I have about 175K to try and grow my capital. I currently live in California, so naturally there really isn't too much available around where I live. I'm thinking areas like portland, Vegas, and phoenix as places that are possibilities that are relatively close to me. Any suggestions?
I dont know if we are the best but Pittsburgh just made national news as the #2 (by volume I think) in the nation. We have a lot of out of town investors trying to flip houses. Many of them have learned how to do this by watching TV and they are a total freakin disaster, but it is fun for me to watch sometimes.
Im not sure if that helps you at all
Charlotte, NC is a really hot area right now.
There are a ton of factors to consider when thinking about flipping outside of your home area. I assume you have a lot of free time or don't have to work if you are going to flip out of state. Regardless, run the numbers as you would for any REI and if they support the flip then start looking deeper. Neighborhood, state of the city, average income, average home ownership, and drive the areas you are considering before purchasing. Good numbers don't always make good investments due to these other concerns.
Also, check out this BP Blog. Should be very helpful as well. Good luck to you and look forward to reading more about your sucess!
Out of State Investing
like much of the US right now were flipping is the rage.. PDX market is uber competitive and not much to be had for 175k other than low end first time buyer type properties.. if you can get one with margin you can expect to make 10 to 15k per flip... anything more and a local will generally beat you too it.. and wholesalers ( the very few we have ) will price the product or give you a purchase price that will back into .
you can go to bulldog capitals website and register they are a wholesaler in town. and you will see how they price their properties.. they have the HML all set up and ready to go. but you must bring your own rehab team.
Frankly though is yoiu have no experience at home doing this going out of state could be a heart breaker as the gentlemen from Pitt referred to. this is tough enough when your on your contractors daily... there are plenty of markets in CA were you can flip in these price ranges I have 4 going in Sac.. right now all at 200k and under
Originally posted by @Christopher Goodson :
If you have a city to recommend, how about providing some supporting evidence rather than just promoting your rei club.