11:22 AM
Message:

I've never done this, but I would have to ask, why bother?

If I had to sell everything now and move, I doubt I would be back into the rental aspect of this business given the potential pitfalls alone. I'd probably just flip Properties.

You would have to learn an entirely new market. Housing rates, what's a good deal there, what isn't. What neighborhoods are good, what are the ghettos. Typical desirable tenants for the area. What lawyers are good to use, what lawyers to stay away from. What contractors are trustworthy and who the schisters are.

How to work the inspectors and codes guys to meet your needs.

What are the new codes and inspection requirements of this new and foreign land. And on and on and on.

Not to mention, you have to UNLEARN all the location specific stuff you've came to know over the years. The game you've mastered is GONE.

I'd much rather play this game on home turf. --50.32.xx.xxx




Has anyone ever sold and (by NE [PA]) Posted on: Jun 23, 2019 11:24 AM
Message:

I guess what I'm basically saying is that it's may be easy to replace a rental property, but you've lost your entire network. --50.32.xx.xxx




Has anyone ever sold and (by NE [PA]) Posted on: Jun 23, 2019 11:26 AM
Message:

Not to mention overhauling your entire lease that has taken years to fine tune. That alone would be enough for me to not want to restart in a new state. --50.32.xx.xxx




Has anyone ever sold and (by Robert J [CA]) Posted on: Jun 23, 2019 12:07 PM
Message:

I had a friend that got fed up with Los Angeles, sold their entire real estate holdings and moved to Florida. Big Mistake. Instead of first getting their feet wet in a new market and test the waters, they believed the "stories" they were told by other bias investors. Ten years later they returned and were priced out of the market. --47.156.xx.xx




Has anyone ever sold and (by AllyM [NJ]) Posted on: Jun 23, 2019 1:25 PM
Message:

Well I have not done this but I have changed careers a few times and it takes time to get up to speed. So it's really difficult to run properties from a few states away. I would try to dispose of all the properties before moving to the other state. While trying to sell them I would start reading about the other state and talking to realtors long distance until I found someone sensible. I would purchase and move there into a rental building that was a good buy so I would be an on site landlord, and start looking for other things to move into and fix as if I was starting over completely. --173.61.xxx.xx




Has anyone ever sold and (by WMH [NC]) Posted on: Jun 23, 2019 3:17 PM
Message:

First question, why? --50.82.xxx.xx




Has anyone ever sold and (by LindaJ [NY]) Posted on: Jun 23, 2019 3:19 PM
Message:

I thought about buying a place for us to live in another state at whatever time the price was right. Rent it until I was ready to move, remodel before I moved in. But the reality of renting miles away where it might take me a day to drive set in. So when I move, I will have sold my holdings in this state and move to the other. I would not be looking to be a landlord in the next state unless I was really young and then I would want to take the time to get to know the market and get the deals. --108.4.xxx.xx




Has anyone ever sold and (by Richard [MI]) Posted on: Jun 23, 2019 3:43 PM
Message:

Yes, I've done this several times. Left Calif. when I sold my company and retired. Sold all The places and moved to The islands Latitude 24 and all that. Got there 350 years too late. Had a great time there for 6 years then moved again to The north. The thing I've found is there's opportunities everywhere. You just have to adapt.

The stuff NE said applies but new things can be learned. Just takes time. It might be advantageous to partner with a local for a while to learn the local details. Start small. Make the mistakes on small deals so you don't lose it all, then when you know who and what and where and how locally, push down on the gas. In fact, tromp it to the floor.

--71.10.xx.xxx




Has anyone ever sold and (by BobbyT [IL]) Posted on: Jun 23, 2019 3:49 PM
Message:

For the LL that asked why, I have 3 words why:

Cook County, Illinois. --136.176.x.xx




Has anyone ever sold and (by BRAD 20,000 [IN]) Posted on: Jun 23, 2019 4:52 PM
Message:

Mickie,

And why not? You are smart. Youíll do fine. But very true that markets are very different.

Learn about 1031 exchanges to avoid the tax bite.

BRAD

--73.102.xxx.xxx




Has anyone ever sold and (by BRAD 20,000 [IN]) Posted on: Jun 23, 2019 4:53 PM
Message:

PS

Iíd LOVE to sell all and 1031 it into a high class apt complex. One thing to manage.

Then Iíd buy a golf cart to drive around my little empire!

BRAD --73.102.xxx.xxx




Has anyone ever sold and (by RentsDue [MA]) Posted on: Jun 23, 2019 5:59 PM
Message:

Iím going to do exactly what you are proposing. Iím already successfully playing the game in one of the hardest states in the country to survive in this business, so I have no doubt that I can do it just about anywhere. I will probably go to another country. I want to be on a beautiful beach and Iím not going to settle for something just because it is in the U. S. If there is one thing everyone here knows well it is that there is no risk without reward. Iím constantly learning in this business . --71.10.xxx.xxx




Has anyone ever sold and (by BRAD 20,000 [IN]) Posted on: Jun 23, 2019 6:23 PM
Message:

Puerto Rico. Income tax is 4%.

BRAD --73.102.xxx.xxx




Has anyone ever sold and (by Mickie [OH]) Posted on: Jun 23, 2019 7:50 PM
Message:

When I lived in N.C. I loved it. Few hours away from the ocean a few hours to the mountains. When I came home to Ohio I'd never planned to retire here. Yet I ended up creating a career and building business. So I wondered how difficult it would be to sell at some point and rebuild in the south. I've read several posts that indicate managing my properties to my standard from afar could add a special pita factor to my life so I'm not sold on that idea. Perhaps what I should be looking at during the next down turn is a second home - maybe Airbnb it out when I'm not there. That would let me have my cake and let someone else pay for it. I like to explore new ideas and that's what I was doing with my post. This is the one place I knew if others had done it I would hear about it. All the good and bad. Thanks everyone for sharing your thoughts. --71.213.xx.xxx




Has anyone ever sold and (by Still Learning [NH]) Posted on: Jun 23, 2019 9:11 PM
Message:

I have not done that but lost out on a 10 or 12 unit building because they were bundling it with one or two other buildings that were beat up and we had no interest in. I think they were cashing out and didnít want to be stuck with the beat up one. We made a good offer but someone else came along willing to take the whole bundle.

We do have a ski condo in CO that we VRBO. I like the fact it is a condo because the property manager for the condo has eyes on it for us. We have gone through the OK to the currently excellent cleaners. We go out a few times a year and restock, do maintenance, etc. The income makes the condo almost break even including our trips out to work on it/enjoy it. --24.61.xxx.xx




Has anyone ever sold and (by Still Learning [NH]) Posted on: Jun 23, 2019 9:11 PM
Message:

I have not done that but lost out on a 10 or 12 unit building because they were bundling it with one or two other buildings that were beat up and we had no interest in. I think they were cashing out and didnít want to be stuck with the beat up one. We made a good offer but someone else came along willing to take the whole bundle.

We do have a ski condo in CO that we VRBO. I like the fact it is a condo because the property manager for the condo has eyes on it for us. We have gone through the OK to the currently excellent cleaners. We go out a few times a year and restock, do maintenance, etc. The income makes the condo almost break even including our trips out to work on it/enjoy it. --24.61.xxx.xx




Has anyone ever sold and (by Richard [MI]) Posted on: Jun 23, 2019 10:37 PM
Message:

RENTS DUE (MA),

If you're thinking of investing out of the country, you might consider either Panama or Japan.

The cultures there are quite different as well as the way rents are done. A little research will show you some interesting differences.

I've been considering these places myself, especially as some places are becoming, shall we say, unfriendly to landlords.

I sold out and left Calf long ago, left southern Florida and would not consider NJ,MASS,NY,Oregon and some others which are becoming unfriendly. There are just too many opportunities elsewhere. --71.10.xx.xxx




Has anyone ever sold and (by Mickie [OH]) Posted on: Jun 23, 2019 10:48 PM
Message:

That's good to know. I need to do some more research. It may let me have my cake and eat it too. --71.213.xx.xxx




Has anyone ever sold and (by Live The Dream [AZ]) Posted on: Jun 24, 2019 2:38 AM
Message:

It took us four years to do our relocation to AZ. We first invested in a couple of houses, then a 12 and 4 plex. We actually started out in Vegas, but I was stretched too thin.

We had a 2nd home here which became our primary. Then I sold my beach house 4 or 5 years ago. By that point we had transitioned here. We are getting ready to relocate again. I can't take the heat anymore. --47.216.xx.xxx




Has anyone ever sold and (by bet [MA]) Posted on: Jun 24, 2019 7:34 AM
Message:

We own in two states and have done 1031 exchanges. We are in both locations half the yr. I didnt want to do rentals in the half of a year that I was on vacation, but we ended up buying anyway. Biggest thing is you have to know your market. Both markets works for us. One market cash flows well but builds equity slowing, 50 % of it is the mortgage payoff and the other market is purely cash flow, with a almost no equity ( trailers). --73.227.xxx.xxx




Has anyone ever sold and (by WMH [NC]) Posted on: Jun 24, 2019 8:41 AM
Message:

Mickie, RE in NC is expensive...as I guess it is anywhere these days, but extra-high here because we are a Net-positive growth state (more people moving here than leaving.) Supply & Demand.

Charlotte, Raleigh, Winston-Salem: all thriving.

But it is also a rather LL-friendly state in that if you follow the rules, you win your cases, in our experience. We often say, "Wow, glad we don't live there!" when a LL here tells us a horror story in MA or CA, etc. --50.82.xxx.xx




Has anyone ever sold and (by Mickie [OH]) Posted on: Jun 24, 2019 8:54 AM
Message:

This is all great information and food for thought. I like to research and plan in advance so I can know how things work instead of stepping into things blindly. --71.213.xx.xxx




Has anyone ever sold and (by Oregon Woodsmoke [ID]) Posted on: Jun 24, 2019 9:22 AM
Message:

I've just done it. I just closed the very last Oregon property 2 weeks ago.

1031 properties, plus cash out the owner occupied. I want to cut back so I am doing 1031 on lower rent properties and combining 2 into one very nice property to reduce both the number of doors and tenants issues.

There is a steep learning curve. I am having to learn where to buy supplies, how to find someone to do repairs, what the local rents are. LL laws are not too different from what they were in Oregon a decade ago, so no issues for me there. --98.146.xxx.xxx




Has anyone ever sold and (by Robin [WI]) Posted on: Jun 24, 2019 9:27 AM
Message:

We went through this a couple of years ago. We had a growing herd of cash cows, and then DH got a job transfer to Ohio. I didn't want to sell the herd, because we had a great team in place and it was a great market. So we kept them.

Everything NE said is spot on. You have to know the area, develop a team, identify opportunities...I decided I didn't want to start over and started spending my time volunteering. In the process, I recognized an opportunity and got sucked into it again. So you can do it. Just recognize that it takes a lot of time and energy to start over, and it's likely that only some of what you did where you are now will transfer. We went from working-class neighborhoods built in the 1950s to minimum-wage neighborhoods built in the early 1900s. We had to start all over learning about knob and tube, plaster walls, slate roofs, etc. --173.66.xxx.x




Has anyone ever sold and (by Landlord ofthe Flies [TX]) Posted on: Jun 24, 2019 6:44 PM
Message:

Not Japan. The housing market is different. Houses beyond a certain age are usually torn down, maybe 30 yrs? They actually tear them down and build new. I think there's a property tax law or something related that I read somewhere. After X years of age, they are assessed a penalty of some sort. Lots of houses are just abandoned to avoid the tax.

Trying to remember what and where I read, but it sounded tough for rentals. --108.69.xxx.xxx




Has anyone ever sold and (by GKARL [PA]) Posted on: Jun 25, 2019 12:35 AM
Message:

The biggest challenge would be re-creating my network. I think determining where to buy and sorting out the leases and local laws would be easy enough. The other factor is age. If I were 20 years younger, I'd be more open to it. --209.122.xx.xxx




Has anyone ever sold and (by Ray-N-Pa [PA]) Posted on: Jun 28, 2019 7:47 AM
Message:

When I retired from the service I relocated my assets to Pa. It was hard to make 1031 happen as the market place I selected was a smaller one and the SoCal prices had heavily inflated themselves.

One class C place in SoCal equals about 7 in Pa --24.101.xxx.xx




Has anyone ever sold and (by Leigh [CA]) Posted on: Jun 29, 2019 1:43 AM
Message:

Wow, I have not been on the Q&A for years. I learned so much from Jeffrey and the landlords. Reached financial independence a few years ago from doing out of state investing.

We have done allot of Long Distance Landlording.

You need an ethical agent with experience in taking clients out of state who can make a plan for you. In addition, you need a sharp local agent to work with your buyer's agent who can tell you WHERE to buy.

We sold most of our portfolio to one investor 15 years ago and bought a large multi in AZ for cash flow and a portfolio of SFR's and a duplex in another state for appreciation. Its kind of like stocks and bonds....get some of both...multis and SFR's.

Someone I met through the Mr. LL network was the buying agent and now is the selling agent...we are exiting in a rising market.

Our other long distance experience was buying a well located retirement on the New England Seacoast. It has turned into an excellent investment but not without going thru some tough down markets. As per Robin, get a good team. Buy where you like to travel or have family. You can write off some of the expenses to the properties. Ask your CPA. I would recommend newer properties as they are easier than supervising rehabs from out of town. But it can be done if you have a rehab team or a property manager with good connections to contractors. I have design skills so I enjoy sending plans, samples etc to the PM who hires a contractor to implement. If you do something "cool" and different, there is always someone who will pay allot for luxury. The more property you own in another state the better attention you will get from a property manager. It's even better if you can buy big enough to have onsite manager and maintenance. Then there are less worries and hassles.... someone is one site. Things hum along, you talk to the team once a week and get your check consistently every month. But remember, I'm talking about what its like after 15 years of work. I had a vision of what I wanted and I was willing to work for it. It wasn't always easy but year by year things come together if you stick with your plan. Exiting a portfolio out of one state to another is a challenge...all the negotiations, and escrow games but you can do all on line with text e-mail and electronic signatures. Mickie, If you feel the impulse to be an out of state landlord and like rollarcoaster rides, pick somewhere you like to visit or have family/friends, take a deep breath and pull the trigger.

--72.192.xxx.xx



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