Buying rental in Texas, but live in Los Angeles, any advice

[Marcos Sanches]

Hello BP family:

I hear a lot of good things about the Dallas market, I want to try and buy a rental property there SFR, something hopefully 100k or lower, I am hoping for a cash flow of a little over 200 a month, I was wondering if anyone has some good advice for me, maybe knows a good agent and or rental management company I may be able to look into, I was also considered maybe buying something below 50k in a good area that needs some work then rehab, refinance, and rent, for hopefully a higher cash flow, I would greatly appreciate any advice, thank you BP family.

[John Chapman]

Unfortunately, what you are looking for is pretty much what thousands of investors are looking for every day.  Even hardened investors with boots on the ground and years of experience are struggling very hard to find deals that even remotely pencil out.   I can't imagine how you are going to find such a deal from afar.  I do see a lot of opportunity for you to get ripped off, though.  Why not just invest within a couple of hours?  I can make a much stronger argument for investing in CA than DFW right now.  

I would also add that, from a tax standpoint, it makes zero sense to live in a state with an income tax and minimal property taxes and caps and invest in a state with no income taxes and sky high property taxes with no caps.