I am paralyzed - can’t pick a market

I am paralyzed - can’t pick a market

Miami, FL · Member since 2022 · 41 posts · 19 votes

Hello BP investors. 
I am all over the place looking for a market to invest. Norfolk and Virginia Beach, VA because of the possibility to do both STR and LTR with the same property). Memphis, TN and Birmingham, Al for LTR because of low entry market and decent cash flow). Raleigh,NC area because of growth. Jacksonville, Cape Coral, and West Palm Beach, FL because of easy access to property and can do both STR and LTR.

I am about to close on a HELOC with TD bank. I live in Miami, FL and I know I can't Invest here after all my research, nothing on the market makes sense. I currently own a condo rental in Miami that I bought pre-construction. But those days are over.
Now, where do Invest?  As a nurse and in general, I have a high risk tolerance so I don’t mind investing out of state, preferably in the southern US market.  However, I would prefer to invest in Florida due to easy access. 
Budget is up to $400K for multi and $200-$250k for SFR in a B or A neighborhood ( my risk tolerance has a limit 😀. I don't mind a light BRRR, actually, I would prefer that.
I would definitely need a team because I work pretty long hours ( love my profession and my job). 
  My goal is to buy at least one property before the end of the year.  Therefore, I need to pick that market and focus on it.  
Thank you for your help. 

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Bay area, CA · Member since 2021 · 383 posts · 306 votes
4y

Hello Nerlande,

I personally invest in Cape Coral and things are going great. I can connect with that team if you like. The way events in recent years have played out, some of the areas of Florida are giving very unique opportunities for great appreciation and cash flow, both. 

I work long hours too and still, it's possible to make a great investment if you know the right people. 

@Zach Lemaster

--Ruchit

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    4y

    Did you run the numbers for cost in and profit (flip and/or CF) out?  The numbers with $$$ in front will tell you the best markets to invest in.  Don't use the numbers with %%% behind them to make decisions...they lie.

  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    4y

    Reading your post, pick the places in FL and something turnkey.  Look at the vacancy rates in the towns in FL and also look up a few PM for both long and short term rentals.  For short term rentals, do you want to furnish the place and do you have the extra time (or a good PM) who can manage those?  They take a lot more time than long term rentals. If after looking at vacancy rates and some PM, and talking to a couple of realtors who specialize in rentals, you still can't pick one market, put the names in a hat.

  • Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    4y

    Killeen Texas, this is where I invest. Happy to talk more about it 

  • Miami, FL · Member since 2022 · 41 posts · 19 votes
    4y

    Thank you Theresa 

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