Why not do Multifamily Syndication in the Portland area?

[Eric Berkner]

I live in the portland metro area, all my RE connections are already established. I am now looking for a small mutifamily deal, 4-20 units. It seems all the big players and gurus won't even look at a state like oregon to invest in b/c it is not landlord friendly. But because of that, it seems like there may be some great deals to find b/c of less competition? Mainly Value Ad. Cap rates here are 4.5-5.5%ish, what are your thoughts of doing my first deal here in my backyard vs. going to a landlord friendly state like every other investor out there?