I have three offices across Central Florida; Tampa, Orlando and Melbourne. Always available to talk all things Real Estate. Feel free to message me
@Timothy Roberts , good on you for wanting to take action! It's so easy to get stuck in analysis paralysis (I know from experience!)... Some initial questions I'd have are:
- What experience do you and your business partner have in real estate investment?.. I wouldn't recommend long-distance investing without having done the same type of strategy on a local scale first to understand the process intimately.
- How will you manage the BRRR? Do you have construction experience or will you be using turnkey provider?
- Do you have any trustworthy contacts you can rely upon in either of those markets with whom you could partner?... Unless you're willing to fly out every weekend, you'll be heavily relying upon new contacts to be your eyes and ears. Having someone you trust on the other side will help prevent miscommunication and ensure you don't get taken advantage of... This would be a more important factor to me than simply picking the "hottest" market.
I'm rehabbing a single-family house less than 30 minutes from my home while still working a job, and have been almost overwhelmed by the difficulty. I can't imagine the complexity of managing a business and investing long-distance... especially not as my first endeavor.
Whichever market you are comfortable with, every market has value on some level, so all else being equal go with the one that you are most familiar/ comfortable with.
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