Investing From a Far

[Singh]

Hi Guys,

I am running into a problem with my father, he says there`s no point in managing property if you don`t live close to it, surprisingly in Victoria, I can find some cashflow or close to cashflow type homes, on acrages, and I would love to invest. However, my dad is saying look, you know how hard it is to find renters, who dont` want to mess up your house, or don`t care about it. He`s true, my uncle has the same probelm with his tenants..

How do you manage property from a far????

 

[MonteDobson]

Hire a good property manager to look after your property for you.

Yes it does cost a bit (usually 7-10% of gross rents) but if you find a good one, it will really help you focus your time and efforts on other things such as purchasing more properties.

 

[LongWayFromHome]

1. I am much much further away from my Canadian investment properties than you are.
2. There are pros and cons to being further away. It`s nice to be close to your properties. It can also be a trap to get too closely involved and lose objectivity. It can be harder to be further away.
3. A great investment opportunity is a ... great investment opportunity ... regardless of where it is located.
4. I take advice only from people who are very successful on THAT TOPIC.
5. I recommend safely leveragng your time and money. You get a loan/mortgage to achieve financial leverage. You use property managers to achieve time leverage.
6. Many people ask me "should I buy an investment property". I generally reply "don`t buy one, buy five".
7. I search many countries for great deals for me and my clients. Nothing compares to what I am seeing and finding in SK and MN.
8. I know I am right because locals and BC-Investors and AB-Investors tell me those magic words "You`re crazy. Don`t buy here where prices are so low. Go back to Vancouver/Calgary/Edmonton/Toronto (etc) where prices are high. Buy there".

Anthony


quote name=`Singh` date=`Mar 30 2008, 05:03 AM` post=`15358`]
Hi Guys,

I am running into a problem with my father, he says there`s no point in managing property if you don`t live close to it, surprisingly in Victoria, I can find some cashflow or close to cashflow type homes, on acrages, and I would love to invest. However, my dad is saying look, you know how hard it is to find renters, who dont` want to mess up your house, or don`t care about it. He`s true, my uncle has the same probelm with his tenants..

How do you manage property from a far????