Intro + Out-Of-State Investing
Hi!
I'm pretty new here and just getting into the industry. After listening to dozens of hours of the podcast and reading a couple books, I think it's time for me to get to work!
While keeping my day job, I'm aiming to get a side business going with a couple multifamily properties, ideally all in the same area. The challenge is, I live in San Francisco and, while I have a good amount saved up, it doesn't seem very feasible to get great numbers out of this area.
At this point, I'm looking in Austin Texas because I have a friend from there who knows the area pretty well. It seems to be a rising city that's still in my price range. But I wanted to post here and ask what people's thoughts are on this plan. I'm starting research now, I intend to visit so I can get some boots on the ground experience with the neighborhoods, and then I want to start getting to know an agent or two so I can get a market ally and an inflow of deals.
What are the major challenges I'm signing up for by starting with out-of-state investing? Does anyone have strong opinions on any parts of Austin, particularly with respect to multifamilies? What would you say are my first steps to getting more ready for investing here?
Thanks! Happy Monday,
Mark