Buying in another town (by rich [TX]) Jan 21, 2023 4:53 AM|
Buying in another town (by RB [TN]) Jan 21, 2023 6:40 AM
Buying in another town (by Vee [OH]) Jan 21, 2023 7:04 AM
Buying in another town (by Still Learning [NH]) Jan 21, 2023 9:24 AM
Buying in another town (by Richard [MI]) Jan 21, 2023 10:33 AM
Buying in another town (by Oregon Woodsmoke [ID]) Jan 21, 2023 11:56 AM
Buying in another town (by Robert J [CA]) Jan 21, 2023 12:51 PM
Buying in another town (by Ray-N-Pa [PA]) Jan 22, 2023 7:53 PM
Buying in another town (by Deanna [TX]) Jan 23, 2023 2:17 PM
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Buying in another town (by rich [TX]) Posted on: Jan 21, 2023 4:53 AM
I am considering buying a triplex in my home town (the coast) 2 hours away from where I currently live. I hope to stage one unit for my personal use and lease the two other units. Does anyoneelse have seconds homes and how has that worked out for you?
Buying in another town (by RB [TN]) Posted on: Jan 21, 2023 6:40 AM
Sounds like a good plan !
Two hours away is a small jog.
Find yourself a local Handyman / Builder
to help out when needed, in that area.
Investing in your home town is a cool thing.
Buying in another town (by Vee [OH]) Posted on: Jan 21, 2023 7:04 AM
I have shifted several of mine into furnished and if you are in an attractive place I would suggest this to more than triple what would be periodic rent amounts, my daughter has friends who are the cleaning crew - they like the flexible hours as they have kids in school and some part time work really helps them, having a clean place is paramount for this mode. --76.190.xxx.xxx
Buying in another town (by Still Learning [NH]) Posted on: Jan 21, 2023 9:24 AM
How much will you use the 1 personal unit? If you will use it consistently then keep it strictly personal. If you can find someone to do cleanings and won’t use it consistently personally or are willing to give up a few big rental week/weekends you can bring in $ through short term rentals. Before VRBO we used a real estate/short term rental agent. That was how we paid for having our first ski house 3 hours from home. After we sold that we bought a ski condo out west and used VRBO to pay for all expenses including our visiting for maintenance and fun. Now that it is paid off we use it more and rent it less. --75.67.xxx.xxx
Buying in another town (by Richard [MI]) Posted on: Jan 21, 2023 10:33 AM
If you buy it,rent them ALL out,be it regular or airbnb style.
Have a pro property management company handle everything.
If you want to vacation there, rent an airbnb for the time or schedule yours.
Don't try to do it all yourself. --172.58.xxx.x
Buying in another town (by Oregon Woodsmoke [ID]) Posted on: Jan 21, 2023 11:56 AM
I had a relatively inexpensive little house on the coast and I kept it just for me. I could leave personal items there and my clothing and if the mood struck me, all I had to do was to throw the dogs in the car and drive over there. No packing, no toting, no fuss, no muss.
If I had to pay someone to go in and clean and manage, it would have made very little money after all expenses were paid and then I couldn't use it myself on the premium holiday days, not be impulsive about when I went over there. So, no thanks to that.
If you get full time renters in the other two units and keep the third for yourself, it is so close that you can pop over there frequently. Do some inspections while you are there and try to head off any possible repairs that might happen while you aren't there.
Buying in another town (by Robert J [CA]) Posted on: Jan 21, 2023 12:51 PM
Over time I've had used several rentals as a second home for various reasons. So a child would be in a curtain school district (public school) for admissions acceptance. Near to a location that I'd like for recreational reasons, the beach. Or so the wife could be near to her parents as they needed care.
The best all around situation was taking a unit in a multi-unit property so there would be someone to watch over it when I or my family was away.
I've done this in a couple of Duplex's, once a unit in a triplex and also larger buildings. Too big and tenants will disturb me.
So Long As I Park the Same Vehicle in my Spot, the other tenants can check to make sure I'm the one making noise (walking, lights, etc.) in my unit -- so they don't have to call me.
Right now, I have two buildings that I keep a second and third unit for my family to use. --47.149.xxx.x
Buying in another town (by Ray-N-Pa [PA]) Posted on: Jan 22, 2023 7:53 PM
What is your plan - WHEN (Not IF) something breaks and you live two hours away?
I like the way you are thinking, but I am not hearing about the game plan when life throws you a curve ball? How ill you be marketing these places some two hours away. Do you plan on doing the showings yourself or do you know a neighbor (or old friend) in that old home town? --24.101.xxx.xxx
Buying in another town (by Deanna [TX]) Posted on: Jan 23, 2023 2:17 PM
I have units in one town 30 min one way, and one town 30 min a different way.
when things are normal, they're invisible. When I have renovations, turnovers, repairs-- they're harder to keep control of.
One big problem I didn't expect was that all of my support people (handyguy, plumbers, electricians, hvac) are all based out of their own locations. Sometimes there's overlap--- and sometimes there's not. But at the same time, I don't have the scale in those satellite locations that puts me in a position to be a volume customer and keeps me bumped to the top of the list.
If you hire out your management, that's less of a problem. If 2 hrs away is an urban area with 50 plumbers to choose from, that's also less of a problem. But if 2 hrs away is remote/isolated, you need to plan for that. --172.58.xxx.xxx
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