The Question

Is it a good idea to buy a house in another state and rent it out?

Hi Gary,

Buying a house in another state may be advantageous- but would ask:

1) is this 2nd home your future retirement residence?

2) Do you frequently visit this state?

3) Are you going to have it managed locally?

4) What is the purpose or goal of the investment?

5) Consider extra tax filing paperwork for the 2nd State.

Sorry, no definitive answers for you.

Paul Doak, CFP

(206) 774-0262 Answered question May 21, 2023

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