Should I start investing in a new market now?
I'm an out-of-state investor and I've been buying real estate for about 15 years. I own about 35 properties in the Kansas City area, mostly a mix of duplexes and single-family homes.
It took some years, but I'm confident now that I have some of the most qualified people working alongside me, including my Realtor, Property Manager, and Handyman along with a slew of other reliable contacts that I could only obtain with years of doing this.
My main concern at this time is that I feel like I've accomplished everything I needed to in this market. I have financial independence and a significant portion of my net worth stems solely from owning these properties. With that said, I'm wondering if now is the time to start buying in a new market? Then again, if it ain't broke, why fix it?
On one hand, if down the line the KC metro struggles then I struggle, but if I buy in a new market to diversify, I also face the issues of having to find reliable people from scratch all over again. So I'm a bit torn on what is the right approach.
If I were to enter a new market, I have my eye on a few areas like Huntsville AL, Richmond VA, Madison WI, or Columbus OH, all of which I think provide a much different tenant demographic and local economy from where I already am invested