Invest In My Costly & Appreciating Market or Go Elsewhere?

[Jason Bohling]

I live in a (now) expensive market which is seeing significant appreciation and this in turn is making it increasingly harder to find cash flow. My goal is to be financially free, i.e. able to live solely off the cash flow from my properties within 8 years. While I don’t have debt other than the mortgage on my current primary residence, I don’t bring in a ton of money, either, so throwing down $100k down payments are out, at the moment! Due to current family situation, moving and house hacking isn’t possible, so that’s out.

For those much more experienced and wiser than I am, do you think it would be better to still focus on my local market (considering I know the area and local economy, can do some of the work myself to save cash on a rehab and can utilize local and existing relationships) and find a way to create cash-flowing deals to achieve my goal, or look for a cheaper market with a lower cost-barrier to entry where cash flow is already more prevalent? If you believe staying in my local market is the way to go, why, and if I should focus elsewhere, why do you suggest that as well?

Thanks in advance for anyone and everyone willing to share some knowledge, wisdom and advice with me, it’s much appreciated!