Investing in real estate
is an excellent option for steady income, but the local rental property is expensive for individuals living in a high cost of living area.
One solution could be buying rental property in a cheaper location. However, buying a property in another state can be daunting, especially if unfamiliar with the area.
It means researching various markets in a different location than where you live and buying and renting properties to create a geographically diversified real estate portfolio.
Lack of Local DealsIt is more common to consider alternative locations where deals are reasonable. Investing in rental housing is more successful when it generates a higher return.