Investing from across the country?

[Brandon Nelson]

In my local market, a multi-families in our A or B parts of town with a Cap rate of 5.5% will usually fly off the market in a few days, often with multiple offers. In the few C parts of town, that cap will have to be 7 or so. It's hard to get excited about buying when compared to the numbers in places like Memphis and Atlanta. My question is, with some of the turn-key operations who buy, rehab, lend private money on, sell to investors and property manage all for you, are investors comfortable putting money into properties from across the country? I had lunch yesterday with a local investor who now has 10 properties in Memphis, and I'm definitely interested. But what has been people's experience, and what's the advice from the pros?