I'm new to biggerpockets, and soaking up all the great information here like a sponge!
I'm from the bay area, but looking to invest out of state due to multiple reasons (low rent/price ratio, laws unfriendly to landlords etc). I'm planning to start off with 1 property, and then gradually build up a protfolio as I get more experience and confidence with investing long-distance.
Based on some preliminary reasearch (a lot of it from the forums here), I've narrawed it down to 3 cities: Charlotte, Dallas, and Provo Orem. I'd love to hear your opinions/advice on these.
I'd also really appreciate if you have any referrals for realtors, property managers etc that have experience working with out of state investors.
Looking forward to hear from you, and being more active here.
Hey @Jashua Gupta welcome to BP! I’ve spent a lot of time in that valley and have a property there myself. Provo specifically is undergoing some law changes that aren’t fantastic for landlords or for residents for that matter but that’s my opinion.
Anyhow, what type of property are you looking for?
@Aaron Tobler Could you tell me more about your thoughts on the new law changes? I am looking at investing in some college rentals there.
Thanks for your reply!
I’m looking to start off with single-family homes. To keep the risk/headaches low, I’d prefer to limit my search to A or B neighborhoods, but ideally still meeting the 1% rule.
Could you give some more details about the law changes in Provo?
Amongst other things, the Provo law change makes it against the law to have more than 3 unrelated renters in the same house. It hurts a lot of the student rentals that we’re packing 4 or 5 people into a single family house.
It’s actually been that way for awhile, just not enforced. Now they are enforcing it by requiring a permit to be filed with the city, and increasing the penalty should you or your renters get caught not abiding by the contract.
welcome to BP! I've been in Dallas for about 6 years now and work with a large wholesaler. We have offices all across the country and from my experience I have seen that Dallas is one of the hottest markets. I work with quite a few investors from California, so feel free to message me if you have any questions about how to get started/connected with the right people!