THERE’S A NEW QUESTION on my Q&A page. I’m putting it up today as a post; it will remain in perpetuity on the Q&A page along with others I’ve answered in the past:
- looking for property under 150K
- where to find good buys on mid-century furniture
- contemplating a move from the Hudson Valley to Philadelphia
- entering the Brooklyn real-estate market as first-time home-buyers
- renting in Brooklyn with three dogs
Check it out when you get a chance. Here’s the latest:
Q: How do you handle being an landlord in multiple cities? I’m in Brooklyn. My girlfriend and I are building a little investment house in downtown Charleston, South Carolina. Going to rent it out…the house is comprised of 3 little lockout apartments and can easily convert back to single family. Any tips or advice on how to be an absentee landlord? – Reid
A: Hi, Reid. What you’re proposing is entirely do-able. I have ten rental units, five in Brooklyn and five in Philadelphia. For the past year-and-a-half, I’ve been living at the end of Long Island, 2-1/2 hours from Brooklyn and 4 or 5 from Philly, so I’m an absentee landlord all around, I guess. I don’t love the term “absentee landlord,” though. It suggests tenants running amok because they think you won’t know or don’t care. It reminds me on New York in the ’70s, when “absentee landlord” was synonymous with “slumlord” in the tabloids. That’s not us! We need a new term (suggestions welcome…)
Anyway, in this day of cell phones, texts, email, FedEx (for leases and keys), and Craigslist, it’s not hard to be “present” as a property owner/manager, even at a considerable physical distance. Continue reading