Investing out of your comfort zone

[Martin Vergara]

A light bulb recently went off in my head and I am very interested in everyone’s feedback and personal experience.

As Im getting priced out of the Austin rental RE market I’ve been contemplating purchasing in other areas like Dallas, Houston, and San Antonio. One thing that has been stopping me is figuring out how to manage (landlord) a property away from my immediate area. Well today I discovered that my goal is not to be a landlord my goal is to invest in real estate, and landlording is not investing. I am willing to pay someone else to landlord (i.e. property manager) and just stick to what I enjoy … investing my money.

So my question for those of you who have successfully invested in out of town areas:
1) If you have a few markets to choose from as I do, how do you go about analyzing which one to hone into?

2) After you’ve chosen a market do you enlist the help of a realtor to provide you with neighborhoods to consider?

3) How do you overcome investing in an area you’re not familiar with?

I want to make sure I make an informed decision before jumping in. So any advice, contacts, resources and online tools you can share are appreciated.

Thanks in advance
~Martin
Austin, TX