Starting Local or Long Distance?

[Eric Derer]

Hi everyone! My name is Eric and I am looking to get started in real estate investing. My ultimate goal is to own enough doors to replace my 9-5 income and become work optional. I have a long and exciting road ahead to get there! 

As a rookie, I am curious about the BP community’s thoughts on investing in your local market or finding value in long distance options. For context, I am in New Jersey, so there are limited options for ‘entry level’ local investing outside of the southern portion of the state. I know I can find better deals in other markets, but I am a little concerned about building a strong team and not being an expert on the market for my first deal. What are you thoughts on this for a first time investor? I would appreciate your insights! 

[Patrick Drury]

@Eric Derer
If househacking isn't an option in your local market then I would look in other markets. I would start in the Midwest. That's where a lot of solid cashflow markets are like Columbus and Cleveland OH are located. Once you narrow in on a market that's landlord friendly, has population growth and job opportunities I would look at building a team. Then leverage the team to help you be successful in that market.