Starting where you have contacts vs. where you're excited to be.
Hi all. This is my first post here - I'll try to keep it short.
I've become incredibly interested in REI over the past 3 months. I've gotten to a spot in one of Brandon Turner's books where he is talking about the importance of mentors, contacts, and finding good contractors, and it's sparked a bit of an internal debate. You see, I want to make my first purchase within the next 12 months, but I haven't actually chosen a region just yet. I have 2 different areas in mind:
Area A: This is the area I grew up in. I know a lot of people here, related to the real estate industries and otherwise. None of these people know about my fledgling real estate interests yet. Here, I know lots of RE agents including some acquaintances from high school, parents of long term friends, as well as some family friends. My best friend's parents are the owners of a large and successful contracting company. My brother's best friend's dad is the owner of another smaller but successful contracting company, for which I even worked a summer renovating apartments. There's a mixed bag of other contacts I know who have been in the industry for a long time. The point is, I know the area well and I'm already 1 or 2 degrees away from the most valuable players in the game here. It might be worth considering though, that this is an affluent area of an expensive state (CA) and might be a lot harder, financially, to break in to.
Area B: This is not a distinct area, but a general idea. It would be in another, cheaper state (PNW or SW) in an area that actually excites me more due to the landscape and lifestyle. I've spent time here in the past and would like to be there again. See, my biggest hobby is wilderness backpacking and I have always dreamed of one day owning substantial property in mountainous areas close to national parks and wildlife areas. So, I already know that one day I'd like to have my own purchases in these areas and 'end up' there. I know that doesn't necessarily justify a business strategy of starting out where you'd like to end up. These areas (I believe) are generally also a lot cheaper to break into than Area A.
I know none of you will be able to give me the perfect answer for my personal situation, but I would love to hear input from those of you who have already actually been in the industry. I can't quite see where I'm going, and advice from those of you who have navigated these waters already would be very much appreciated.