Has anyone ever actually moved out of state to invest in real estate? I hear more about long distance REI but has anyone actually packed up and made a move?? Seems risky but I could be wrong...
Moving to a more affordable area is really a no--brainer in my Newb mind. If you are not tied down to your area by family, kids, a j-o-b, or other reasons, and are willing to relocate to a more affordable area, you will reap rewards. If I could move from my 700,000 house and find an or equal for my 3 kids private school, and last but NOT least, move my wife away from her family, I could cash out the house, take the 400,000 from the sale and the other 400k from retirement and pick up a load of units in Ohio and retire.
Boots on the ground in the riskier but higher return areas greatly increase success rates.
Recommendation - do whatever you can before you are tied. You can always move later.
I did recently. I have a couple properties in the Midwest and wanted to go more full-time so I packed up and drove out from the west coast. Things have definitely picked up in the last couple months since I've been out here. As a single 27-year-old, I don't have the commitments that most people do so I'm taking advantage of that.