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.Ruxin1 wrote:This is dumb bro, youre giving up tens of thousands of dollars. What do you think people that own multiple properties do?spleenworship wrote: I was concerned about renting to someone while living hundreds of miles away.
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.