Purchase 1 Investment property nearby or 2 out of state?
My wife and I are saving up to buy an investment property for buy and hold. We live in Colorado and it is pretty expensive to do a buy and hold here but we would have the benefits of being close to the property and not having to hire a management company.
Our other option is to buy something from a reputable turnkey provider in a state where it would make more sense to do a buy and hold. With the prices of some of these markets we could afford around 2 houses while in Colorado it would be one so this is attractive of course.
We are curious to hear from more experience investors.
What would you do in this situation with the goal being buy and hold? Get a more expensive property locally or work with a provider in a better market?
Thanks and we greatly appreciate your feedback.
Kind regards,
-Nick