OPINION Buying and Managing Property/Land

Inori

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Aite ima try this again in a new thread. I wanna pick the brains of some of the property/land owners on here.

For those of yall familiar, what are some of the things you look for when purchasing land and/or properties outside of where you typically reside. Whether it's in another state or even another country.

Do yall get property managers? How often do you physically visit your property/land yourself? What are some things to look out for in a property manager?

What factors went into your decision making to purchase the land you did. Residential, recreational, farming or something else?

When looking for new purchases what are some of the things yall consider?

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konceptjones

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All the land I own is empty and in the middle of nowhere EXCEPT the land I co-own with my siblings and my aunt. That's on the reservation and it's leased out to a farming operation.

I went in looking for bang for the buck: That is, for each state, with the exception of Michigan, what was the most amount of land I could get for cheap. Michigan is the exception for that because the plot I have there is one I picked because of it's proximity to water (it's off a river that feeds a lake nearby) with frontage on a municipal road with power. Ultimately I'm looking at sticking either a tiny house or a single-wide on it as either a spot to go chill away from everything or a bug-out spot if shit hits the fan.
 

IP360

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I'm still searching. Especially in my area. The property I got back home was actually bought by my dad (he bought it for me and my sis). I STILL haven't seen it. Lol!

I mean I did attempt to go see it. But my Dad didn't give me clear directions. As far far where I'm at now...I think I'm leaning somewhere out in the country. But not TOO far deep.
 

Inori

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All the land I own is empty and in the middle of nowhere EXCEPT the land I co-own with my siblings and my aunt. That's on the reservation and it's leased out to a farming operation.

I went in looking for bang for the buck: That is, for each state, with the exception of Michigan, what was the most amount of land I could get for cheap. Michigan is the exception for that because the plot I have there is one I picked because of it's proximity to water (it's off a river that feeds a lake nearby) with frontage on a municipal road with power. Ultimately I'm looking at sticking either a tiny house or a single-wide on it as either a spot to go chill away from everything or a bug-out spot if shit hits the fan.
Props bruh thats dope as hell. Do you just let the land sit until you're ready to do something with it or do you have someone come by every now and again to maintain it.... Like cut the grass and cut back some vegetation and all that? Do you worry about folks using or squatting on your land if you arent able to physically visit or have someone do it for you?
 

Inori

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I'm still searching. Especially in my area. The property I got back home was actually bought by my dad (he bought it for me and my sis). I STILL haven't seen it. Lol!

I mean I did attempt to go see it. But my Dad didn't give me clear directions. As far far where I'm at now...I think I'm leaning somewhere out in the country. But not TOO far deep.
You looking anywhere in particular? I know some countries, Bermuda for example doesnt allow for non-Bermudians to buy vacant land.. But they can sometimes under certain conditions buy a house/property
 

IP360

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You looking anywhere in particular? I know some countries, Bermuda for example doesnt allow for non-Bermudians to buy vacant land.. But they can sometimes under certain conditions buy a house/property

Well since I'm in Cincinnati...a couple of areas outside the city. That's where those country areas are located. Outside the city, but an area that has stores conveniently close by.

I thought about residential spots, but I think I need to work my way up to that.
 
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Reed MJ

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Closing on my 3rd rental prop next week in the DC area. Yes I have a property manager just because I'm still working full time along with bartending and a family. Good prop managers must have great communication and keep administrative fees low, at least for me. Next year or end of this year I'll venture out of state for props due to shit being so expensive here.
 

Sony Montana

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my fault. I coulda swore you mentioned something about property managers a while back in another thread. Mightve been someone else
Nah me and my wife sub lease apartments through Airbnb as a business but I did express wanting to actual buy land hence the confusion lol
 

konceptjones

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Props bruh thats dope as hell. Do you just let the land sit until you're ready to do something with it or do you have someone come by every now and again to maintain it.... Like cut the grass and cut back some vegetation and all that? Do you worry about folks using or squatting on your land if you arent able to physically visit or have someone do it for you?
I just let it sit. All of it is literally in the middle of nowhere and since the plots here in NV, AZ, and TX are just the middle of the desert there's no need for maintenance and squatters would never venture out that far from civilization. At some point before I leave this state I'll make my way up to Elko county to just look at the spot up there but if I don't it's no big deal. The spot in MI is a pretty dense wooded area already, so there's no need to maintain it until I make use of it, and even then if I put the house far enough off the road all I'll need is clearing for the crib and that's about it.
 

Inori

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Closing on my 3rd rental prop next week in the DC area. Yes I have a property manager just because I'm still working full time along with bartending and a family. Good prop managers must have great communication and keep administrative fees low, at least for me. Next year or end of this year I'll venture out of state for props due to shit being so expensive here.
Dope! What made you go with the property manager you're currently with? Were they the first one you went with and you lucked out getting a good one or did you have to go through a couple to find one that worked well with/for yall?
 

AZTG

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Property Managers are a must fam. And not folks thats say they Property Managers either. Make sure you work with a company that manages multiple properties.

And never ever for a flat monthly fee. Only sign with a property manager that takes 3-5% of the rent per month. If they dont find you a tenant, they dont get paid that month.
 

Reed MJ

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Dope! What made you go with the property manager you're currently with? Were they the first one you went with and you lucked out getting a good one or did you have to go through a couple to find one that worked well with/for yall?
Def shopped around. Interviewed 4-5 prop managers. An important question to ask is how many places they manage. You're trusting them to take care of things you may not have time for so they need to be on it. Having too many along with not having a lot of people on their team means theyre going to be slow to get it done.
 
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#1hiphopjunki3

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Different places I look for different things.

haven’t gotten any property abroad yet but what I’m looking for is something in an area that has a decent tourist draw so I can rent it when I’m not staying there. Nothing too big because I’m on the go and will most likely not stay there too long.

the house I just bought, I got it because it’s out in the country with places to buy up plots of land. It’s laid back. Sadly others are starting to think the way I do because land is getting grabbed and built on the last few months. I already have in my mind that I will be renting this spot in a year or two.

I like to travel and feel with my passive income I already have coming in and the property I’m trying to get will help me be able to bounce around more, once I get things straight.

cool thread idea. I look forward to learning from folks on here. The stock thread is another gem on this site, that I’ve slacked from the last 5 or so months. I gotta get back on that.
 
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VulcanRaven

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I am getting into REITs. You don't own the property but you can invest in it.
 

Inori

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Property Managers are a must fam. And not folks thats say they Property Managers either. Make sure you work with a company that manages multiple properties.

And never ever for a flat monthly fee. Only sign with a property manager that takes 3-5% of the rent per month. If they dont find you a tenant, they dont get paid that month.
Interesting.. I didnt even think property managers helped find tenants. I thought they just kept an eye on things if the homeowner couldnt or didnt want to. Did inspections, facilitate repairs, landscaping etc.
 

Inori

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I am getting into REITs. You don't own the property but you can invest in it.
When I first got started in that stock thread I put a lil into Realty Income Corporation(O). It's been performing pretty well
 

konceptjones

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Interesting.. I didnt even think property managers helped find tenants. I thought they just kept an eye on things if the homeowner couldnt or didnt want to. Did inspections, facilitate repairs, landscaping etc.
That's what they do out here. They list the properties, collect rent, handle maintenance requests, etc. Anything major that needs to be done they run it by the owner 'cause that's who ends up footing the bill for it. We got a lot of out-of-state investors here, and part of the law says that if you're out-of-state you have to use a local realtor or management company to handle the property.
 

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I'm kinda fried right now...

But this is a topic that I'm kinda versed on.

Be the nigga on the books who pay the taxes


Even if everything else dumb.... The nigga who pay the taxes will win 10/10 my nigga