You are buying a rental property and will be a long-distance landlord?

Bad idea in my opinion – owning/managing rentals is challenging enough when they are local

Another poster, I believe ‘surveyor’, will tell you otherwise – evidently he is having luck getting cashflow from distant properties although he is doing multi-unit stuff not single-family

I question whether the market is really ‘fairly active’ if the house was available at $265K but didn’t sell

Any offer would have to be below $265K IMO

cali money

There is a lot of california money flowing around the midwest right now, some of it is attributable to my group, although we usually buy multi’s. I know a couple of people who have been buying duplexes there.

$250k seems a bit high for an SFR. The members of my group have been buying duplexes for that price around Missouri. My totally off-the-cuff guess for that foreclosure is probably $190k tops for it to be a good buy.

Of course if it’s waterfront property or something, that about throws all estimates off.

Bad idea in my opinion – owning/managing rentals is challenging enough when they are local

Well, I am crazy… 🙂

juice hope things are going well….

One thing that is usually consistent regardless of where you are in the country, is that there are people who know how to make money on foreclosures during down cycles. I think it is telling when a property goes to auction and nobody buys it and it goes REO. This tells me that the market is not ripened sufficiently.

Based on this fact, if this property went to auction and went REO because it didn’t get bought, then I would sit tight if I were you.

Believe it or not you will come across a better deal if you are patient.

SD Realtor