2132: The Downsides to Owning Out of State Rental Properties by Joel of 5AM Joel

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🗓️ 12 December 2022

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joel of 5AM Joel talks about the downsides of owning real estate Episode 2132: The Downsides to Owning Out of State Rental Properties by Joel of 5AM Joel Joel is a 35-year old living in Los Angeles with his wife and their dog. He was born and raised in Australia and moved to the US when he was 22. About 4 years ago he started getting up every morning at 5am. It started as one of those 30 day challenges, but after the challenge was over, Joel never stopped. He started noticing major improvements in his work, health, relationships and happiness in life. Joel sends out a short daily message at 5am each morning. He writes about happiness, positivity and learning to be a better human. The original post is located here: https://5amjoel.com/downsides-out-of-state-rental-properties/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 2132, the downsides to owning out-of-state rental
0:06.9	properties and how to deal with them by Joel of 5amjole.com, and on your host and personal
0:13.5	finance enthusiasts, Diana Mariam.
0:16.5	This show is actually one of multiple shows in our network covering different topics,
0:21.0	so if you like the idea of us reading articles to you, be sure to search for Optimal Living
0:26.0	Daily wherever you're hearing this and check out our other podcasts.
0:30.4	But for now, let's get right to today's post as we optimize your life.
0:39.1	The downsides to owning out-of-state rental properties and how to deal with them by Joel
0:44.6	of 5amjole.com.
0:47.8	There aren't downsides to owning out-of-state rental properties.
0:51.5	Some of them can be combated with careful planning and extra ongoing efforts, while
0:56.0	others are simply unavoidable.
0:58.8	None of my rental properties are even remotely close to where I live.
1:02.7	In fact, the closest property I own is 1,463 miles away, just a cool 23 hour drive from
1:10.7	my house.
1:12.3	Distance alone presents some challenges, but there are many others I've come to learn
1:16.4	about.
1:17.4	Here's what I'm talking about.
1:19.8	Number 1.
1:20.8	You can't do repairs yourself.
1:23.6	Last week, my property manager called about some damage to one of my properties in Texas.
1:28.8	Apparently, there was a big storm that knocked down a bunch of trees, which damaged offense,
	...

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