Long Distance Landlording (by 357girl [PA]) Aug 6, 2018 2:35 PM
Long Distance Landlording (by NE [PA]) Aug 6, 2018 2:37 PM
Long Distance Landlording (by GKARL [PA]) Aug 6, 2018 2:51 PM
Long Distance Landlording (by Mike45 [NV]) Aug 6, 2018 3:32 PM
Long Distance Landlording (by Johnny B. [MA]) Aug 6, 2018 3:34 PM
Long Distance Landlording (by Andrew, Canada [ON]) Aug 6, 2018 3:54 PM
Long Distance Landlording (by Stephen [ON]) Aug 6, 2018 3:55 PM
Long Distance Landlording (by Ed [PA]) Aug 6, 2018 4:33 PM
Long Distance Landlording (by DJ [VA]) Aug 6, 2018 4:55 PM
Long Distance Landlording (by razorback_tim [AR]) Aug 6, 2018 5:10 PM
Long Distance Landlording (by fred [CA]) Aug 6, 2018 5:38 PM
Long Distance Landlording (by Lynda [TX]) Aug 6, 2018 5:52 PM
Long Distance Landlording (by tbird [KY]) Aug 6, 2018 6:19 PM
Long Distance Landlording (by tbird [KY]) Aug 6, 2018 6:19 PM
Long Distance Landlording (by tbird [KY]) Aug 6, 2018 6:19 PM
Long Distance Landlording (by tbird [KY]) Aug 6, 2018 6:19 PM
Long Distance Landlording (by tbird [KY]) Aug 6, 2018 6:19 PM
Long Distance Landlording (by rentON [PA]) Aug 6, 2018 6:25 PM
Long Distance Landlording (by Robin [WI]) Aug 6, 2018 7:23 PM
Long Distance Landlording (by 357girl [PA]) Aug 7, 2018 1:06 AM
Long Distance Landlording (by Doogie [KS]) Aug 7, 2018 5:22 AM
Long Distance Landlording (by S i d [MO]) Aug 7, 2018 6:14 AM
Long Distance Landlording (by Vee [OH]) Aug 7, 2018 6:18 AM
Long Distance Landlording (by GKARL [PA]) Aug 7, 2018 8:23 AM
Long Distance Landlording (by Wilma [PA]) Aug 7, 2018 11:44 AM
Long Distance Landlording (by LindaJ [NY]) Aug 7, 2018 12:41 PM
Long Distance Landlording (by 357girl [PA]) Aug 7, 2018 2:11 PM
Long Distance Landlording (by 357girl [PA]) Aug 7, 2018 2:11 PM
Long Distance Landlording (by Nell [CA]) Aug 7, 2018 5:27 PM
Long Distance Landlording (by lamac66 [GA]) Aug 9, 2018 6:34 AM
Long Distance Landlording (by 357girl [PA]) Posted on: Aug 6, 2018 2:35 PM Message:
Newbie here with a two-part question about owning a rental in another state and renting with a pool. I bought a cute house in a very desirable neighborhood in western PA but have reasons to move to Colorado. The house is a 2BR, 1BA on 1/3 acre with a fairly large pool. It's a great little house and I think it would be a perfect rental, but I'm curious to get other's experiences in managing a rental long distance and liability or other issues related to renting with a pool on the property. Access to the pool is fenced/gated with a lock high up and interior to the door. I've been told by another landlord here that house rentals are in short supply and my location would get me good renters.
Thoughts on long-distance landlording and renting a place with a pool?
Thanks! --24.154.xx.xxx |
Long Distance Landlording (by NE [PA]) Posted on: Aug 6, 2018 2:37 PM Message:
Sell it. Tough enough to manage 10 minutes away. --74.37.x.xxx |
Long Distance Landlording (by GKARL [PA]) Posted on: Aug 6, 2018 2:51 PM Message:
If you had more units, it would be easier to hire a manager, but there's not enough scale for that. Sell it. --209.122.xx.xxx |
Long Distance Landlording (by Mike45 [NV]) Posted on: Aug 6, 2018 3:32 PM Message:
Do you have close friends or family near the rental?
Do you have a long list of sub-contractors and handymen-type people you can call in case of need?
If this rental were in my hometown, where my father grew up, where I grew up, where my siblings all grew up -- so that we knew hundreds of people, some of whom we could call on for help -- maybe I'd consider it. But long-distance landlording is difficult! --71.222.xx.xxx |
Long Distance Landlording (by Johnny B. [MA]) Posted on: Aug 6, 2018 3:34 PM Message:
I also vote to sell it and take the tax free gain (if you can sell for a profit). Tenants will never take care of that nice pool anyways. --24.147.xx.xxx |
Long Distance Landlording (by Andrew, Canada [ON]) Posted on: Aug 6, 2018 3:54 PM Message:
Ive heard of landlords who have been sucessful at long distance landlording.......but I dont personally know of any.
I DO knkk of landlords who have become frustrated and sold thier distant rentals.
Challenges are usually property management companies who overcharge and under manage the properties and bad tenants who use the distance and poor management to their advantage. --69.158.xx.xxx |
Long Distance Landlording (by Stephen [ON]) Posted on: Aug 6, 2018 3:55 PM Message:
The distance is impractical and the pool is a liability. I also vote to sell, ASAP. --174.91.xxx.xxx |
Long Distance Landlording (by Ed [PA]) Posted on: Aug 6, 2018 4:33 PM Message:
I'm in western PA and advise you to sell. Always have phone calls the sink or toilet is leaking, piece of trim came off, CO detector going off need you here. I haven't had luck with any of the local property managers especially with one or two units. And tenants will not take care of a pool. --100.6.xx.xxx |
Long Distance Landlording (by DJ [VA]) Posted on: Aug 6, 2018 4:55 PM Message:
I agree with everyone else - sell. It will be easier to sell now, in the summer, while you are there and it is in good condition. Or you will end up trying to sell it later from a distance, after losing thousands of dollars, and it will be beat up.
Sorry, but the odds are very much against keeping it successfully. Take your money and invest in a property in CO. --68.10.xxx.x |
Long Distance Landlording (by razorback_tim [AR]) Posted on: Aug 6, 2018 5:10 PM Message:
You raise two different issues.
I wouldn’t want a rental with a pool even if it were nearby.
Long-distance landlording is doable with the right systems and resources.
But this is not the right situation for that. --70.178.x.xx |
Long Distance Landlording (by fred [CA]) Posted on: Aug 6, 2018 5:38 PM Message:
Two big mistakes here:
1. You are an absentee LL. Rule #1 in landlording is: you must be 20 mins or less, away from your rental.
2. The rental has a pool. How many LLs have been sued after pool accidents, yet here comes another LL who wants a pool in the rental. --99.59.x.xxx |
Long Distance Landlording (by Lynda [TX]) Posted on: Aug 6, 2018 5:52 PM Message:
We have a long distance property in FL and have been doing distance LLing for 30 years. It is easy ONCE you have a competent manager--but finding that is a lengthy process. It takes a couple of years of bad ones before a good on is found.
The bigger problem is the pool! A pool is a great LIABILITY! If there is any death in a pool you own--especially a child--the family will sue your pants off! Even if it is the TENANT's fault--YOU will be the one sued. Insurance will NOT COVER YOU.
I suggest you go on-line and research:
- swimming pool deaths
- court cases on swimming pool deaths and judgements awarded
- insurance companies who will insure a property with a pool that is rented out to tenants.
And, if after that you still want to keep and rent it, I suggest you drain the pool and cover it with a secure cover. --108.87.xx.xxx |
Long Distance Landlording (by tbird [KY]) Posted on: Aug 6, 2018 6:19 PM Message:
Nope. Sell. --98.93.xx.xx |
Long Distance Landlording (by tbird [KY]) Posted on: Aug 6, 2018 6:19 PM Message:
I've got a few just about 45 minutes away.
And honestly...even that distance is a pain in the rear. --98.93.xx.xx |
Long Distance Landlording (by tbird [KY]) Posted on: Aug 6, 2018 6:19 PM Message:
I've got a few just about 45 minutes away.
And honestly...even that distance is a pain in the rear. --98.93.xx.xx |
Long Distance Landlording (by tbird [KY]) Posted on: Aug 6, 2018 6:19 PM Message:
I've got a few just about 45 minutes away.
And honestly...even that distance is a pain in the rear. --98.93.xx.xx |
Long Distance Landlording (by tbird [KY]) Posted on: Aug 6, 2018 6:19 PM Message:
I've got a few just about 45 minutes away.
And honestly...even that distance is a pain in the rear. --98.93.xx.xx |
Long Distance Landlording (by rentON [PA]) Posted on: Aug 6, 2018 6:25 PM Message:
It's a hot seller's market in Western PA now. Take the money and run and don't look back! --67.165.xx.xx |
Long Distance Landlording (by Robin [WI]) Posted on: Aug 6, 2018 7:23 PM Message:
I have been a long-distance landlord for 3+ years for several properties. I had someone I personally trained to be my boots-on-the-ground "property manager," a great plumber and a solid electrician, and a handyman that could handle just about anything else.
In that time, my "property manager" has learned enough from me that he picked up 5 of his own properties and doesn't have much time for mine any more. The plumber is swamped with work, the electrician retired, and my handyman decided he was worth $35/hr even for demo work. DH and I just spent four days in town doing two turnovers ourselves because hiring it out has been so difficult/expensive. AND none of my properties has a pool! You've received great advice. Sell! --204.210.xxx.xxx |
Long Distance Landlording (by 357girl [PA]) Posted on: Aug 7, 2018 1:06 AM Message:
Thanks so much for your thoughts and experience, it's very helpful and it looks like the best thing is to sell it. I knew I'd have to have an army of service providers and I only know one good contractor so I don't have the resources yet to pull this off.
Unfortunately the market in CO is absolutely insane and it doesn't make sense to invest at the height of it but I'll keep my eyes open for something good there. --24.154.xx.xxx |
Long Distance Landlording (by Doogie [KS]) Posted on: Aug 7, 2018 5:22 AM Message:
I used to own 2 that were 100 miles away in my home town. I just sold them both this year and should have done it years ago. The management is a nightmare. You will be much more than 100 miles away, so I would recommend selling as well.
Good luck on your upcoming move! --98.175.xxx.xxx |
Long Distance Landlording (by S i d [MO]) Posted on: Aug 7, 2018 6:14 AM Message:
The advice here is good, and I'm glad to see it appears like you're taking it. I concur.
One thing I'll add because I didn't see anyone else mention it (or they did and I missed it): think of this and other future investments and opportunity costs.
So the way I would have started this discussion isn't thinking about liability or long-distance land lording per se; rather, I would have asked myself, "If I were currently living in Colorado and had this money in the bank, would I go buy a rental of any kind in Western, PA?"
The answer, almost 99.99% of the time, will be "No." You would not go buy a rental 1000+ miles away. Never. Pool or no pool, cute or ugly, big or small, cheap or expensive, desirable neighborhood or war-zone....doesn't matter. All of those factors become non-issues. They are a distraction from the core issue. The answer is no, simply no. You would not do that.
Every day you keep that house, it's the same thing as making the decision to buy it again, because you have capital, time, and effort tied up in it that could be used somewhere else closer to home. That's what I mean by analyzing this from an opportunity cost perspective. By keeping the house, you lose the opportunity to do something else that might be easier, more fun, more profitable.
This kind of thinking helps out in many situations, not just this one. The thing you are fighting is inertia, staying put, not making changes. Learning to see past the inertia of a situation will clarify your thinking.
Best wishes.
. --173.19.x.xxx |
Long Distance Landlording (by Vee [OH]) Posted on: Aug 7, 2018 6:18 AM Message:
Just leave it empty, build a 3/4 plywood cover for the pool to plant a veggy garden you will come back every other week to pull weeds and food, you can take a nap before going to CO. Begs the question about your landlord skills here or there, local - state laws and courtroom experience. --76.188.xxx.xx |
Long Distance Landlording (by GKARL [PA]) Posted on: Aug 7, 2018 8:23 AM Message:
The only way I'd consider long distance landlording is with a huge multi-family (like 50 units) with on-site management. In other words, a business with management infrastructure in place. Also, I'd go remote with something like a strip mall with commercial tenants as they require less management and much of the maintenance can be pushed on them. The problem with small MFH and singles is that one simply doesn't have enough scale to attract or even afford outside management. --209.122.xx.xxx |
Long Distance Landlording (by Wilma [PA]) Posted on: Aug 7, 2018 11:44 AM Message:
I've heard that the RE market is very hot in western PA, too. Sell - it will be a major headache to rent out, almost guaranteed.
FWIW - what town? --71.175.xxx.xxx |
Long Distance Landlording (by LindaJ [NY]) Posted on: Aug 7, 2018 12:41 PM Message:
If this is one that you have lived in for a few years, I would sell. The Tax situation is better that way. Take the profits and hold for the next one you do buy. Too many people get emotions mixed up in rentals because they have lived in the house. It will NOT be taken care of like you did. Sell it and move on. --108.44.xx.xxx |
Long Distance Landlording (by 357girl [PA]) Posted on: Aug 7, 2018 2:11 PM Message:
Sid, thank you very much for your thoughtful insight. I did not think of it that way.
To clarify my situation, I recently made the move and bought the house but things aren't working out here as anticipated with job, etc. I was trying to think it through and see if there were other options before selling.
Thanks again for all the advice, it's very helpful! --24.154.xx.xxx |
Long Distance Landlording (by 357girl [PA]) Posted on: Aug 7, 2018 2:11 PM Message:
Sid, thank you very much for your thoughtful insight. I did not think of it that way.
To clarify my situation, I recently made the move and bought the house but things aren't working out here as anticipated with job, etc. I was trying to think it through and see if there were other options before selling.
Thanks again for all the advice, it's very helpful! --24.154.xx.xxx |
Long Distance Landlording (by Nell [CA]) Posted on: Aug 7, 2018 5:27 PM Message:
You have received a lot of advise (opinions). Ultimately, you have to make the decision. What if you can't sell this house? Don't panic because you will miss that little voice telling you what to do. If you decide to rent, understanding the liability of the pool, I would be very, very selective (basically discriminating, a single woman or man, husband and wife, etc) and they must have rental insurance and name me as additional insured. Discuss w/your agent. Establish pool rules. Take your time screening. This only makes you rest a little better at night but you could still be liable if an accident because you are the one with the money.
Full disclosure...I've been a landlord for 20 years with 8-10 out of state properties, 1800 miles away. I have no desire to sell even after being bombarded w/advertisements weekly. It works for me. I am very happy with my decision. I have had good tenants and I have had bad tenants. Most frustrating has been my "use to be" reliable handyman that doesn't return phone calls or he accepts another job without finishing my job first. So I'll be meeting with several back ups next week. He'll get mad again, but oh well.
I do it all; screen, manage and collect rent 1800 miles away. No management company. I often don't meet my tenants until they have moved in, months later. I make 2-3 trips annually. I'm just a phone call away.
Traveling there is a tax write off. I have family there, sometimes they are available to help and willing. As Razorback said, you must have processes in order. I have a licensed hvac, plumber, electrician, lawyer, broker and roofer. My handyman can fix most items including minor leaks. And you must have your neighborhood snitch. Make friends with a neighbor. Love them.
Everything depends on your comfort level. I hope this has been helpful.
All the best,
Thanks Sid. --104.11.xxx.xxx |
Long Distance Landlording (by lamac66 [GA]) Posted on: Aug 9, 2018 6:34 AM Message:
I would keep it. Secure or cover the pool and not even refer to it in advertisement. Managing property long distance takes common sense and being a professional.
You must have a system in place of local handypeople/contractors or someone you can depend on to be a go between to get repairs coordinated and done. This is where networking comes in.
Have a good lease that spells out how maintenance will be handled. I suggest a simple property management app/website. There is about a dozen available now for as little as $35.00/mo.
The come complete with website where you can list properties and tenants can put in maintenance requests. No reason someone with rental properties not have this. Makes things so simple and automated.
YOU MUST HAVE A SYSTEM. Run your rental like a business rather you have a mutifamily complex or one SFH. --150.148.xx.xxx |
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