Phoenix and Las Vegas have seen much bigger corrections. One of my properties is in Las Vegas, and was bought through a Redfin Partner (Remax) who had a property management company in their office, so the transition was smooth. Bear in mind vacancy rates, which will be higher, but if you find a good property it will rent. The returns are acceptable. The only place I found comparable returns was Rialto. I couldn’t find anything in Riverside. Remember, it’s not just returns, but finding an established, reputable property manager. Let that lead your search. Geographical distance is not a problem with modern communications.
You need to go out there and vet the agents, and see properties. Go armed with questions which will give you peace of mind on trust issues. I can give you some pointers. Most common surprise is costs are usually higher than you wish for. Anticipate 50% of income paid away on costs. I know of no property managers in SB (anyone…sdr, SDR?), but Realtors may recommend someone. Many advertise on craigslist.
With turn key operations, you pay a premium in the sense that you are buying flips, but that’s the peace of mind, and no hassle you are paying for. You buy a rehabbed property together with a tenant already in place.
The first step is to educate yourself thoroughly on the housing market, and being a landlord. Books, blogs, forums and talking to other investors. Biggerpockets is a starting place. Give yourself six months to do this. Good luck!
