Updated almost 7 years ago on . Most recent reply
1st investment: Investing outside of the state you reside in
I am curious to see what experiences people have had with investing outside of the state where you live. This is my first investment property. I am considering investing in Ohio and am currently looking at Cleveland and Columbus surrounding areas. I am here in Ohio right now looking at different areas to determine safe and decent locations for a multifamily buy and hold investment. I currently live in Florida but have family ties in Ohio. Investing someplace closer to where I live would be more ideal but I'm not opposed to investing out of state. It poses certain challenges though. I'd like to hear others thoughts on the challenges faced.
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I've always invested out of state (live in LA) and have done fine. It's all about the teams. I'm not personally a fan of the Ohio cities though for investing because they have some major market instabilities right now that are enough to keep me far out of there (as an example, Cleveland led the nation in job loss last year... I find that increasing populations, rather than decreasing, really helps values of an investment property...).
But if you stick to Ohio, or wherever you go, it's all about the team you have on the ground. That team is crucial! Good team = golden.