Starting With Out of State Rentals
Hello everyone!
I'm curious to know what you all think about a brand new investor (I own one condo and rent out the extra room) looking to out-of-state rentals to get started.
I live in Denver and don't want to let my lack of cash keep me from getting started. I've spoken with an investor who has had a lot of success with a vacation rental in Isabella, Puerto Rico (still US real estate). He raves about it but I'd like to hear what some other experienced investors think about this. Seems a little risky to me.
I've also considered buying in Florida, where I know duplex prices are relatively low compared to rent.
My biggest concern is that I'm new to this, and buying out of town seems like it could present quite a few extra challenges. Does anyone have thoughts to confirm that concern, or to encourage me otherwise?
I'd appreciate any thoughts!