Investing Out-Of-State with Property Management

[Will Wilson]

Hey BiggerPockets, 

Looking for some insight on who has invested out of state on properties that are run by a solid property management company? I'm looking at several different areas around the country to get my best ROI. One of my main objectives is a steady monthly cash flow built up over 5-10 properties. What are the main pros/cons/things I should know? I currently have a partner in my city who I have a few commercial lots with and don't get too involved with logistics but have the capital to invest. Thank you in advanced!

- Will

[Will Wilson]

@Mike Wilkinson thanks for this insight! I really appreciate your response. I'm really trying to build my knowledge on this since I believe it could be a solid option for me. I currently reside in Buffalo, NY and our market here has exploded in the last few years. Very small margins and difficult to get that ideal ROI where the numbers fit. Cleveland has been a market on my radar with numerous neighborhoods/rents on the rise while housing prices remain moderately low. My brother also lives there and it's a short drive from Buffalo. But I've seen several threads on BP that state Cleveland is a nightmare for good PM companies. There has been a few that some people recommend however. I'm definitely open to all areas of the country as I'm not restricted in the sense of traveling there and getting my feet on the ground. From a technology perspective, it seems there's an abundance of resources to use that help in the process of finding properties through a PM company and having them do a lot of the work. Not sure if you can speak to that or not.