Out of state or in state

General Real Estate Investing
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Out of state or in state

Adam Regos
Specialist · San Diego, CA · Member since 2020 · 29 posts · 4 votes

Currently renting in San Diego and have about 170K sitting in savings. I have thought of moving to Phoenix to house hack a 4plex and use the stack method to start building up my portfolio. Acquiring doors in San Diego seems next to impossible in comparison to Phoenix or Nevada (the other two markets I am looking). Should I

Steer my focus in state to where I play the long game and buy a duplex locally, should I move to Phoenix? Are there other out of state markets? I also have a highly recommended property manager in Las Vegas. What route would you do to start building wealth? Thanks

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Mark Frattini
Real Estate Agent · San Diego, CA · Member since 2014 · 338 posts · 176 votes
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@Adam Regos

Welcome to Bigger Pockets. Most of us with experience will usually recommend to try investing in your backyard before looking at long distance investing. You have enough liquid for a down payment on a 1-4 unit here in San Diego. Local and out of area investors are buying properties in San Diego regardless of the market cycle. Let me know what I can do to help.

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  • Oscar Sandoval
    Flipper/Rehabber · Tracy, CA · Member since 2020 · 7 posts · 2 votes
    5y

    @Ricardo L Knight Im currently just waiting sitting on some liquid for possible opportunities

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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Adam Regos:

    Currently renting in San Diego and have about 170K sitting in savings. I have thought of moving to Phoenix to house hack a 4plex and use the stack method to start building up my portfolio. Acquiring doors in San Diego seems next to impossible in comparison to Phoenix or Nevada (the other two markets I am looking). Should I

    Steer my focus in state to where I play the long game and buy a duplex locally, should I move to Phoenix? Are there other out of state markets? I also have a highly recommended property manager in Las Vegas. What route would you do to start building wealth? Thanks

     I started investing locally here in Columbus, Ohio by house hacking. I know a lot of investors from out of state that invest here as well.

    I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contract, lender, and property manager.

    https://www.biggerpockets.com/blog/core-four-real-estate-team

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Zachary Ray
    Investor · Tampa, FL · Member since 2017 · 589 posts · 251 votes
    5y

    You are in a more expensive market which might be great for appreciation but lacks the cash flowing quality. What are you looking to do with real estate? Once you find out your strategy then find a market to support that. You absolutely can buy out of state for your first deal. Do some research and know how everything works then find great vendors to have boots on the ground. Once you stabilize then it shouldn't be too much of a headache for the day to day maintenance. 

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  • Zeke ListonBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Adam Regos:

    Currently renting in San Diego and have about 170K sitting in savings. I have thought of moving to Phoenix to house hack a 4plex and use the stack method to start building up my portfolio. Acquiring doors in San Diego seems next to impossible in comparison to Phoenix or Nevada (the other two markets I am looking). Should I

    Steer my focus in state to where I play the long game and buy a duplex locally, should I move to Phoenix? Are there other out of state markets? I also have a highly recommended property manager in Las Vegas. What route would you do to start building wealth? Thanks

     If you can move to another market and house-hack - that may be the way to go. I also know a lot of people who just invest out of state. Columbus, OH is a good market to look into. 

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  • David Lopez
    NORTHRIDGE · Member since 2012 · 53 posts · 15 votes
    5y

    finding another job will not be a problem for you?

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  • Sara Ant
    Property Manager · Raleigh, NC · Member since 2017 · 9 posts · 17 votes
    5y

    I'm in Vegas and I can say that most du/triplexes here aren't in the best areas.
    We're mostly loaded with SFH and large apartment communities.

    From what the AZ folks have said so far, it sounds like you'd have better luck with small multis there (over Vegas).

    I'm in a similar situation as you, it's not easy to decide where to go when you have everywhere to choose from! 
    Good luck to you

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