Looking at sheriff’s sales near where I grew up in NJ, there are 5x as many properties selling as there were two years ago. A lot of them go back to the bank for $100. Future REOs!!! YAY!
And Mel “The Skell” Watt’s plan to write down loans only covers about 6,000 of the 240,000+ underwater loans in NJ. Beautiful.
NV, FL, NY, PA, and MD are also “good” states. LOL.
As far as managing long-distance, you don’t need a property manager for a condo further away, if you’re willing to go for a week when a tenant moves out, do some work, and get it rented.
Picking your tenants carefully so they’re reasonably self-sufficient and reliable. Best tenants are self-employed and grad students. People who can be very reliable, but who other landlords might be hesitant to rent to. They know they’ll have a harder time finding a different place, so they remain quiet as church mice, pay like good little tenants, and count themselves lucky not to be under a bridge.
