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returnofcuda

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Posts: 5
Reply with quote  #1 

I'm a 1 month old landlord, purchased my first property in a small town in my area. So far there has only been minor issues to deal with and I seem to have descent residents. I'm currently looking to buy another one. I've refraned from looking in the city of York, Pa, which is close to where I live. I feel uneasy about owning property there with a different type of people than I'm used to. Here's the problem, profit margins are a lot higher in the city, so I keep going back to it. My question is can a country raised land lord survive as a city land lord or should I wait to become more seasoned?

OHlandlord

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Posts: 3,814
Reply with quote  #2 
You can get bad tenants whether in the city or not.  (Believe me, those bad tenants will move to your area too!)  But I'd take it easy at first.  Join a LL association in your area and read everything you can borrow from the library on landlording.  Educate yourself a little before you jump in with too many properties.  The prices will still be down on those properties for a while.  You need to learn a lot about LLing before you bite off more than you can chew (as they say).

You want to keep properties close to you.  It is difficult to be a long distance LL.  Are you ready to make the trip into the city in the middle of the night to handle an emergency?  Are you ready to make multiple trips in each week while you are trying to show a vacant unit?  Can you drive by any city property at least once a month just to keep an eye on things?  Only you know how far you are from the area you are considering.

Once you have educated yourself and have a little experience, rest assured a country LL can become a city LL.  People are people, the same all over.
returnofcuda

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Posts: 5
Reply with quote  #3 

Thank you Ohlandlord, I'll take your advise and stay close for now. I'm currently reading The Land Lord Survival Guide and plan to continue reading what ever I can get my hands on.

OHlandlord

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Posts: 3,814
Reply with quote  #4 

Also read Landlording by Leigh Robinson and Every LL's Legal Guide by NOLO press.  Toward the end of the year, read the LL tax deduction book by NOLO.  And before you go much further, you need to get the LL-Tenant law book from the library for your state and read it thoroughly (take notes if needed).  You need to know your state law very well and follow it completely.

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