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When searching for a good investment, it seems it could be beneficial to broaden your "search" horizon. If you find a property out of town, how risky do you think it is to purchase? I've always thought it would only be wise to invest in properties close to home. If you do purchase an out-of-town property, how difficult is it to find people to help from that area? How do you know if you are getting the wool pulled over your eyes? Has anyone bought and sold or successfully run an income property that is far from where they reside?

As a landord myself I can say that we have always required a credit and/or rental/reference check and employment verification before renting a property. Our rental properties are within an hour of our home so we have never had properties terribly far away; but we do manage the properties ourselves to save on realtor or management company fees. On the flip side, if you are buying in area where you are getting a great bargain on an investment property, the savings may allow you to afford to pay a management company if you are out of state. Their services would include screeingin potential renters- credit and reference checks- finding and meeting with contractors/service providers of the property were to need repairs, etc... But you also would need to do your hoemwork regaridng landlord tenant rights/laws for any state you plan on purchasing an investment property in.

Purchasing out of town properties can be a hassle, but it can also be rewarding if you stay on top of your business. In my case, out of town properties are far less expensive so it's a no brainer. It just takes a little extra work to manage.