Choosing between local market or away markets.

[Philip Bloom]

Hi Everyone, 

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.

-Phil Bloom