Is it common to own rentals outside your city?

[Thomas W.]

I'm working on buying my first rental property and I'm curious–how common is it to own rental properties outside your area or even states away?

I planned to buy one in my city and be my own property manager, but if there's a great opportunity in another state it would be worth hiring a PM.

How common is this?

[Nathan Gesner]

@Thomas W. do a search for @David Greene. He's a REALTOR in California that invests in other states. He has a good podcast that explains the basics and he has a good book "Long Distance Real Estate Investing" in the BP bookstore that is very good.

I manage around 300 rentals and most of my owners are out-of-state investors. It's pretty common. However, I think you are better off investing locally where you can watch the property and learn more quickly.