Need help narrowing down markets for my first house hack

10 Replies

Hey there!

Soon-to-be investor here. My boyfriend and I have been wanting to invest in real estate for awhile now. Our lease ends in September, so we figured that's a good time to start.

We want to start with a house hack to get the feel for the business and eventually venture into more buy and hold properties.

Right now we live in Massachusetts and our market is very expensive. We haven't narrowed down a market yet but we have narrowed it down to a few states (I realize some of these are still expensive -- but we're also looking for a change!):

  • Colorado
  • Washington
  • Oregon
  • North Carolina

I'm wondering:

1.) Does anyone who's invested/lived in these states have any suggestions for affordable and cash flowing neighborhoods?

2.) Does anyone have any advice for choosing the right market? Or any research best practices?

I know this is a broad question but I've been doing a lot of research, especially since I don't know these areas well. My strategy so far has been looking up counties with the fastest growing populations, best schools, and also checking Listsource.com for zip codes with recently sold Absentee owned properties (trick I learned from Anson Young's Finding and Funding Great Deals). From there I plug counties/zip codes into sites like Trulia looking for reasonably priced homes. So far I haven't been getting great results and I'm no closer to narrowing down my markets!

I would appreciate any advice! Thank you!

Hey Haley,

Just wondering why those states? Is it because family, jobs in your field  or more like, "I just want to live there"??

Seems like a pretty good big move @Haley B.   if this is going to be your place of residence for the long haul (at least a year w owner oc loan) you may want to put boots on the ground.  -- Initially NC would be my quick recommendation bc its easy access to Mass and the state is doing well economically and has places with low property prices (in comparison to MA)

@Jim Sestito Thanks and yeah so far those have seemed like the most affordable properties I've found
@Jim Sestito Thanks and yeah so far those have seemed like the most affordable properties I've found

@Haley B. Just curious, if you live in MA now (I grew up in Wilmington btw) and want to house hack...how do you plan on going out of state where I assume you don't have a job. That would be a big issue with lenders.

If you have jobs now in Mass then some good areas can be found outside of the city like Lowell, Haverhill, Fitchburg, Worcester, etc.

PM if you have any questions...I am house hacking now and also have an out of state property.

Cheers!

Originally posted by @Haley B. :
@Ernie V. more like we just want to live there haha

 Have you been there before? If not I would recommend to check it out before you move there.  

No but we are planning to once we narrowed down the markets a little bit!

Originally posted by @Ernie V. :
Originally posted by @Haley B.:
@Ernie V. more like we just want to live there haha

 Have you been there before? If not I would recommend to check it out before you move there.  

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