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Updated almost 8 years ago,
Challenges of remotely sourcing first rental purchase
I'm currently living in Chicago, but only for sure for the next six months. I'm originally from the Philly suburbs, with lots of family in that area, particularly a few with contractor networks FWIW. My goal is to make my first rental purchase, either a 2-4plex or SFH, by late April. Took a bit of a parachute from a corporate role and not jumping back in full-time until May, so I have a pretty flexible schedule (at least 10-15 hours I can allocate per week if need be) in this time period, thus the motivation to get moving.
Being local in Chicago will allow me to see first hand a lot of properties, but it's most likely I won't be here much past May. I can't say yet where I'll be, but all things equal I'm likely back east for the long-term, and I already know that area much better. Do I sufficiently school up in the Chicago market and IL regulations and build a bit of a network here to start off, with the ease of seeing many properties first hand? Or do I start remotely building a bit more of a network and knowledge base in PA, trading the difficulties of sourcing for the greater likelihood of future footprint and leverage? I can be back in Philly a few times over the next few months when critical, just not frequently.
My primary short-term goal is a profitable start, not extreme DIY value maximization in the perfect deal. I'm happy to leverage the beginnings of a solid local team (attorney, property manager, etc.) if the math works and it gets me momentum I can build on.
Anyone try purchasing one of their first properties while not living in/near that area?