Managing rental properties remotely is becoming increasingly common as investors seek to capitalize on better market conditions away from their location. While it can be a lucrative venture, especially with lower prices and higher cash flows, several factors must be considered. These include understanding local laws, maintaining communication with tenants, knowing the property market, and avoiding common pitfalls that remote landlords face. Insights from experts like Zach Cohen highlight the importance of thorough planning and leveraging local resources to successfully navigate long-distance management.
Managing rental properties remotely can be a savvy financial strategy but comes with its share of specific challenges to navigate.
The definition of a remote rental property involves owning property far from a landlord's residence, typically located in another city or state.
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