Looking for Rental Income Property in ?????

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Hi, new member here.   Thought someone might have some thoughts on where to invest in a property ($250k to $450k purchase) with a decent cap rate for a long term rental.

I live in Los Angeles, however, I also own in Nashville (paid $265k and rent to students at Vanderbilt University at $2k a month), and Austin (paid $240k and rent to students at UT at $2k a month) where I have long term rent on condos that are also nicely appreciating.   I have done okay, and am now trying my hand at short-term (airbnb) at a house in Palm Springs (paid $463k, in light of the new strict ordinance which will be challenging, but so far in the black from day one with vacation rentals).

Ideally, I'd find something near me in L.A. somewhere (maybe Inglewood? Long Beach? Arts District in Las Vegas?).

Anyway, any advice or thoughts on areas that look promising would be most appreciated?  And if I can return the favor at all, please ask away.  I'm in the film and tv business but have a brokers license as I love real estate investing.   Thank you.

Blair Russell · Answer

I'm not convinced by the Arts District in Vegas (and this is from someone who owns in an area locally known as "Crack Alley") If you mean more Downtown yes, but the arts district itself has very few residences if I'm not mistaken

Clarence Johnson · Answer

@Terence Michael nice to meet you as well.  Send me an email if you need more info one Inglewood rents.  The recent selling prices for multifamily property, lack of rent control, and increased demand will push the rents considerably higher for early 2017.  Nothing will be fully verifiable until late Jan-Early Feb, but investors cannot buy at these prices ($645k duplex, 2/1 and 3/1) and rent for the going rates of $1400 and $1800.

Clarence Johnson · Answer

No problem, feel free to reach out if you have any other questions.

Luka Milicevic · Answer

@Terence Michael sounds like you have a good property on your hands.  Sylvan park is a pretty sweet area. Very desirable place to live

Terence Michael · Answer

Thanks Luka.  Appreciate it.  I think I'm looking to keep my current Nashville place right now for a bit.  It's in a fantastic area West End/Hillsboro area, walking distance to Vandy.   I think I might be looking now in Sylvan Park area for my next one.  Not sure.  But that seems like an area booming as well

Luka Milicevic · Answer

@Terence Michael If you have any interest in selling your property in Nashville please let me know. I'm always looking to buy.

Hope those new airbnb ordinances don't hurt too much .We are getting much of the same on this side. Wish that wasn't the case, but have to deal with it.

Terence Michael · Answer

Right right.  That all makes a lot of sense.  I appreciate the intel!

Blair Russell · Answer

@Terence Michael Technically short term rentals aren't allowed in unincorporated Clark County (places like Winchester and Paradise), The city of Las Vegas does allow rentals with some licensing, fees, and regulations. North Las Vegas doesn't care but that's North Vegas for you. I have not run into any problems but just be aware things can change overnight. I didn't really and still don't have a strategy. When I started it was before the Airbnb craze and I was just looking for a house for myself at the time, guess I got lucky. There are lots of travelers in Vegas and as long as you offer something different you can do well but with so much competition now just throwing up an IKEA house isn't going to cut it anymore if you really want be successful.

Terence Michael · Answer

Thanks Blair, appreciate your advice.  I think I'm talking more about the Winchester/Mayfair area (just south of the Arts District and a little East).  I don't know it too well, but per my research, those pockets have some cool mid-century homes with pools that are killing it on airbnb.  And it's one of the pockets that is allowed to airbnb, since Vegas is pretty strict (downtown is forbidden, and each short term rental license must be further than 600 feet from any other short term operator, etc.).  With that said... I really don't know.  I did visit the Arts District recently, however, and was impressed by the improvement.  So thought I'd try to find something nearby.    Can you tell me about your property?  How has it been for you?  What is your strategy with that one?  Thanks!

Terence Michael · Answer

Awesome Clarence!  I'm gonna do some research right now in those areas.  These are ones I don't know that I would normally have thought of within Inglewood.  I'll let you know if I see anything promising!  Thx.

Looking for Rental Income Property in ?????

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