First property: Use Out-of-State network, or build a local team myself?

[Kevin Forsell]

Hello everyone!

I'm very excited to get tarted on my real estate career started! By the end of next year I will have saved about $50k for a down payment plus some reno budget. I plan on using the BRRRR method.

I live in Jersey City, NJ, and the home prices are very high in this area. The upside is I can manage the renovation much easier, and for my first reno, it will be much easier to have a local property. 

Another option is to invest in Salt Lake City, Utah because my best friend lives there and owns his own Property Management company. He has connections to trustworthy Agents, contractors, CPA's, and lawyers, and of course, he would manage my property(ies) for me. The home prices are also much more affordable, and from what I am learning, the Salt Lake City market is getting very hot, especially considering the Salt Lake City Winter Olympics in 2034. 

So, do I find my own team and invest (at least to start) in North Jersey, or do I use my friend and his contacts and invest out of state? I'm leaning toward SLC, but it does worry me to invest out of state. 

(By the way, 50k is my starting point. I plan to start searching for properties when I have 50k, but likely will have more reserved by the time I close on my first property. I know I'd likely need more if I decide to invest in Jersey). 

Thanks for all your help! I'm excited to hear what you think!

Kevin