Bethel, CT · Member since 2015 · 3 posts · 0 votes
I'm about to move back to the U.S. from abroad, and I have an online business so I can settle anywhere in the country. It's a good problem to have, but... it makes choosing a location difficult!
I'd like to get started by buying a multifamily property and living in one unit while renting out the other(s). Does anyone have suggestions on U.S. cities that tend to have a number of duplex/triplex/4-plexes, and are also nice places to live?
By "nice place to live" I mean:
a city that's sizable enough to have cultural/sports/arts activities
parks and proximity to nature would be a plus
climate-wise, I grew up in CT so I'm used to four seasons, but would rather not go anywhere north of that
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
10y
@Shayna McHughso the number of 2 to 4 unit properties is generally driven by age of the City. I know places like Chicago have lots of 2-4 unit flats in the older parts of town. I know I was surprised by the number of multiunit buildings when I visited the Boston area as well. Not saying those locations meets your other requirements but just offering observations about RE. Generally I would say you want older Cities which means most will be East of the Mississippi and probably in the northern part of the US. Personally I don't think an area with a population less than 1M would have the culture/sports/arts activity you are looking for. Some smaller areas have one or the other. For example Santa Fe has arts but not sports.
If you want 4 seasons you should stay north of 35th parallel and I would be careful about going too far North as the winters can be brutal but that depends on your taste as well. Some climate is of course is impacted by elevation so it's not exactly cut and dried but generally that would serve as a guide.
BTW I vote for Denver but I'm biased and I know we don't have the stock of multis that other older areas do. We do have them just not as many.
Agent/Investor · Lake Crystal, MN · Member since 2015 · 16 posts · 1 vote
10y
Southern Minnesota, all four seasons beautiful rural area. I live in a town about 10 minutes from Mankato, MN which is around 60,000 people if I remember right, and basically has everything, plus quality investments!
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
10y
@Shayna McHughso the number of 2 to 4 unit properties is generally driven by age of the City. I know places like Chicago have lots of 2-4 unit flats in the older parts of town. I know I was surprised by the number of multiunit buildings when I visited the Boston area as well. Not saying those locations meets your other requirements but just offering observations about RE. Generally I would say you want older Cities which means most will be East of the Mississippi and probably in the northern part of the US. Personally I don't think an area with a population less than 1M would have the culture/sports/arts activity you are looking for. Some smaller areas have one or the other. For example Santa Fe has arts but not sports.
If you want 4 seasons you should stay north of 35th parallel and I would be careful about going too far North as the winters can be brutal but that depends on your taste as well. Some climate is of course is impacted by elevation so it's not exactly cut and dried but generally that would serve as a guide.
BTW I vote for Denver but I'm biased and I know we don't have the stock of multis that other older areas do. We do have them just not as many.
Investor · Minnetonka, MN · Member since 2015 · 24 posts · 15 votes
10y
I love the Twin Cities of Minneapolis and St Paul. Downside is winters are long and cold. It is a great place though. All 4 major sports, highest per capita Off Broadway plays/theaters in the nation.
But I don't want to plug my own city. My wife is from the Kansas City area. KC is similar to Minnesota. 2 major sports and a thriving arts/entertainment scene. I haven't looked into REI there, but I know RE prices are lower than MN. The climate is good there too. Easy winters, but hot summers.
I was in the Navy so I've spent 5 years in CT. 2 in Groton and 3 at a Nuclear Facility in Windsor no one knew about.
I'm with Scott. I love the Twin Cities of Minneapolis and St. Paul. We have lakes, parks, theater, great restaurants, great churches, a lot of community. And Minnesota has the bluff country in the SE part of the state, the North Shore of Lake Superior, lots of great state parks. I've been to other cities and this area is the best I've seen.
Bethel, CT · Member since 2015 · 3 posts · 0 votes
10y
@Jonathan J. MillerI love Colorado!! Took a family vacation there at one point and never forgot how beautiful it was. Do you think it might be pricey for a beginner to get started?
@Bill S.Fascinating - I didn't know that about the city's age, thanks for the tip! I'm actually not looking for professional sports necessarily... just want to avoid tiny towns with "nothing to do." My parents live in Danbury, CT, which has a pop of around 100K but there's a lot going on there.
Attorney · Toledo, OH · Member since 2015 · 84 posts · 58 votes
10y
@Shayna McHughI'm very biased, but I think Toledo, Ohio would fit your criteria very well. The multifamily properties are not in A neighborhoods, but I doubt they are in any city affordable to a new investor. Here, they tend to be upper C neighborhoods with multi-families starting in the $50K range, unless you look at our Old West End District, which consists of C to B neighborhoods of large multifamily homes with beautiful architecture for sub-$100K prices. We are a small to mid-size town of 300,000 (600,000 metro region), situated between Columbus, Detroit, Cleveland, and Chicago. We have a great Metro-parks system, excellent zoo and museum, and fantastic minor league sports teams (Toledo Mud Hens, Walleyes, a new minor league soccer team starting this year, and one of the oldest professional women's football teams). While we definitely have four seasons, the lake effect saves us from receiving the worst of most winters. I'm always happy to play salesman for my city, so feel free to pm me any questions you may have.
Lender · Denver, CO · Member since 2015 · 275 posts · 35 votes
10y
There are opportunities here still. the best thing is once your done you will get multiple offers from buyers. Aurora, Thorton, Arvada, Longmont, The springs, and fort collins all have opportunities.
Cincinnati, OH · Member since 2015 · 214 posts · 107 votes
10y
Shayna,
I do what you're describing right now in Cincinnati, OH. You will definitely find the things you're looking for here. You will even get to experience all 4 seasons in one week! Ha.
Investor · Colorado Springs, CO · Member since 2016 · 20 posts · 3 votes
10y
Hi Shayna! I live in Fort Collins and while the supply of smaller multifamily units isn't huge, they are around. We absolutely love Fort Collins as a smaller city with huge amenities (easy outdoors access, great infrastructure, thriving Old Town district, college town, hopping music scene, etc.). I lived in Capitol Hill in Denver at one point--there are a number of multifamily properties in that general area but it's gotten pretty pricey.
I grew up in Missouri and would agree with @Scott Martinsonthat KC is a great area and the values are definitely there. I would also check St. Louis--lots of multifamily buildings in some cool areas like the West End.
Wholesaler · Arnold, MO · Member since 2013 · 348 posts · 183 votes
10y
St Louis is a great area for multi fam investment and thr cost of living is exceptional. Two million population in the area, sports (no football), museums, world class zoo, four seasons and outdoor activities. The Fox Theatre is a marvel and you would love tje Central West End, Dogtown or Soulard neighborhoods.
Kansas City, Missouri is also fantastic and close to the Lake of the Ozarks.
Overland Park, KS · Member since 2015 · 9 posts · 1 vote
10y
Kansas City is great. The Royals, Chiefs and Sporting KC (MLS soccer) all made the playoffs in their last season. There are great concerts at the Kauffman Center for performing arts and national acts at Sprint Center. There are also a number of fantastic museums including the Nelson Atkins.
Business wise KC is part of the Silicon Prairie, tons of tech start ups and Google fiber chose it as their first fiber city.
There are numerous trails in the city and within a couple of hours drive are Lake of the Ozarks/Branson/Missouri River trails.
Investing in KC is good, buy and holds selling for 50-100k or less with rents 650/mo and higher.
If you are wanting to invest outside of KC there are several major cities within an approximate 8-9 hour drive; Denver, St. Louis, Omaha, Chicago, Memphis, Des Moines, Minneapolis/St Paul, Indianapolis, Dallas, Oklahoma City and several major college (Big 10, Big 12, SEC) towns with investment opportunities.
Bellevue, NE · Member since 2015 · 134 posts · 28 votes
10y
I'm in agreement with @Kyle Niemann . Born and raised just outside of Kansas City and it was a great area. Currently living and investing in Omaha. I'd also feel more than comfortable looking at the KC area as well.
Denver has been exploding and doesn't cash flow well now. We've had a lot of investors from Denver coming to us and investing in Indianapolis and Kansas City.
Property Manager · Saint Louis, MO · Member since 2015 · 186 posts · 76 votes
10y
I'm terribly biased but I think St Louis is perfect for someone looking for multi families. Low cost of living, beautiful historic homes, and purposely designed so that many neighborhoods have a mix of single, duplex, and fourplexes that's very helpful for property values. There are lots of great amenities like the Zoo, Botanical Gardens - many of which include free admission for residents because of historic endowments, Forest Park is larger than Central Park, and there are so many other beautiful historic parks (Tower Grove Park, Benton Park, Lafayette Park) and a variety of unique neighborhoods that offer different lifestyle and investment choices.
The Rams may be leaving, but hockey and baseball are the big games here, and there is talk of an MLS expansion team if the NFL doesn't decide to bring in someone new.