1st investment… Local or out of state?

[Mike Perrotti]

im not planning on purchasing anything right away but would like to within the next year. This will be my first investment and I'm thinking a rental.

I live in westchester NY, and i would be looking to purchase something in the hudson valley which is some what local for me. But like everything else in NY, properties in my area are much more expensive then in most parts of the country which has me wondering if an out of state purchase would be a better idea?

My first thought is no bc i have a lot to learn and i can see the distance being a problem.

Just wanted to get everyones thoughts on this subject.

Thanks

[Brie Schmidt]

@Mike Perrotti - It depends on your goals,  I personally feel starting local and learning the business will help you if you every want to invest out of state (I do both)  Out of state investing success is very dependent on local property management and in my experience my knowledge managing my own locally gave me the expertise to manage my PM out of state