So my wife and I are in San Diego, Ca. Not the best place for buying rental properties. We have been looking at turnkey properties in landlord favorable states. I think Indiana is a good state for landlords, I think. We are looking also for an LLC with a sub “S” holding company. This will be our first investment rental purchase. Do you have any common sense recommendations for owning out of state property? Good things, ideas to ask the turnkey company? Thank you for you help.
P.S. very good reading
Thanks for checking out our site and I’m glad that you’re enjoying the content. I’m an out of state investor myself, so can hopefully give you a few helpful tips. You’re on the right path by looking for properties in landlord favorable states. I recommend thoroughly checking out the turnkey company that sells you the property if you’re planning on buying from them. Ask things like what their management fees are, any other costs, how long does an eviction take, how do they vet their contractors, how quickly do repairs get done, how long they’ve been in business and how many properties they manage and how many staff members they have. If you choose not to purchase through a turnkey company, then I recommend checking out the property in person. That way you can meet the realtor or owner, check out the area and get a feel for the neighborhood. I recommend driving by the property during the day and at night to see the traffic and if people are hanging out, how the block looks etc. Also, look at school ratings in the area because renters with children will consider those before moving. Here’s a link to our top turnkey real estate companies for 2018. https://fitsmallbusiness.com/best-turnkey-real-estate-companies/
Ne sure to stay in touch and let us know how everything works out for you.
All the best, Allison