I am not going to say that I cannot help you or that what I am doing would not work for you but Charlie is exactly right. Its not as easy as simply flying in, look at a few houses, plop your money down and sail off into the sunset. I wish it was!
Property managment can work, but its not cheap
. If you own 20 houses then I think you would no doubt need help. If you own only a few, there are other ways to managing things. The key is to have good tenants and to get to know the neighbors.
these houses as foreclosed properties from the banks is a full time job. I look at 50 houses for each one I buy. Many are simply junk. Tear-downs. Many others are in locations that resemble war zones. Lots of others simply need more work than it really makes sense to do given the after renovations value. Its like panning for gold.... except lots of others have their hands on the same pan! It takes lots and lots of looking and making offers and being patient and then being ready on the spot to move very quickly when a good deal is found. Then there is managing the rehab process which is another can of worms.
I have a number of clients that recognize that lots of these homes are stupid cheap
and excellent investments but they have no time nor expertise at putting it all together. So they purchase the homes from me after I have renovated them and found good tenants, so it is more of a turn key investment. BUT.... down the road they are still going to have to deal with problems and replacing tenants and such. Real Estate is not a purely passive investment and if your not comfortable with that then its not for you.
Right now, I have more clients than I have inventory. Like I said, finding and buying
the houses in the right location at the right price
is the trick and its a full time job. I may be able to help if your really interested depending on what your time frame is. Still, you need to give this a lot of thought. I am not trying to sell you anything.
I have been in the mortgage biz for 17 years and I have been investing in real estate for over 12 years and I know this area having lived here all my life. So its an entirely different ball game
for me than it would be for you. Again, not trying to say it could not work for you but just pointing out that as Charlie said its not that simple nor easy and there are always risks.
Charlie...... I agree it is a fantastic time to own rentals. As long as you did not buy them in 2006! There are no problems at all renting
around here, the problem is in trying not to get annoyed at the 200 phone
calls you get from a house for rent ad in the newspaper! The rental game has plenty of pitfalls but for now at least finding renters is not one of them.