I am being honest...with myself!
As I have posted on here, I do personally own 3 rentals and oversee my parents 20 or so rentals. But my track record is a little spotty. I lost my shirt on a couple of rentals and made out like a bandit on a few rentals. But it was always what I call 'small ball' rentals. Buy a house, rent it out for a few years, and sell it, then buy something else. Nothing really great to brag about. Lately, my mom sold a couple of 'losers' and asked me to buy something for her. I bought one in Colorado, BIG MISTAKE and I bought one in Texas, it is doing ok, but is only getting about a 7% return.
Well today, we opened escrow on a commercial property in California and I am going to need to invest between $600,000 and $700,000. Since my wife and I both work full time, I can't visit all of your market places, but would like to fly to a couple of them to check them out. With this tight time frame, I need quality 'intel.' Reading a lot of posting, the popular markets seem to be Jackson, Mississippi, Charlotte, NC, Austin, Texas and Portland, Oregon. If you have a good area, please PM me.
Here is my goal:
Rent equals or is greater than 2% of the sales price.
Tenant and management is in place (property needs no maint).
Property Tax is less than one months rent.
Insurance is less than 50% of one months rent.
Family neighborhood (no gang infestation)
We are doing a 1031 so we won't have much time. The buyer of our property is all cash, so there a no loan contingencies.
We also have another property up for sale in California that will give us another $200,000 to invest. I listed it below everything else so it should sell fairly quickly.
So this post is part of my RESEARCH.
Thank you for all your advice!
Mike
:D