This is my first post. Wondering if this community could chime in on my current dilemma. I am a real estate developer in Nantucket, MA. A small island in the Atlantic if you aren't familiar). My main business for the last few years has been renovations and building spec homes for clients and myself. I am looking to build my portfolio of income properties. I currently have several commercial and mixed use properties on the island but the multi-family category has peaked my interest.
Nantucket is an insular market with limited inventory and inflated property values compared to the rest of MA. My question to the community is whether it is better to stay in the market I know in which limited opportunities are available or venture to other markets? If venturing to other markets, how does one go about choosing where to go?
Thanks for taking your time to read this. Any and all comments are very much appreciated.
@Philip Bloom I personally am doing both in my search for cash flowing assets. This past year I purchased a 9 unit apartment building in Berwyn, which is my local market. I also purchased a 20 unit apartment complex in South Bend, Indiana which is a 2 hour drive. My advice would be to pick several markets that make sense that can be driven/traveled to in one day, and focus on those markets. I think it would be crazy to ever ignore your local market where you have the strongest competitive advantage, so I will never stop looking in the Chicago market!
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