Investing out of State
Hello Everyone,
My name is Ben and I am new to this site. I rarely post any type of message/review, but this site has been very informative and loaded with valuable resources with different people across the country that I just had to submit this post. It's amazing what you can stumble across when searching the web, I had no idea that this website even existed.
I currently own and rent 5 homes in Southern California. I just sold a business and want to invest in additional properties but the housing market just doesn't make sense with some of the inflated prices in our area. I have always been told to buy in "your area" since you know the market and can be easily managed. I have remodeled and maintained all these properties so I am very involved with any maintenance/repair that needs to get done on these houses.
On this site, I see many people investing properties out of state and sometimes across the country. I know the housing market prices are very different compared to CA. and I want to pull the trigger, but I'm having a lot of doubt of taking that first step away from CA.
I guess my question is/are....Is it worth it to invest out of state? Do I let go of what I have been accustomed to for the past 8-10 years and lean on a property management company? How reliable are property management companies? Are they looking out for your best interest? (repair costs, quality of tenants, etc). Because I have done everything myself or hired people I know and trust, I am having a hard time taking this step out of state. Doesn't help that my wife is not on board with this idea. I already hear enough of her "I told you so" responses.
Any advice pros/cons of out of state investing would be greatly appreciated. Thank you