Cutting Teeth in REI- CLE vs Elsewhere- Need Opinions
Just thinking out loud here and bouncing some ideas around. Would love to know what everyone thinks. I live in NorCal and buying local is not a viable nor smart option. So I've been planning on purchasing out of state. Originally I was looking at Kansas City, MO, but after reading a few books and thinking about it more, I'm considering doing my BRRR strategy in my hometown of Cleveland, Ohio to cut my teeth in REI before diversifying into other markets!
Know, I know that Cleveland has had a declining population for a while, has no major industry but here's my thoughts. I'm from the area and I know all the neighbor hoods, history and am passionate about CLE. While it doesn't have industry, it has the best Hospital in America (Cleveland Clinic), a new Amazon Center is being built there, an up and coming food and beer scene (two of the top 50 breweries in the world are in CLE), and loads of other scenes (art, music, etc) that gives the sense that Cleveland is doing what Pittsburgh did and is making a come back. It's a sellers market there and I feel like buying now is like getting in on the ground floor. Plus the 5% vacancy rate doesn't seem too bad to me.
I have a lot of contacts there already so I'd have people to check on rentals if I needed it, sources for finding contractors (my cousin owns his own construction business and could refer me to a good company) and other team members. If I need to travel to check on rentals or do business, it's my hometown so I can visit friends and write that off as a business trip. Seems like a win win to me.
If I went into another market first, I feel like it would be doable but a slightly more uphill battle. Thoughts?