In your backyard, or out of state? Should I move?

[Matthew Lewis]

I'm looking for feedback/opinions on the question of getting started in multi family (and I'm targeting 5 - 10 units for a first property), and starting locally or going to a "hot" market. 

I've seen the short lists that seem to all include Indianapolis, Columbus, Louisville, etc and I've heard the buzz, such as "anywhere in Ohio!". 

I understand the value plays and good cap rates available in those places. I've looked up employment numbers, population trends, per capita incomes, median home prices and see how good they are in Indy and Columbus. 

But, for example, have you looked at the map on Joe Fairless's podcast site showing the locations of all the people he has interviewed? Scroll to the bottom of any podcast page and you will find it. Sure, he has interviewed successful investors in Indianapolis, but also Myrtle Beach, Boise and Flagstaff. 

Have you ever looked up employment and per capita incomes for Grays Harbor, Washington? 

I have investable funds and happen to be in a position to relocate - I could go to Indianapolis or Columbus and stay a few years. Where I am now, western Colorado, is a little dry in terms of loopnet, etc., but of course there are multi family properties around. 

Is it too easy to be seduced by the hot markets, or believe that they are where you've got to be, or should I start where I am and do the digging to come up with one or two opportunities?