I have been looking at Sioux Falls, SD for some time and the area has seen incredible growth, and lot of development as well. How true is my assessment for out of state investors? I'm looking for properties (both SFH and multi units) that can beat S&P investment for me over long term (~10 year range).
Please recommend good areas to look at for investing, and what should one watch out for, especially for out of state investors.
If you are an investor in this area, would love to hear your experience and guidance.
Also happy to connect with realtors / agents in this area, and discuss some of the properties on market.
Rental Property Investor · Phoenix, AZ · Member since 2018 · 44 posts · 53 votes
2y
Hi Sandy!
I'm from the Sioux Falls area, but now live in Phoenix. On my Bigger Pockets bio I have all the details of the deals I have done in Sioux Falls and the surrounding area as a long-distance investor. I also have a link to a podcast I was on where I go more in depth.
In general, like most markets - SFH in Sioux Falls will not cashflow outside of some kind of Sub-To or seller financed arrangement (which are possible! Just closed one :) ). Rents are plateauing, even dropping a little due to a combination of market conditions and being in the slow season (even less people want to move when it is 0 degrees outside), so be cautious in any underwriting.
I can definitely recommend some great local property management, legal representation, realtors, brokers, service providers and small banks.
Feel free to DM me with any questions or to set up a call!