younginvestor2013
Recycles dryer sheets
- Joined
- Feb 6, 2013
- Messages
- 226
Does anyone have experience investing in real estate outside your vicinity OR in your vicinity but not directly managing the property yourself (i.e., hiring a property mgmt company)?
I am very intrigued to purchase some real estate solely for investment purposes. I work in real estate finance and investments so I am fairly competent at analyzing a potential investment's feasibility (albeit I am still young in my career! :cool smiley: ).
The trouble is, I live in Chicago which is a fairly high cost of living town. Therefore, investing in most residential (or other types) of properties requires a significant capital commitment, unless I am willing to invest in smaller condos (which are generally not good investments).
However, I have looked at various markets around the country and seen many prices that fit in my price range much more (Las Vegas, Florida, Arizona). The trouble is that I am not on the ground and wouldn't be able to manage the property myself so I'd have to hire a property management company. I deal with these folks at my work daily, but this is on a different/higher level.
I'm wondering if anyone has first hand experience with this, and how the story went (positive/negative)?
Does anyone have comments or personal experience in real estate investments in general? My ideal price range would be 200-300K max, at which price a down payment would represent only about 13-20% of my overall portfolio. I don't mind tying up that cash given my horizon (I just turned 24).
I am very intrigued to purchase some real estate solely for investment purposes. I work in real estate finance and investments so I am fairly competent at analyzing a potential investment's feasibility (albeit I am still young in my career! :cool smiley: ).
The trouble is, I live in Chicago which is a fairly high cost of living town. Therefore, investing in most residential (or other types) of properties requires a significant capital commitment, unless I am willing to invest in smaller condos (which are generally not good investments).
However, I have looked at various markets around the country and seen many prices that fit in my price range much more (Las Vegas, Florida, Arizona). The trouble is that I am not on the ground and wouldn't be able to manage the property myself so I'd have to hire a property management company. I deal with these folks at my work daily, but this is on a different/higher level.
I'm wondering if anyone has first hand experience with this, and how the story went (positive/negative)?
Does anyone have comments or personal experience in real estate investments in general? My ideal price range would be 200-300K max, at which price a down payment would represent only about 13-20% of my overall portfolio. I don't mind tying up that cash given my horizon (I just turned 24).