Congratulations! I can say that it is one of the best and worst things I have done. I have 5 houses other than my own and they are spread all over the country. @Angryman has a point in saying buy close to home. When something major happens, it just makes it easier to handle if you know people in the business. Having to depend on a realtor is not something I want to do and when you have a problem, you are at the mercy of who you can get to fix something.
As a note, I have had the same renters in my Florida house for over 15 years. They are the best! Never had any really bad renters, but, always buy in a military community and rent to incoming people. Rent is always assured with them.
I wish you much luck and it is fun! Then when the market goes through the roof, I dumped a few and waited for it to tank and bought a few. It's a crapshoot, but, I think you will have fun with it.
Haha you sound like my wife. Shes the real go getter in all of this. Ive heard even the government subsidized renters are getting better the way everything is handled.
Were just trying to dip our toes in, but my wife is ready to jump all in. The market just makes me nervous right now, but cautiously excited!
I sold my house in the outskirts of San Antonio as the market is hot right now. This is a recent sell and I did it because I am not so sure that the Spring prices will hold. The market feels unsure (to me) and so I will probably sell the Florida or Virginia house next as they have gone up from the '09 crash.
I am waiting for the market to crash again to buy. Now that may sound horrible to you, but the reality is that is the time to buy. So I hang on to my cash from these sales and buy them outright when the price drops. You get a better cash price if you don't have to finance. Also, in a real crash market, some only take cash.
As an aside, flipping is no longer the moneymaker that it was, but, I still find it fun. You gotta know when to hold it and know when to dump it. That is all I have to tell you. You cannot get too emotional about it, otherwise, you lose your sense of business about it. :)
Haha yeah now is great time to sell in san antonio. I spent 5 years 2 hours south of that area.
Bought a house for 105.5 and sold it for 125 over a year later making relativly no changes.
The market is crazy hot and that cant last.
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Exactly!!! Sell high! Buy low! (I'm hoping for a spring fire sale!)