Buy and hold: Back yard, or cross country?
Hello everyone!
Super newbie here. I'm very very interested in buy and hold investing. As I start to put my long term plan together one issue is becoming more and more unavoidable: I live in the San Diego area and its hard(er) acquire property and to get cash flow going here!
So it seems I have a choice: I can start investing in a harder area (San Diego) where properties cost more and cash flow less, but where I know the area and am within driving distance of my rental properties. Or I can research and find a more favorable market far away to invest in where I know no one, but conditions will be more favorable.
What do you all think about buy and hold in your back yard vs buy and hold at a distance?
Which would be easier?
Which would be more profitable long term?
How does property management factor into all this?
Should I do a combination of both?
Are my underlying assumptions silly anyways?
I know you can be successful either way. I'm just trying to decide what would be best for me. I appreciate any thoughts you guys have.
Thanks!