Hi. I'm new. Is San Diego bad for a beginner?
Hello,
I'd like some feedback regarding potential out of state investment markets. Currently , my partner and I reside in San Diego where we each own homes. The rental market in SD seems to be forever stable in the higher dollar range, but the cost of entry is enormous, unless you're going for a condo. However, the ability to have properties within driving distance without property management presents a nice positive over potential lower cost out of state rentals that would require PM.
We each have significant equity in our homes and were considering cash out refis for the down payment on an income property or building. If the price of entry for a local condo ~$230kish is similar to out of state house or properties, what downsides could we be looking at by buying local? Are condos generally a bad idea over houses or buildings? San Diego never makes it on any Forbes or Business Insider "top" lists for real estate, but the stability in the mass of renters here is hard to overlook. Thanks in advance.