Try to find a property management company in the vicinity of the home your are buying. They are more willing to show your home to prospects.
Since inventory is quite low, to get a winning bid, your offer must be competitive. There will be multiple offers on desirable properties. Your rental yield should still be higher than the mortgage interest you are paying. You should be able to get a positive cash flow.
If you need any help finding a home, please let me know, I will be happy to help and/or provide you pointers.
As others have said, those areas are pretty hot and you won't have much trouble renting them out.
However, keep in mind that most of the inventory out there will need some work.. I'm speaking primarily of the usual... new interior paint, maybe some new carpet... a good cleaning... etc..
Please also keep in mind that as an investor curb appeal is important too. So, if the candidate you are thinking of buying needs some landscape work and maybe an exterior paint job..? Don't let that stop you from making that deal... Especially if it's in a good area near lots of amenities like parks, trails and schools.
By the way....The new home builders up here haven't kept up with the inventory needed and that's just a function of the current employment picture here. Therefore it's only a matter of time before you see an explosion of prices both in sales prices and rental prices.
I hope this helps...
In the mean time...?
Make it a Great Day...!!!
I would suggest, if you've never been a property manager before, to go to the RHA- Rental Housing Association and take classes. Even if you plan on hiring a property manager to handle your rentals, it's a good idea to understand the laws, and hwo to successfully own rental properties.
I thoroughly recommend real estate as the best investment in this market.
Cooper & Associates Realty
You will want to do a rental survey to establish vaue. I would
imagine you will be employing a property manager due to
your distance, so I would rely upon them to give you advise
on the rental market. Remember if you over price, you may
never make up the financial loss of having a property vacant
for a month.
If you need any help finding a home please contact me
phone # 916-745-2093