Better to invest locally if you can?

[Joshua Sparrow]

I have $125k from an inheritance and am looking to buy my first investment property ASAP. My local market is steadily growing with tech and aerospace industries and has always been a big tourist destination. Being on the coast of California though, entry level prices are high.

I could potentially find a property 30 minutes inland for about $500k but wouldn’t have much left for rehab or reserves. I also have a great network of trustworthy people I could easily build a team with.

Would it be better for me to put all my money into a small property locally and utilize my existing network, or should I buy out of state and have more flexibility to BRRRR and scale up quickly?