In the upcoming year (2018), i will be seeking to purchase a multi-family investment property preferably of 4 units. Can you please recommend some markets to look into outside of the tri-state area. Also if anyone has any opinions on Charlotte, NC would be great to hear. Would have a budget of ~$350 K for purchase price and ~$100-150k for renovations. My strategy would be to buy and hold no quick flip.
I live in NYC and invest out of state, in Charlotte.
I would recommend you look into Northern Texas, Phoenix, Charlotte, Tampa.
I started investing in Charlotte about 2 years ago, it's a hot market very competitive. Low volume of multis in Charlotte.
You definitely have the right idea investing out of state. I did all the numbers and looked at several properties in NYC and the numbers for me didn't add up and to add to the risk you know how tenant Friendly the laws are in the NE. For beginners like ourselves definitely look into states that are more Landlord friendly, the cities that I mentioned are..
I lived in NYC and now I'm in NC. It's pretty good down here. I'm Located in Fayetteville. I invest here and nearby. I will be staying in this area unless I get a hot smoking deal elsewhere that I can't refuse (complex). I'm assuming you're going to be living in one of the units?
Cabarrus County is a hot suburb just north of Charlotte that you may want to look into.
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