Many successful investors have diverse stories about how they began their real estate journey.

However, that doesn't mean there aren't good investment opportunities available.Richmond has a diverse real estate market with several neighborhoods offering potential, though it might require looking into properties with different strategies in mind.

We have friendly land lord laws, we have affordable houses, and a growing population with a lot of diversity in industries within the city. 

Other tips I might consider could be Expanding your search area: Look beyond immediate local markets and explore options in up-and-coming areas or cities with diverse economies.

Look at employers in the area - you want some diversity of employment so that if 1 company closes you don't lose a bunch of the population2.

People say it's 'diversity' and I agree fully. 

As a newcomer, I'm here to absorb knowledge, connect with seasoned investors, and explore the diverse strategies available.

I'm considering diverse options for reinvesting the proceeds ($200k+) from a planned 1031 exchange and am open to various strategies:Las Vegas/Reno: These markets offer potential for both cash flow and appreciation, but I'd need more information on their suitability for mid-term rentals and current market conditions.BRRR strategy: This approach could be attractive for value creation, but I'm hesitant about out-of-state management and require a turnkey or experienced team to handle renovations.Other locations: I'm open to exploring other markets offering favorable investment opportunities, particularly turnkey properties or areas with manageable maintenance requirements.My preferences:Turnkey properties: Minimize management headaches and focus on cash flow.Limited appreciation: While some appreciation is welcome, cash flow is the primary priority.Shorter-term rentals: While Airbnb isn't an option in my current area, I'm open to exploring short-term rentals in other markets.Avoidance of major renovations: My recent experience has solidified my preference for well-maintained properties.Current portfolio:3 duplexes in Missouri (mixed performance)1 single-family home in Memphis, TN (turnkey, positive experience)Questions for the community:What are your thoughts on Las Vegas and Reno as potential investment destinations?

Diversity the way your income is taxed. 

House hacking is a possible alternative, but given California's high real estate values, investigating other areas may be a good decision.Houston, TX is frequently seen as a favourable alternative for out-of-state real estate investing for various reasons: Diverse Economy, Population Growth, Affordability, Landlord-Friendly Laws, Job Opportunities etcRemember that success in out-of-state investing often involves ongoing communication, local support, and adapting to the unique aspects of the chosen market.Good luck!