Asked by W, Toms River, NJ • Tue Sep 30, 2008
I'm thinking of purchasing a condo now that the prices have gone down and the rates are manageable (Iâ€™m currently renting). However, my job is always in jeopardy (this has kept me from buying for the last 5 years!), and if I have to move to find work, I'd like to hold on the condo, renting it out, until the prices go back up. No one I know has done this before, and I'm looking for advice. How risky is it to be an off site landlord? How does one learn the legal ins-and-outs? The only property management cos. Iâ€™ve seen do only multi-unit buildings, so Iâ€™d like to do this without a manager. Are there any good websites with tips? Anyone have advice? Warnings? Thanks!
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