Is Moving from LA to another Market a Good Idea?
Hi Everyone!
I currently live in Los Angeles and I am actively looking to start investing in real estate. My ideal first deal would be a multi-family (anything from a duplex to a quadplex) in which I would live in one of the units and rent the rest. I want to work my way up from there, acquiring more rental properties maybe doing some flips.
As you are aware, the market in Los Angeles is insane. I am reaching out to the community to get some advice.
Should I physically move to a market that is a little more favorable to investing? I'm originally from Ohio and have been tossing around the idea of going back to the Buckeye State (probably Columbus) to start acquiring properties. I am also interested in Pittsburgh and Philadelphia.
I've heard mixed things about starting off with out of state investments. The thing I like about investing in your own backyard is that you can closely monitor the market, network with local investors, and give back to your community. I'm not sure if you have the same opportunity with out of state investments. Plus with out of state investments, it's hard to check up on your properties and your property managers regularly.
What are your thoughts on investing locally or out of state?