Buying rentals outside of your area

[Edward L lauckern]

I own 11 units in central NY all within close proximity to me. I do my own management on all the properties. I have had opportunities to buy outside of my area but I dont feel as though it's a good idea, (what if something went wrong and I couldn't get there) all I see is high risk. am I missing something? I'm looking to see what experiences other investors have with buying outside of their areas, where management companies have to take over. Compared to investing locally. Is it worth it?

[Paul Cox]

Interesting article that I received from Ken McElroy this morning talking about rental stats around the country in case you're trying to zero in on an area.

"This was something sent to me I think you all may find interesting. The link to the full article is here "

If you don't feel like reading here are the Key takeaways:

• Las Vegas has been the top performing rent growth market from both 2016 to present as well as 2018 to present
• Phoenix and Tucson have also consistently been top performing markets
• Colorado Springs leads all markets with gross rent growth of 70% between 2009 and present
• Since 2014 Sacramento has been the strongest market with rents up 50%

TOP 20 MARKETS BY REGION

• Western markets have been the top performers over each timeframe dating back to 2009
• Only one Northeast market has been in the top 20 – Boston ranks 18th since 2009, and 10th since 2018
• The Southeast markets have narrowed the gap with the Western markets, as they now represent 8 out of the 20 best performing markets dating back to 2016
• Fort Worth and Austin are the only markets representing the Central region of the country

Right now I'm focusing on STRs so I'm in a slightly different dynamic, but it's good info for myself when I move to purchase my first LTR or multi-family.

Merry Christmas and Happy Holidays

Paul