Buying Out of Your Location

[hoosierhunter]

I was considering purchasing land out of my immediate location to use as a rental. I know of an area where the homes are quite cheap, and I have family in the area that can collect due rents, but I am reluctant to purchase due to my distance from the area causing a possible conflict. Anyone with insight on this?

[sweet_mayhem]

Originally Posted by hoosierhunter

I was considering purchasing land out of my immediate location to use as a rental. I know of an area where the homes are quite cheap, and I have family in the area that can collect due rents, but I am reluctant to purchase due to my distance from the area causing a possible conflict. Anyone with insight on this?

i live in the city and i plan to invest in rental homes in the near future but like you, the more affordable homes are outside my vicinity. anyway, if i were in the same situation, i think i would let trustworthy people collect the rental fees for me and have them sent to me. i mean considering the time, gas price and effort you can save, i think it should be worth it.

[destiny_star2006]

Make sure it is definatly trustworthy people as money brings out the greed in people!
Also make sure you have bonds and refrences from all people going to rent your home,so as you definatly receive the money for rent!

[brian]

I saw in The Times last weekend that in the UK buy-tolet purchases are falling through very fast.

Apparently, although buy-to-lets only cover 10% of the UK property market, apparently 50% of homes sold at auctions are buy-to-let properties where the new owners couldn't keep up with repayments.

So I'd make affordability the priority here.

2c.