Benefits to investing in multiple markets

[Maxwell Lee]

Hi All, 

Just curious about the real benefits (we can get to the difficulties later) in investing in multiple markets. We have properties in various cities by default, but as far as intentional, strategic real estate investment, we have focused entirely on my home market of Jacksonville. 

Jacksonville still provides us with the type of investment we seek, but certainly not as awesome or abundant as it was a few years ago. I know the Jax market extremely well, so assuming I study and understand another market sufficiently but still not as well as Jax, is there any point in diversifying? If so, is it more beneficial for the other market to be of a similar type (low cost, cash flowing) just in a different region, or one that offers a different type of potential (like more dynamic appreciation)?

I'll toss out a few thoughts I've had: 

1) I get to write off more travel :p 2) I bring other investors with me. So if I can get comfortable, knowledgeable and adept in a new market then that would open up more options for my investor partners as well. 3) We are ever so slightly shielded from some catastrophic event occurring in my primary market.  

tl;dr, For those of you who purposely invest in many regions, why do you do it? 

Thanks!!