Investing in First Property Out of State

[Nathaniel Miller]

Hi all!

So I have long been considering investing in real estate for residential rentals in the Detroit, Mi metro area. I have been a Realtor in Oregon and Washington for just over a year now and have some money saved to use now. The market here is too expensive for me currently, but if an option to purchase property as rentals come up, out of state, I feel ready to at least start the search a bit now.

My question/need for advice comes at this point: Is it wise for my first real estate purchase to be out-of-state? It seems the advice splits often between the need to keep a close eye on the property/team maintaining it, and the opportunity cost of some markets being significantly cheaper and therefore have the chance to begin building a passive income.