Looking for a first rental purchase
Hello to all.
I am looking to buy my first rental. I've been reading and researching on here for the better part of the last year in addition to looking at "local" properties. My biggest issue is location. I have the great privilege to live on Oahu Hawaii. While this is an awesome place to live and work it is not the most conducive to a first time rental property buyer. I quickly realized that rentals on Oahu will not break even unless its a miracle. I was looking at the big island because property is significantly cheaper, but so far have had no luck getting an offer accepted.
Knowing this, I need some advice or at the very least outside opinions. Should I start looking at properties outside of the islands? What are the disadvantages of buying on the mainland? I have already made the decision to have it managed professionally. Even if it is on island, I still work full time and don't want to spend my free time managing. What would be the advantages of buying on the mainland?
Any insight is greatly appreciated and Mahalos.