Investing in other cities

[helidoug]

I`m currently reading Real Estate Investing in Canada 2.0 and it talks about finding the right city, neighborhood, area to invest in which makes perfect sense. My question is how do I look after my investment properties if they are halfway across Canada?

I live in BC but am presently working in the Ottawa area. I have seen some very positive things here and would like to continue researching and considering this area, but how would I look after my investments if I bought here?

Are property management companies a viable option or cost prohibitive for the starting investor.

Thanks in advance for any help.

 

[housingrental]

You`ve answered your own question within your post.
Hire a quality property manager. Search this out prior to purchase.
Ask for references from your realtor, lawyer, mortgage broker, etc... You can also check out the area`s local property management association for more options.

 

[margaretcowan]

Some investors buying single family homes or condos may think the usual property management fee of 10% is "prohibitive". But actually a good property manager is worth every penny (you don`t want to call a plumber at midnight, do you?) and enables you to invest in other cities. You have to factor the property management cost into your operating costs.

I`ve found most of my property managers through the realtor I bought the property through and some through other real estate owners.



QUOTE (helidoug @ Oct 25 2010, 07:24 PM) I`m currently reading Real Estate Investing in Canada 2.0 and it talks about finding the right city, neighborhood, area to invest in which makes perfect sense. My question is how do I look after my investment properties if they are halfway across Canada?

I live in BC but am presently working in the Ottawa area. I have seen some very positive things here and would like to continue researching and considering this area, but how would I look after my investments if I bought here?

Are property management companies a viable option or cost prohibitive for the starting investor.

Thanks in advance for any help.