Ruxin1 wrote:spleenworship wrote: I was concerned about renting to someone while living hundreds of miles away.
This is dumb bro, youre giving up tens of thousands of dollars. What do you think people that own multiple properties do?
They either live in the same city so they can monitor their property, find tenants, and easily fix their properties themselves, or (and this is more common) they hire a management company. Since my ass couldn't afford a management company unless I chose to break even by having them keep what they charge above my mortgage, I would make zero money and could potentially have a liability if the management company couldn't find renters. I would hate to wake up in December when all my loan money is tapped to find that my renters absconded leaving me in the hole for a grand... or two, or three, or more until it got rented again.
ETA: a guy at my law school owns his duplex, rents out half. I would say that about a third of the time he has been without renters, and he has had to go fix their plumbing/turn on their heater/etc. instead of studying on multiple occasions. After watching him, I'm so glad I stayed here and just paid my mortgage.