New Investor in a New Market

[Jamy Lomento]

I'm a new investor, and I've recently moved from Southern NJ to Northern VA. I lived in NJ for 40+ years, know the local market well, have relationships with a few contractors, and am a member of the local REIA. Now that I've moved out of state, does it make better sense to buy in my old state as a now out-of-state investor? The only thing I don't like about NJ is the ridiculously high property taxes. I'd need a property manager since I'm 3+ hours away, which would affect my cash flow.

My other thought was to look into the Richmond VA area, which is also 3 hours away, but where having a property manager may not be as impactful to my cash flow.