Buying your first rental property may seem like a monumental task. You have to work outside your comfort zone, to try something new and learn as you go. It’s even more difficult if your first properties are out-of-state.
So what does it take to pull the trigger on a plan to buy rentals many miles from where you live? How do you manage your properties if you don’t live nearby? How do you protect yourself from bad tenants? How do you deal with local issues like storms and flooding? What kind of insurance and back-up reserves should you have for unexpected events?
Our guest today is based in California. He took took the leap and has become a long-distance landlord with properties in four different markets. He’s here to share his story and some of the things that he’s learned. It’s a great way to help potential investors make that first move, so let’s find out how it’s going for Alek Mukherji and his portfolio of single-family rentals.