Newbie from Honolulu Looking to Invest Out-of-State

[Nick Moriwaki]

Hey everyone, my name is Nick from Honolulu, HI.  I recently went to a real estate seminar and it really opened my eyes to the many opportunities there are for out of state investments.  

Growing up in Hawaii I had heard that the cost of living was much higher here than the other parts of the US, but I never bothered to browse prices in the mainland since I never wanted to live anywhere else.  I was in shock at what a relatively small chunk of money can get you in the mainland and how easy it is to cash flow if you pick the right location to invest in.  In the past week or so I have been obsessed with reading through forums, blogs, and comments about different opinions and strategies and I decided to finally make an initial post.  

I've seen bunch of people on the site saying they are out of state investors and was wondering how to get started.  I know I would like to try and start investing in the Las Vegas area as it is the one place I travel to somewhat regularly (about once a year).  How do I go about looking for a realtor / attorney / property manager / that I would need to start investing?  My biggest fear is surrounding myself with sub-par people who will hinder my ability to expand my real estate portfolio.  Any tips about how to get started?

Also, as I mentioned, I'm extremely new to the real estate world so any other general tips / suggestions / words of advice would be much appreciated.

[Jeremy Baker]

Aloha @Nick Moriwaki

We live in Denver and are out of state investors...we invest in Maui, go figure!  There are actually several markets on the mainland that are really similar to Hawaii in terms of pricing and cost of living.  From the numbers I've seen the past few years, it actually cost more to live in San Fransisco, San Diego and New York City than Hawaii.  However, we invest mainly in vacation rentals and it's hard to beat HI when it comes to occupancy rates.

You'll get lots of opinions about investing out of state and there are "easier" markets out there compared to HI.  However, don't give up on your home market.  No matter how "hot" or "pricey" an area can be, that doesn't mean there are deals to be had.  You may have to get creative and hustle more than compared to other areas of the mainland, but there are opportunities everywhere.  

@Jason R.

 I laughed about Vegas being the "9th" island.  I know many people on the islands that visit Vegas once or twice a year.  I know a few that got married there, unlike the rest of the mainland that goes to HI to get married!