Updated over 8 years ago on . Most recent reply
BEST MARKET FOR A $500K MULTI FAMILY
Hey everyone!
So I am in an exciting part of my real estate journey. I am about to sell my first property. I own over 10 doors, but have never sold one before. I have one that has appreciated substantially over the last 2 years and feel that its time to sell since I don't feel that market has much more room to grow and personally expect a crash ( in California ). I am 1031 exchanging to a new property, but need to locate one. I have my "team" looking in the markets that I am already in, but I am sure there are other markets where there are great opportunities that I could be missing out on. I would love to hear from any of the experienced investors who are finding cash flowing properties in the multi family \ apartment arena. What markets are you buying in? What kind of returns do you expect on these deals ? Are you buying off market? Any advice on how to find the best deal is greatly appreciated.
Also, this is my first apartment purchase, so ANY advice is greatly appreaciated. Cant wait to hear from you guys! Thanks!
Most Popular Reply
@Mansoor Fazel I really like the Boise market as well as the Salt Lake City area. With thousands of new jobs, a housing shortage, and large influx of people, the Salk Lake greater metro area is a fantastic place to buy. I have purchased two propeties this year, one in Lehi, UT and one in Saratoga Springs, UT (both 30 minutes from downtonw Salt Lake). They are calling Lehi, Ut the "Silicone Slopes" because of all the big companies like Adobe, Amazon, Xactware, Domo etc moving there and bringing other tech companies with them. Boise is similar, lower cost of living, lots of new jobs and a growing population. We have a few pocket listings (I'm an agent) that are brand new and in great locations. I'm also buying a fourplex that FIG is building in Boise, so both areas are great in my book.