1% Rule (or close) in Any US/state City?

[Sas Sel]

Hi Investors!

I'm feeling a bit stuck and hoping I could benefit from your expertise and/or experience in this field, first some background:

1. I'm a Canadian (living in Toronto) and want to quit my 9 to 5.

2. I bought Condo 1 (1 bed) in Clearwater, Florida for $65k (USD) cash in 2016. Netting around $650/month. Condo is likely worth about $150k now.

3. I took out a HELOC on Condo 1 to buy Condo 2 (1 bed) in Seminole, Florida outright for $55k (USD) in 2017. Netting around $630/month. Condo is likely worth about $150k now, HELOC is paid off, owned free and clear.

4. I bought Condo 3 in the same building for $120k in 2020, it's now worth $150k, owned free and clear. Nets $650/month.

I would continue buying in Florida but am getting very concerned with the hurricanes so would like to invest in another state that has something, somewhat close to the 1% rule or can net me around $600+/month. The things I really like about Florida, specifically the Tampa/Pinellas region: honest contractors, honest renters, low taxes, low HOA fees.

I'm interested in a duplex/triplex or another condo as my next purchase but have no idea where else to look. I like Texas but hear the property taxes are way too high. Are there any hidden gem cities and areas within those cities that can get me similar numbers to the above? My budget would be around <$300k. 

[Zach Lemaster]

@Rene Hosman thanks for the mention!

@Sas Sel I invest heavily in the SE, especially in FL for the very reasons you mentioned.  I do think there are specific markets that do quite well in FL still, but it's also a good idea to diversify to multiple locations for many reasons.  TX is great, but property taxes are higher making it hard to cash flow.  There are many other great markets to consider in the SE like Columbia, SC, suburbs of Atlanta, GA, Tuscaloosa, AL, Tulsa, OK etc.  I recommend investigating some of those markets based on the criteria you outlined.  As Rene mentioned, our team at Rent To Retirement offers turnkey, new construction properties in all these markets including many in TX and FL as well.  We are happy to assist you however we can, regardless if you invest through our marketplace or on your own!  We have a ton of market data on all these locations that we are happy to share!

Hope this helps!

-Zach