Best Market for Long Distance Small Multi-family Rentals
My wife and I are renting out the basement of some close relatives in San Jose, CA. We're comfortable and are in no rush to leave. We both have good jobs in the south bay. I also grew up in this area and most of my family still lives here, so we would like to stay in or around San Jose... We also want to start investing in real estate, and the bay area isn't exactly a friendly market for people in their mid-twenties just getting started.
We've done some research, and the best strategy seems to be long distance long term rental properties. I like the idea of small multi-family and would like to use the BRRRR method if possible (might be difficult from another state though).
That said, what are the best markets to consider? We're looking for the best combination of job growth, population growth, vacancy rates, equity forecasts, rent prices, multi-family home prices, weather, and tax burdens. Please let me know what other factors I ought to take into account!
Some spots I've been considering so far:
Florida - Jacksonville / Orlando
Tennessee - Nashville
Texas - Austin / Dallas / San Antonio
Alabama - Birmingham?
Missouri - Kansas City / St. Louis
North Carolina - Raleigh / Charlotte
Utah - Salt Lake City / Provo
Arizona - Phoenix
Hey Nick! Happy to discuss further with you more about Raleigh and the market here as well as discuss your goals to see if this market can be a fit for you as well. Happy to chat anytime.