What are some cities you are looking at as a multifamily investor in 2025?

[Matthew Heckman]

I'm looking to break into the multifamily scene, specifically in the <$250,000 price range. I'm searching for something that would require light remodeling which I can BRRRR, no gut rehabs and preferably nothing turnkey unless cash flow is still obtainable. For anyone who actively invests in or is looking to invest in multifamily homes, what markets have you had success in, or do you think would be a solid starting point in 2025?

[Nicholas L.]

@Matthew Heckman

OK - this question gets asked a lot by California investors.  here's my answer: any market will work if you spend time getting to know it in person and building a team, and no market will work if you don't.  there are successful investors in every state and failed investors in every state.

to be blunt, though, whenever i see a California investor wanting "cash flow," i get nervous, because with a standard long term rental, there isn't any in the first few years.  any analysis or document or presentation or calculator that shows cash flow in the first year - anyhere - Alaska, Ohio, California - just doesn't account for many of the costs associated with purchasing, renting, and owning: closing costs, rent ready costs, lease out costs, first year repairs and stabilization.  cash flow really kicks in after 10+ years of ownership, in my opinion.

here is an epic, thoughtful thread about different markets and the choices California investors have - lots of different perspectives and experiences in one thread, including successful investors in different states:

Why markets with low appreciation grow your net worth twice as fast

here's someone asking the exact same question as you:

Looking to invest out of state. Will be my first investment!

and, here's my required reading list for you if you're even thinking of investing "out of state":

Avoid Revolution Properties LLC at all costs

https://www.biggerpockets.com/forums/48/topics/1242392-rough...

https://www.biggerpockets.com/forums/48/topics/1137397-balti...

https://www.biggerpockets.com/forums/432/topics/1231840-sell...

https://www.biggerpockets.com/forums/311/topics/840134-memph...

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

i would be happy to discuss any of this with you further. i have nothing to sell and am on here to help new investors protect their time and capital.

hope this helps