Where to buy 1st out of state property?
Hi folks, I'm interested in buying 1st out of state property since CA is too expensive. Looking to buy SFR or small multifamily (2-4 units). Need financing or I can do HELOC out of my own property. Price range is better below 100k. Would like a light fixer so I can do BRRRR later. Looking for an area/city with strong job and population growth.
Here is my list of areas/cities below. Which area/city shall I start with. Would like to hear your opinions.
1. Memphis, TN
2. Nashville, TN
3. Tampa, FL
4. Jacksonville, FL
5. Orlando, FL
6. Charlotte, NC
7. Indianapolis, IN
8. Cincinnati, OI
9. Cleveland, OI
Thank you for your input.
Most Popular Reply
@Renee Ren Here are my thoughts. I'm basing my response on the assumption you are looking for cash flow markets.
1. Memphis, TN - Good cash flow market but way too much competition, high percent of renters and un-natural dyanmics caused by the huge swaths of hedge fund purchases and disposition.
2. Nashville, TN - 7 to 10 years ago, would have been perfect. Not a cash flow market and well above $100K
3. Tampa, FL - all three Florida cities and Charlotte are definitely growing. You will probably have to be creative in your neighborhoods to find decent properties less than $100K
4. Jacksonville, FL -
5. Orlando, FL
6. Charlotte, NC -
7. Indianapolis, IN - a great, midwest cash flow market
8. Cincinnati, OH - I assume you meant Ohio - not sure what OI is :-) plenty of good cashflowing options and a lot of diverse neighborhoods.
9. Cleveland, OH - Many opportunities in the suburbs - I would not buy in Cleveland. Check Jame's Wise guide to neighborhoods in Cleveland. It will be a big help.
Columbus is the only Ohio city that is really growing over the long haul. Much more competitive than Cleveland and Cincinnati
I think Huntsville is a great market with tremendous population, job and income growth. The small multifamily market is not good there but SFH is very robust.