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Updated over 7 years ago on . Most recent reply
NYC Out of State Investors
I live in New York City and invest out of state in Kansas City, MO. So far, I've had a very good experience. I own 2 duplexes and just sold a single family home, and have been somewhat lucky in the sense one of the first folks I spoke with in KC, @William Robison , is one of the main folks with whom I still work.
I'd be interested to hear from other folks in NYC, where do you invest and what has your experience been like.
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Just did a deal in Memphis, TN.
For investors who are employed full time in addition to investing: When New Yorkers, Californians, Bostonians, (insert other expensive metros here) do deals in low cost markets, we get a tremendous feedback effect from high dollar amount we are easily able to put into the low cost market. Wages are high in the northeast, so it's nice to redeem them outside the same economy. In the Northeast, the amount of money you can make is completely normalized by high lifestyle costs. Instead of living opulently or investing here, redeem the value of your money in a much lower cost market. This chart is a great example of the kind of transfer you can get:
http://taxfoundation.org/blog/real-value-100-each-...
Not only is my employer compensating for the lower value of $100 here. I am actively targeting markets where $100 is actually worth more than $100. Not shockingly, these tend to correspond with a lot of the good cash flow markets we like the throw around.
It looks like Atlanta may be a next stop, although I am happy to do another couple of deals in Memphis. Also very interested in Kansas City.