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Coach
I had this dilema last year. I live in a HCOL city. At the time the only way to justify buying a property in the city was to house hack, and that was when we were still in the high 4% - low 5% interest rates. The idea of buying properties across the country was enticing, especially when you see nice properties selling at a fraction of what a dumpster fire property would cost in my HCOL city.
That said, I decided not to go with investing across the country for the following reasons:
1. I found cheaper and cash flowing markets a 2 - 4 hour driving distance from where I live. This seemed to me like as a hybrid of what I thought were my only options at the time.
2. I didn’t want to outsource the management of my properties while I was still learning the ropes. For me, learning how to manage a property, tenants, and contractors on my own will yield better results in the long term.
3. It really isn’t that much work and the idea of paying management companies large fees for such little work pisses me off.