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Updated almost 6 years ago,
Buying first rental property out of state
I'm interested in getting into real estate investing. I would like to buy a home to buy an hold as a rental property. I work a full-time job, so I don't want to dedicate a ton of time to this, and would likely get a property manager. I've been investing in stock for several years, and would like to diversify by getting into real estate. I have the capital for a modest home in a suburban area. Here are my doubts, I would like some advice.
1. I live in San Francisco. It's way too expensive to buy here, and even if I had the capital, the purchase price would be way too high for the rent I could get out of it. So my question is, is it worth trying to buy a rental property somewhere I don't live? In the BP Podcasts I have listened to, he talks so much about seeing lots of homes, driving neighborhoods, going with the inspector, meeting the seller, etc. I don't see how any of this is reasonable if I have to fly somewhere to do it. Should I just forget real estate investing for now?