Investor · Portland, OR · Member since 2013 · 133 posts · 88 votes
So I am in the planning stages of starting my real estate investing career and obviously a very important piece is planning the right market to start in. My strategy is to buy and hold small multifamily units that are cash flowing and, ideally, appreciating as well. I have looked at some markets and realized that they are flooded. I want to get into a market that is profitable - that is affordable, with high rents. My starting range is properties in the 100-120k range. Does anyone have suggestions?
The markets I was originally looking at were Phoenix, Houston and LV. However, it seems like they are very competetive markets. For me to be successful out of the gate, I'm thinking I need a market that isn't as busy. I have a couple other ideas, but I would love to hear what ya'll think.
Thank you for all your helpful contributions on BP! I'm curious to get your feedback as to which cities are currently good markets (for sfr rehabbers) to find deals on the mls? Or do you know of any colleagues that are having success working the mls, if so where? (As a measure of success I consider at least 1 acquisition per month).
I understand many investors don't use the mls much or at all (as direct mail is preferred) which is proving difficult to find current answers for my question.
In addition to Ali, if anyone knows of successful mls markets please post here or PM me, I greatly appreciate your help!
Unfortunately I don't work with MLS properties or rehab properties, so I can't help much. For rehabbing in general, it depends if you are flipping the rehab for resale or holding it for cash flow as to what markets are good. But for MLS, I can't say.
investor · San Diego, CA · Member since 2013 · 26 posts · 7 votes
12y
Thanks for your reply @Ali Boone
It will most likely be for fix/flip at least initially, as this is the method I've been exposed to and learning the ins/outs by local investors.
I know it may sound a bit ludicrous to some (yes I've read the forums lol) but it's only for a starting point, I will also be implementing direct mail.