First time buyer pre approved for 240k where do I buy?

Question

Hi everyone,

Hope all is well,

New member to BiggerPockets here but long time viewer. I'm looking to purchase my first investment property in the next few months and wanted to get some guidance / opinions.

I'm not from the US, Im from the UK, but studied in Chicago. When I first considered buying in the US I considered North Chicago as I know and like it but I'm aware of the high property taxes and question the longevity of the market there with a declining population and all that.

I live overseas currently so any purchase will be remote for me and I will get it managed, I may never even see the place so I'm quite open to where I could buy.

I wanted some thoughts on the best places to invest? In terms of yields, capital appreciation, and taxes.

I was considering Dallas TX and Tampa Florida as of right now because I feel they're both strong markets and favourable tax situations. I'm pre approved on 240k and looking to secure something in the next 2 months. If anyone had any thoughts I'd love to hear people's opinions and whether there's anywhere else I should be considering?

Thanks,

James

Samuel Diouf · Answer

I think Columbus, Ohio is a great market to consider. I moved here from Florida after seeing the projected growth. Multiple, billion dollar companies are investing substantial amounts of money into our area, such as Intel, Google, and Amazon. Which in turn will bring plenty of other investors and general business to the market.

Jay Hinrichs · Answer

OK I am going to do it.. Columbus Ohio.

Simon Ashbaugh · Answer

Hey James, with a price range like that Columbus and Cleveland OH will be a standout choice, in these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.

Bruce Lynn · Answer

DFW #1 in the entire USA for population growth in 2023. Something like 150,000 people moved here.

I think a lot of the growth announcements for the area really haven't materialized yet as well. Goldman Sachs building HDQ3 here near downtown. Bank of America just started their building north of downtown Dallas, Wells Fargo building basically HDQ in Irving and still under construction. Several chip factories under construction. I believe Dr. Adelson is something like #22 of the world's richest people or maybe richest in USA, just bought some big plots to probably build one of the worlds largest casinos....interesting as we don't allow casino gaming yet. Plenty of other smaller companies and projects going on.

At $240K you can probably buy cash property around Sherman Denison area. Growth moving that way.

One of the real estate billionaires here said once...want to make millions in real estate, buy in the path of progress. Makes sense.

Marc Rice · Answer

Haha. Have you picked up any lots here to build yet? Got to find you some stuff out here.

Sam McCormack · Answer

With the price range of up to 240k, I would recommend Northern Kentucky or Cincinnati. Lower price range market for small mulifamily. Cash flow more than possible in this range?

Michael Haynes · Answer

Hello James Emerson in Europe? The worst thing in the world is to be an Absentee Owner. The second worst is to buy at the Top of the Market. Save your energy. Keep your JOB. You can buy a house in Italy for $1. Check out the youtube videos.

Joseph Stern · Answer

Hey James, Im a broker and invest here in Tampa. Happy to discuss the pros and cons of the tampa area when you have a moment just shoot me a dm.

First time buyer pre approved for 240k where do I buy?

First time buyer pre approved for 240k where do I buy?

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