Investor · San Diego · Member since 2022 · 2 posts · 0 votes
I live in San Diego and have one short term rental here that does great but I'm looking to re-invest the proceeds from a regular rental condo in San Diego that I decided to sell in June. I've owned a couple SFH's in Rochester NY before and I'm looking for a package deal there but figured I'd see what other cities the BP community might suggest for high cash on cash returns and ideally low prices. I have 200k to immediately invest but I'll wait until probably summer to see how the economy looks once the fed is done with rate hikes. I'd like to find a market with enough inventory and a quality property management company so I can buy in one place (At least 6-10 units) and not have to scour the county to invest this chunk of money. After that, I'd be open to exploring other markets. Thanks!
Lender · Northwest Indiana · Member since 2021 · 55 posts · 26 votes
3y
Check out Northwest Indiana as well. Great cash flowing market. The local economy is doing great. That being said our properties definitely will not appreciate at the rate of San Diego! lol
I have connections to some great property management groups in the area as well. I self manage but I could point you towards one in particular that I trust.
You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:
https://www.biggerpockets.com/...
(BP search feature can be problematic, so we’ve also added links @ our website under View Cities & Neighborhoods We Service)
Please send us any feedback via email, as we do not use the DM feature here.
Real Estate Agent · Metro Detroit, MI · Member since 2018 · 612 posts · 666 votes
3y
@Justin Sterling
Love Metro Detroit
(my rental portfolio is here)
Purchase: $80k-$130k
Rent: $1200-$1500
ROI: 10-14%+
Cash flow: $250-$350/door+
Appreciation: Double digit (for past 10 years, will gladly send data)
Location: C+, B- (suburbs and certain markets)
We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, and mortgage industry National footprints. Ever hear of Ford, Rocket mortgage, or Beaumont hospitals? All complimented with Amazon fulfillment centers, google, and more tech manufacturing jobs.
The bad reputation comes from OOS investors wanting $20k D market properties. We don’t buy those lol.