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Updated almost 5 years ago,
Newbie looking for advice
Hi everyone! I recently read Brandon's book "The Book on Rental Property Investing" and was convinced that this is the path I needed to pursue for financial freedom. It is always something I have felt pulled towards since my early 20's, but let too many naysayers and ineffective property managers turn me away from investing in rental properties. My biggest question as a newbie is regarding my location.
Background first...I currently have a well paying (but demanding job) that I will be looking to resign from in the next 5-10 years. I currently live in East Texas simply for the location of my job but will be looking to move to South Central Texas as that area is where most of my family is located. My area of East Texas is prime for a rental market and I see several opportunities daily. My question is if I build a portfolio of rental homes (current goal is 1 per year), is it feasible to think that I will be able to oversee them (obviously managed by someone else) from 4-5 hours away if/when I move in the next 5-10 years? If so what are your recommendations on setting this up for success?
I know there are probably a ton of variables that go into this answer and I am looking a little into the future, but any advice from investors that have had similar experiences would be much appreciated. It helps me get excited about and plan for the future hearing about what did and didn't work for you guys. Thank you in advance!!