Owning an investment property in another state

[Tyler Vinsand]

Hello BP community,

I am a young professional fresh out of college and brand new to the real estate industry. My tentative plan for the future is to begin my professional career in the Norfolk/Virginia Beach area (I just signed a full-time offer) and, in roughly a year or two, move out of the area to another state. I would love to invest in a long-term rental as soon as possible, however, I am concerned that it would be too difficult to manage the property in Virginia from another state. Additionally, my full-time job requires almost all of my attention, so I unfortunately would not be able to dedicate as much attention as I'd like to the rental property. I understand that hiring a property manager may be a viable option, but this would put a substantial dent in the cash flows that I would earn from the property (especially since I'd have to use an FHA loan with a low down payment and high monthly mortgage). I'd love to hear any and all thoughts and suggestions from the BP community as to how feasible owning a property in another state is, and whether it'd make more sense to buy a property now or wait until I move to the new location. Thank you in advance for your insights!

Thanks,

Tyler