Hi everyone, am quickly learning various strategies and approaches to REI. Given the market and economy, can anyone suggest an area or have any recommendations of a more prominent city or state where I should be targeting starting out? I've heard many options from my non-REI friends...I figured I'd ask those that actually do REI...LOL.
Any thoughts / feedback or recommendations would be greatly appreciated.
Just trying to get some traction...
All the best!
I think you ought to first assess whether any local markets are worth looking into. After that, then you should move farther out. The reason being - you'll incur greater risk when your investments are not in close proximity to you.
I completely agree with James here (at least as you're dipping your toes in the REI water)!
Having your first property near you has been a huge game changer for us. We have the ability to understand what is really going on and how well our contractors, tenants, etc. are taking care of the property. As you gain more properties, your threshold for repairs or other issues will also increase.
Do you have an out-of-state area where you have a few folks who can be boots on the ground for you? Having someone in another town who can keep up with your property may also be a good option.
Hi guys, I should have included more context...
I completely agree with both of you @James Galla and @Taylor Hudgins ! The reason I'm looking other than my local area is because I'm relocating back east soon - where I'd move to may be heavily influenced by where I'll invest.
For example, I'm currently looking at Alabama and Florida...both are strong relocation options for me. I've been to both and plan on visiting the neighborhoods directly and I also have friends there for that "boots on the ground" for surveillance.
I wont be remaining in Seattle for very much longer (less than a year hopefully) so I don't plan to invest here for that reason. I'm basically moving "east" to be closer to friends and family. Hence, I was wondering if anyone knew of a potential market east of the Mississippi ...? Thoughts?
Thanks in advance!