How do I manage property out-of-state if I'm just starting out?

[Ben Wakefield]

I live in Los Angeles, and every day I read things on BP and elsewhere that it is very very difficult to find deals here when you're just starting out and don't have a really solid team working for you. So I have been considering looking out of state in the state I grew up (Michigan) and really like some of the typical rates I'm seeing.

But if I invest out of state, is my only option to hire a property management company to take care of my tenants/units? Losing 10% off the top would make it even harder for a first-time deal...

Any advice on how to rent out of state for your FIRST property? Or is it a pipe dream?

[Derrick Craig]

@Ben Wakefield

I really suggest you use a property management company in that area to manage the property for you.... That 10% that you are giving up is worth MILLIONS of less headaches for you in the long run, Do your research on PM companies in the area to make sure you can trust them. Good Luck!!