First buy and hold purchase!: stay local or look out OR outside?

3 Replies

Would love to hear everyone's opinion of where you think/where you geographically purchased your first buy and hold..most people im talking too say its best to purchase your first property local to where you reside..

thoughts?...

Hi Jonathon,

I'd love to hear what people have to say in regards to your post. I'm in the same boat as you. I live in northern NJ and properties and taxes are quite high. My fiancé and I are probably going to buy our first home in north NJ and then I'm looking to purchase turn-key property in mid-west or south as I think it's too challenging to cash flow in NJ area.

I'm currently reading John Schaub's book "Building Wealth One House at a Time" and he recommends buying locally but I don't think that's a good investment strategy for where I live. I also listen to many of Keith Weinhold's GRE podcasts and he's a strong advocate for buying turnkey properties in the mid-west and south. I could buy 5 homes in those areas for what it would cost me to buy one in north NJ.

Best,

Prem

Good to know ! Maybe I’ll have to check out the Midwest now! 

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