Is it common to own rentals outside your city?

Question

I'm working on buying my first rental property and I'm curious–how common is it to own rental properties outside your area or even states away?

I planned to buy one in my city and be my own property manager, but if there's a great opportunity in another state it would be worth hiring a PM.

How common is this?

Account Closed · Answer

Sure, very common, in fact there is a reason many Canadians invest in AZ instead of Canada Land, you might want to look at

https://www.biggerpockets.com/forums/600/topics/58...

Dennis M. · Answer

I live in a very rural setting . Amish country actually ,but I invest in big cities one hour from me . you gotta go where there are jobs and a big rental market .personaly I could never imagine living my life in a typical large American city . Concrete hell if you ask me ,but hey that’s where the money is made

Nathan Gesner · Answer

@Thomas Welker do a search for @David Greene. He's a REALTOR in California that invests in other states. He has a good podcast that explains the basics and he has a good book "Long Distance Real Estate Investing" in the BP bookstore that is very good.

I manage around 300 rentals and most of my owners are out-of-state investors. It's pretty common. However, I think you are better off investing locally where you can watch the property and learn more quickly.

Account Closed · Answer

Yes, sometimes the grass is greener on the other side.

Account Closed · Answer

@Thomas Welker we're in a virtual world- why limit yourself to investing ONLY in your city if resources and infrastructure allow you to be able to build processes to invest virtually, in any market, instead. There are definitely risks associated with out of market investing, but you can identify these risks and have a plan to mitigate and manage them in exchange for a more profitable investing career!

Thomas W. · Answer

@Nathan G. Thanks for the tip Nathan, I'll give him a listen! I agree with your sentiment though, my first property(s) should probably be within close proximity and then move to other markets as I get comfortable.

Thomas W. · Answer

@Nathan G. Thanks for the tip Nathan, I'll give him a listen! I agree with your sentiment though, my first property(s) should probably be within close proximity and then move to other markets as I get comfortable.

Is it common to own rentals outside your city?

Is it common to own rentals outside your city?

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