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Updated almost 6 years ago on . Most recent reply

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Josh Gold
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buying multiunits out of state. Where are there still good deals?

Josh Gold
Posted

I’m located in denver and been investing since 2012. Have a good number of units under my belt. The market is too overheated here and want to venture out of state. I just can't decide the best market. I love to self manage but denver is not profitable at these prices.  I prefer great duplex and  4 units. I like b class properties with a young professional demographic for renters. They are easy on property and typically pay rents with out much problem. Id like the strongest returns possible with low vacancy and to stay away from areas that get vandalized etc. 

I have considered Minneapolis, Ohio, Chicago, and Michigan because price points are reasonable. But I don’t have confidence yet where to go. The returns look so great on some deep discount deals but fear I would pay for it with vandalisam and high vacancy rate. 

What resources do you recommend i look to find the right location. 

Any areas that you can recommend as a great fit. Also in the market I pick a strong team will be essential. A maintenance man, property manager and vendors. If you recommend an area if you have a vendor or resource please share also. 

Thank you in advance!  

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Geordy Rostad
  • Real Estate Broker
  • Kirkland, WA
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Geordy Rostad
  • Real Estate Broker
  • Kirkland, WA
Replied

@Josh Gold

If you haven't read David Greene's book on out of state investing, that might be a good place to start.

https://www.biggerpockets.com/store/long-distance-real-estate-investing-ultimate

First hurdle you'll need to overcome is the need to self-manage. It would be pretty difficult to scale your business beyond a certain point if you were trying to do hands-on management. Best bet is to manage your managers.

I spent this weekend looking at Memphis, Oklahoma City, Kansas City, and some others. It's really hard to not be drawn in by the numbers there. I saw a duplex in Memphis for $23k that brings in $600/mo gross. Rents are low too! Something like that could be a good way to dip a toe into out of state investing. The challenge would be finding a property manager to do it for 10% and getting a loan on it if you desired.

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