Should i buy a Primary or Out of State Investing?

[Arianna Farinas]

Hello BP Fam,

Im new to REI and i need some advice.

Should i focus on purchasing a primary residence or look into out of state investment property? 

Heres my situation...My husband and i live in Miami, FL and the market here is ridiculously expensive. I was thinking of house hacking but a decent duplex here is in the 600s and up. Moving further north to house hack is out of the question because our businesses are located here. 

We currently rent an apt that my parents own outright. They have offered to sell this place and gift us a portion for downpayment. Honestly i dont want them to sell this apt, it brings in steady cash flow for them. 

My thoughts are to purchase a duplex in Cleveland or somewhere in Ohio. Build my core 4 there and start my investing journey. 

Some forums suggest to invest in states where i have friends or family... which is only Georgia or Louisiana but seems almost impossible to find a decent duplex within the range of 85-$110k in those states without having to invest in major repair. 

I feel like my thoughts are scattered and need to speak to someone that can lead me in the right direction.

Thank you for your time 

Arianna

[James Hamling]

@Arianna Farinas dig DEEPER. 

Miami is a HUGE market, ton's of people. Every day people die, start a divorce, move a parent out of a home and put into assisted living, there IS deals to be had there, your just not tapping into them. 

So I say stop chasing shinny things. Roll up the sleeves and get to the work of it all. The problem in front of your face is your not tapped into deal flow. Ok, start there. What/where is the deal flow? Who DOES have deal flow in your target market. Next reverse engineer. Find out what there doing. Etc.. 

What would you do IF you could get the property wanted anywhere you look? I'm betting it's a small multi in Miami market where you can OO one unit and rent others, right. Ok, so DO THAT. Don't walk away because it's not laying out on a silver platter just waiting for you. Dig deeper.