How should I choose out of state rental investment?

[Yinglu Wang]

Hello everyone,

I currently work / live in New York City area. My goal is to purchase a duplex for rental investment in the next 12-18 months. Given the market I'm in, if I want to start rental investment I will have to invest in out-of-date properties. I wanted to seek advice before I go further down to the path.

1. What are the factors should I consider when choosing properties in a state / market I'm not living in?

2. Generally speaking, is rental investment still a good option when the property is out of state?

3. What are the challenges should I expect if I don't live in the property?

4. When I'm not very familiar with a neighborhood, what's the best way to find comps?

Thanks!

[Aigo Pyles]

@Yinglu Wang 

1. if your living in areas where the price is high, then you have to go for out-of-state properties. You have to consider the location, the rental market condition of the area, purchase price, mortgage, etc.

2. Since you are living in NY, yes.

3. The distance. 

4. Search online, referrals, etc. 

All the best!