When you’re investing in rental properties out of state, should you go visit them? Today I’m going to share my personal philosophy on this topic, plus explain our company’s policy for our investors.
On this Q&A episode, I’m answering your question on visiting out-of-state rental properties, buying in overinflated markets, and achieving real estate professional status for tax purposes. Press play to hear my answers to your questions on this episode of Investing in Real Estate!
On this episode you’ll learn:
- Whether you should visit your out-of-state rental property.
- What to consider about buying an apartment in an overinflated market.
- How to qualify as a real estate professional for tax purposes.
Whether You Should Visit Your Out-of-State Rental Property
If you want to visit your rental property for peace of mind, then you should! For our clients specifically, it’s not required. Typically, our clients want a passive investment where everything is done for them. Our team sets everything up for you so you can invest from out of state, or even out of the country. That being said, if you’d like to come visit then we’d be happy to accommodate you!
What to Consider About Buying an Apartment in an Overinflated Market
I would advise that you avoid investing in an overinflated market if at all possible. Look to invest in markets that can bring you high returns. That way you’ll have great cash flow for personal use.
How to Qualify as a Real Estate Professional for Tax Purposes
To qualify as a real estate professional, the investor must work at least 750 hours per year in the business. Additionally. no one else can work in the business more than the taxpayer. This does not include a property manager other services.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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