Is it feasible to buy properties remotely?
Hi all,
I've been thinking about investing in real estate for some time. It's mostly been on the back burner, but I think it's time to get more active in the community. So, hello, I'm Luke. Nice to meet you all!
I had a question regarding the remoteness of potential investment properties. I live in SF, and I've heard that the rental market around here is notoriously difficult and expensive. Moreover, the laws in SF (perhaps California in general?) seem to be significantly biased toward the tenant. I don't proclaim to be an expert on either of these topics, but this is the general picture I've put together in my head. With this in mind, I'm not sure that SF is the right place for me to start my REI journey.
I've spoken to a friend of a friend who lives in the Bay Area but has actually bought and currently rents multiple properties in Texas. I'm thinking that I should perhaps do something similar? It seems like a strong option, but at the same time it seems super daunting to own properties in another part of the country. In addition, he has the benefit of growing up in that area of Texas, whereas I grew up relatively close to SF. Therefore all other markets are completely foreign to me.
My concerns boil down to the following:
- Is this at all feasible?
- Am I essentially forced to use a property manager?
- How can I properly assess the properties without flying out there to see them myself?
- Do taxes become significantly more complex?
- This is scary.
Thanks for taking the time to read this -- I appreciate any help/advice that anyone might be able to send along.
Take care.
--
Luke