This would require you to visit, not necessarily live in that same city.

Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

Hey Sarah, I'm a big advocate for self-managing even from out of state.I manage my 12-doors in Detroit and live in California.

Purchase price: $420,000 Cash invested: $55,096 Purchased a distressed single-family home in Antioch, CA, using the BRRRR strategy to create $141,000 in equity and secure a cash-flowing rental property.

You are probably better off going with one that has a branch you can visit and get to know the management.

Be aware of California taxes that will hit you in their other funds based on your income level.

We currently live in CA, but are moving to Illinois in the coming months - so this will be our state of residence soon.

Mine was also out of state, in a town I’d never visited, and I relied heavily on videos from my agent.This sounds like a tough first deal, but it seems like you have some capital on the side, which will be useful as you face the upcoming challenges and learn from those expensive early mistakes.Regarding the subject of this post, “help me adjust my expectations,” I’d recommend assuming that; repairs will cost twice as much as you estimate, maintenance and vacancy rates will likely double from your initial projections, there’s a very real chance you may lose money on this deal.That said, there are ways to mitigate these risks by:- Keep asking questions here on BP and connecting with local experts- Stay proactive and communicative with your agent and property manager.And remember “Inspect what you expect.”Im not trying to discourage you but to help reset your expectations.

I am basically looking for a cashflow property in the Lehigh Valley or anywhere else, but I would love to visit the property as I am staying in the NJ/NY region.

The 1% deal was for vacant land in Rancho Cucamonga, California.