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Have you moved to invest in another market?

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Jon Klaus Moderator Donor

Real Estate Investor from Garland, Texas

Mar 12 '12, 10:53 AM


Is the market you used to live in mediocre or poor? Did you move to another market you thought held better opportunity? How did you choose the new market? How is it working out? What would you do differently if you could do it again?

Or for those that want to move to a better market, but haven't yet. Where do you want to go and why? Why haven't you moved yet? Do you have a definite plan to move?



Jon Klaus, SellPropertyFast
E-Mail: [email protected]
Telephone: 214-929-6545
Website: http://www.sellpropertyfast.com


Nathan Emmert

Multi-family Investor from South Jordan, Utah

Mar 12 '12, 10:56 AM


I'm considering it... I'd like to add a few more properties to my portfolio here just to ensure I have a solid base under me. While a mistake in expanding after that would hurt, it wouldn't put me under, gives me a buffer as I venture into the unknown.

The why? I just have a fairly limited market here. The problem with Utah is once you leave SLC, there's a WHOLE lotta nothing. They built this place smack dab in the middle of no where.

I like what I hear about the South East and the Mid West. I would probably go one of those routes and leverage contacts from the Summit to help me out.



Nick J.

Real Estate Investor from Scottsdale, Arizona

Mar 12 '12, 10:57 AM


I'm glad the other thread spurred this thought Jon K. I think its a great question with sooo many different variables.

I personally have not. If I were single and no kids, I would be completely open to it. I am interested in hearing others thoughts and experiences.



Jon Klaus Moderator Donor

Real Estate Investor from Garland, Texas

Mar 12 '12, 10:59 AM


@Nick J. I think you and I are in similar positions in that the markets we currently live in offer a lot of opportunity now and into the future.



Jon Klaus, SellPropertyFast
E-Mail: [email protected]
Telephone: 214-929-6545
Website: http://www.sellpropertyfast.com


James Vermillion Donor

Real Estate Investor from Lexington, Kentucky

Mar 12 '12, 11:01 AM


I have moved several times in my lifetime (my parents were in the military and now I am) and I do not plan on moving again when I get back to KY unless I can no longer make a living there. Having lived in multiple places I know exactly where I want to be.

That said, I would never completely rule it out in the future.



Steve K

Real Estate Investor from Orlando, Florida

Mar 12 '12, 11:13 AM


The market here is pretty good as far as a battered market and deals are concerned but i'd actually to prefer living somewhere else where new construction is occurring and will continue to occur.

I'd like to live in Austin again and might pursue that in 3-5 years.




J Scott Moderator Donor

Real Estate Investor from Ellicott City, Maryland

Mar 12 '12, 12:04 PM


We moved from CA to Atlanta a few years ago to start investing in real estate. We certainly didn't let real estate be the sole factor in our decision, but it was on our list of must-have criteria. We wouldn't have moved somewhere that didn't have good real estate opportunities.



Medium_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Website: http://www.123flip.com
CHECK OUT MY BIGGERPOCKETS BOOKS: http://www.biggerpockets.com/flippingbook


Andrew Jones

SFR Investor from Los Angeles, California

Mar 12 '12, 12:39 PM


I have briefly considered it, but I have lived in the same area since birth and all my family and friends are here. Plus there are areas within driving distance 2 hours where I can invest.



Stinson Bland

Wholesaler from Dallas, TX

Mar 12 '12, 12:44 PM


I've considered moving for a couple of reasons.

Jon, as you know, we are operating a business in a very competitive market. It is normal for me to be competing against 2 or 3 other investors when working with sellers. I'm having to spend thousands of dollars in marketing to get 1 or 2 homes a month. I am being forced to spend more and more in marketing to get ahead of my competition. These marketing cost are eating my profits.

Secondly, I'd like to live close to the ocean and I believe there will be some good opportunities in South Florida.



David Bennett

Mar 12 '12, 05:34 PM


Jon,

I was just out in Dallas looking at properties, talking to the local real estate investors, and trying to get a feel of the city(if I could see myself living there). It seems the city is great for rentals, but the financing might be difficult for the end buyer for a fix & flip. I looked at properties on the lower spectrum $50kish buy ins, in cities like Garland, Mesquite, Rowlett, with ARVs $90k+ish. I was attracted to Dallas based on employment data, job growth, migration, house prices v rents.

What are your opinions of the Dallas market for fix and flips? What areas & price points are good?

Would like hear your thoughts on Dallas, and any other investor working the Dallas market.

Thanks

David



Jon Klaus Moderator Donor

Real Estate Investor from Garland, Texas

Mar 12 '12, 06:02 PM


I'm not flipping in Dallas, but if I were I think I'd start at the $200k-$300k range where there are more qualified buyers. The suburbs you mentioned are good for rentals, but you're right, not as good for retail buyers right now.



Jon Klaus, SellPropertyFast
E-Mail: [email protected]
Telephone: 214-929-6545
Website: http://www.sellpropertyfast.com


Mike Jakobczak

Real Estate Investor from Toronto, Ontario

Mar 12 '12, 06:09 PM


I haven't moved but I have invested in other locations other then where I live. I do miss being able to go fix a minor issue and not having to book someone to go tend to the problem.

;)



Carlos Flores

Real Estate Investor from Dallas, Texas

Mar 12 '12, 06:43 PM
1 vote


Diving across the DFW metroplex is practically like moving to another market.

David - I'm curious who you met with in Dallas. Sub $100k ARVs make great rentals. If you want to flip in that range, you might look into ways to provide owner financing as one of your exit strategies.



Medium_dreamstime_l_17553651_-_copy_crCarlos Flores, Stronger Communities Alliance, LLC
E-Mail: [email protected]
I pool investor funds together to acquire apartment complexes


McKellar Newsom

Landlord from Chattanooga, Tennessee

Mar 12 '12, 07:12 PM


I moved from Bozeman, Montana to Chattanooga, Tennessee. I tried to buy rentals in Montana and couldn't easily find properties with good returns. I ended up buying in Tennessee and eventually moving there.



McKellar Newsom,
Telephone: 423-902-8558
McKellar Newsom 423-902-8558 [email protected]


Rich Weese Donor

Real Estate Investor from sioux falls, South Dakota

Mar 12 '12, 07:12 PM


I've moved to St George, Utah (TWICE) for real estate, Casa Grande, AZ, Texas and southwest Florida. All but sw FL were great decisions and very profitable and fun.

For those thinking about Dallas- I have 154 units which is 100% occupied. 50+ homes in rio grande valley, TX with ZERO vacancies. I much prefer TX to FL, imo. Rich



David Bennett

Mar 12 '12, 07:33 PM


Hey Carlos,

Met with 2 different wholesalers, met a bunch of people at a investor club meeting 'Roddys Roundup?'(really seemed like a good group), spoke with investors who bought properties and are renting them out, one guy doing owner financing a flip (bought $48k, $20k rehab, $92k FSBO)he was getting multiple interested parties prior to putting the FSBO sign up. Rich is right occupancy is very high in Dallas. Property taxes are a consideration.

Carlos are you, or do you know investors who are successfully flipping the low end $100k<.



This post has been removed.

Carlos Flores

Real Estate Investor from Dallas, Texas

Mar 13 '12, 12:36 AM


David - Most folks I run in to at that price point are buying to hold. I am getting ready to market into The Colony. It's a lot closer to me than the areas you looked at. I won't get as much house for the money but household income is higher and so is the median price of homes. I have cash buyers there that have been buying in the 20-80k range specifically for flipping so it is getting done. DOM is mixed, however. My plan is to cherry pick to buy/fix/hold for myself and wholesale the rest.



Medium_dreamstime_l_17553651_-_copy_crCarlos Flores, Stronger Communities Alliance, LLC
E-Mail: [email protected]
I pool investor funds together to acquire apartment complexes


Ann Bellamy Verified

Real Estate Lender from Tyngsboro, Massachusetts

Mar 13 '12, 06:28 AM


I moved to NH 17 years ago to start investing in buy and hold. There are no income or sales taxes in NH. The landlord laws are better than most states. My tenants pay my taxes, and I'm 1 1/2 hours to the mountains, or the ocean or 45 minutes to Boston. Perfect for me.



Medium_small_logoAnn Bellamy, Buy Now, LLC
Telephone: 800-418-0081
Website: http://www.buynowhardmoney.com
Hard money lending in NH and MA, and for free networking in MA, http://www.BlackDiamondREI.com


Tim Czarkowski

Residential Real Estate Agent from Jacksonville, Florida

Nov 20 '12, 03:30 PM


Part of my decision to move to Jacksonville a 3 years ago was because the market is more affordable here than in Savannah while still being close to family. There are also many more small multiunit buildings available in decent areas. Which is what I wanted to focus on. Overall it has worked out great and plan to keep it rolling.



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