Updated about 2 years ago on . Most recent reply
Need Advice about suitable market for investment
Hi. I am new here. I am planning to sell my sf home and move to a less expensive area where I can purchase a home and investment properties. My budget is approximately $800,000 total including cost of repairs. I am not handy and will need to hire contractors. Budget is for primary and investment properties.
My criteria: looking for a single family with at least 3/2 on a tree lined street with a nice backyard in an upscale, safe neighborhood. May consider an upscale townhouse or condo. Looking for investment properties to net me approximately $4,000 per month or close to it. I want to be in an A level location with A level tenants. I am open to multi family, condos or sf. Will do work if priced properly. In fact, very open to rehabs/ fixer uppers.
I am open to locations across the US. I want to be close to the beach though. I am open to Ocean or Great Lake beaches. I do not want to be in an excessively hot location. I am considering Cleveland, Chicago and Milwaukee suburbs on the Lake. Possibly Virginia Beach area. Would consider California possibly Ventura County if I could find a property on a large lot where I could build an ADU but I think I'm priced out there.
I’m looking for feedback on these areas plus suggestions of areas you think could work for me. Thank you so much.
Most Popular Reply
David,
Out of the areas you listed Virginia Beach or that general area would be the better choice based on cost of living. You can still get a good deal just outside of VA Beach on a Multifamily which will help gets you closer to that $4K monthly. There are some parts of Florida as well where you can still get into a great upcoming neighborhood.
California is overpriced and doomed to hit another loss in values if these rates stay high for more than 24 months. Not to mention the property taxes are insane and not worth the amounts being charged. Beautiful state but you can move to FL, TX, NC, SC, AL and still get that weather and be closer to the coast for half the price.