Investing across the street or across the state

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Investing across the street or across the state

Scott Goulet
Rental Property Investor · Port Saint Lucie, FL · Member since 2015 · 107 posts · 44 votes

Hi all, 

Just a quick question about where to purchase properties. 

I am in the market for a 3/2 SFH and i live in Boca Raton, Fl. Prices here are some of the most expensive around the state and I simply do not want to do an fha loan. I would like to self manage but when I look around the state of Florida I see much better deals across the state on the west coast or northern/central Florida.

Any tips for a new investor on whether I should start local and then buy far away and or does anyone have any experience investing in buy and holds from afar? 

any help would be appreciated. 

thanks! 

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Brandon Hopkins
Investor · Madera, CA · Member since 2014 · 82 posts · 21 votes
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I own one local and one out of state. I want to sell my local because the returns are paltry in comparison.

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  • Brandon Hopkins
    Investor · Madera, CA · Member since 2014 · 82 posts · 21 votes
    11y

    I own one local and one out of state. I want to sell my local because the returns are paltry in comparison.

    1Reply
  • Adam BartomeoBusiness Member
    Real Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
    11y

    it is much more difficult to manage a property from a remote location. I live in Cape Coral and have properties in Kissimmee and albuquerque. I make the Kissimmee property work but the Albuquerque property is difficult.

    You will have to have a property manager to manage it. They will have a lot of anonymity due to you not being around. I prefer to stay within a distance that I can drive to the property and back the same day

    [email protected]239-339-3969
    Bartomeo Property Management4.7150 Reviews
    WebsiteView Page
    1Reply
  • John Cohen
    Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
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    @Scott Goulet it depends on what your looking for. I live in NY and cash flow is low, but appreciation is high, for now I am looking for cash flow so out of state works for me. Just becareful and use BiggerPockets, the network is amazing.

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
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    I think you asked, and answered, your own question.

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  • Jon HuberPro Member
    Rental Property Investor · Boca Raton, FL · Member since 2014 · 1k+ posts · 713 votes
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    @Scott Goulet  I've lived in Los Angeles for the past 4+ years. Cash flow in a nice area at a reasonable price there is simply a Unicorn. Many investors look out of state. I personally began investing in South Florida. I was familiar with the area from vacationing in Palm Beach County for nearly 15 years. I did my due diligence and found a phenomenal property manager. So my take is simply this: if you have great property mgmt, and are completely comfortable with the area, why not? I believe it's best to invest within your comfort level, but that doesn't have to be in your back yard. 

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  • Justin Schulte
    Cape Coral, FL · Member since 2015 · 28 posts · 8 votes
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    Hi Scott,

    I am from the Hollywood area originally, I live in Cape Coral here on the west coast now. I have an uncle who used to live in Boca. If you are looking for cash flow properties I would look in to areas like West Palm or Around Hollywood/Ft Lauderdale. Try to stay close enough to self manage, if that is what you want to do. There are great properties over here as you said, but it would be hard to self manage (Cape Coral is about 3 hrs. away from you). There are also great properties in areas that would be much easier to self manage over there. Hope this helps!

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  • Scott Goulet
    OP
    Rental Property Investor · Port Saint Lucie, FL · Member since 2015 · 107 posts · 44 votes
    11y

    Thanks all for your insightful words and experience! as always it is much appreciated!  

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