Buying rental real estate in other markets/out of state
I'm a recent addition to the community via the podcast - and like many of you here have the ambition of becoming financially independent (the sooner, the better!). Now, that I have a solid security fund on standby, and continuing to contribute as much as possible to my 401K and other retirement vehicles, I'm very serious about securing a rental property.
I live in Los Angeles - as you can imagine this market is tapped for someone just starting out in real estate investing. I'm considering looking for properties out of the city/possibly out of state. Does anyone have experience with this? Would love to hear the positive/negatives, what you wish you would have known before buying property outside of your local area, overhead for having to hire someone local to manage the property, whether a long-term or short-term (airbnb) is the best approach, etc. A number of upfront concerns come to mind with a piece of real estate being elsewhere (don't want to bias anyone's feedback, so won't list them), however, seems like the best option in building some passive income given the steep prices in LA.
Thanks in advance for your feedback - loving the forums. A lot of great info here, taking it one page at a time, so I don't get too overwhelmed. haha.