How Far Away Are Your Rental Properties?

Do you own rental properties? (You should.)
I'm asked, from time to time, if it's higher to measure close to the properties that you simply decide to own for a protracted time, rental properties you intend to carry. Naturally, the "correct" answer is what's best for you - what fits your goals, preferences and needs. But I actually have a really definite declare myself, so following is my preference and my reasons for it.
I own over a hundred rentals and they are all at intervals a twenty minute drive of my home - in all probability ninety five p.c at intervals quarter-hour. Why? Because I come into being managing all of them myself, and that i did not need to:
learn more geographic areas than necessary - city ordinances, zoning changes, desirable areas, school districts, etc.
spend excess time on the road for management, maintenance, showing the property, etc. I don't build cash sitting behind the wheel of a automotive.
And I've found over time that whenever there's a real emergency, it's definitely a plus to be nearby.
We have lots of ice storms (they cause a lot of damage and power outages)
I had one property fire
Water leaks wherever the tenant cannot notice the water shut-off valve (something you ought to invariably entails at move-in)
etc.
There ar such a lot of reasons I favor to have properties close. Another major factor is being able to keep up with what's going on in those locations:
market values
legislation
zoning changes
So, for me, shut may be a should for the properties i am holding long run. If i buy one thing farther away, I rehab and resell. My 1st rental property was forty five minutes from my home. 18 months later, I sold it. The drive made me crazy.
That being aforementioned, people from big cities, like Atlanta, think I'm crazy. They tell Pine Tree State they drive a minimum of associate degree hour to anyplace they need to be. My response is, that's why I don't live in Atlanta...
And, of course, many of us like better to own out of state or maybe out of country. I don't know those areas, their laws, management companies, etc., so I have no interest. Doesn't mean it wouldn't be a good choice for others.
Another consideration is the population of your area. Our town is 250,000 so there are plenty of properties to own in a very concentrated area. Some elements of the country area unit additional|much more|way more} rural and fewer densely inhabited requiring more drive-time so as to possess an oversized portfolio.
Bottom line, you can make anything work. Find what you wish, focus and become great at it.
I will assure you that owning rentals is that the BEST thanks to produce long-run wealth and you may notice, over time, what locations and kinds of properties you like.
What do you own? Why?
My name is Karen Rittenhouse and I've been investing in real estate full time since 2004. We currently buy about 60 houses per year, 80 percent of which we wholesale. Our current goal is to use that income to pay off all of our hold properties.

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