New Investor Seeking Advice on Relocating and House Hacking

Jeff SchemmelBusiness Member

Real Estate Agent · Saint Paul, MN · Member since 2014 · 384 posts · 401 votes

1y

@Tony Schmucker happy to weigh in on Saint Paul! I live here and househack as well - can provide a first hand perspective.

Preston Ward

Member since 2024 · 4 posts · 2 votes

1y

Quote from @Tony Schmucker:

Hi everyone! I’m a new investor based in WA state with an exciting opportunity to relocate for work in the U.S. and out of the 92 cities available, I’ve narrowed it down to 13. Using criteria like price-to-rent ratio, pop growth, employment trends, and wage growth, relying on multiple sources (PropStream, Zillow, Rentometer, FRED) to calculate averages. I'd like to share the excel file but I'm having trouble navigating FilePlace to upload it.

Appreciation vs. cash flow, I’d prefer a balanced market that offers some appreciation potential. Though, my main goal is to be break-even or close to it in cash flow once a property manager steps in to take over.

My real estate goals include investing in long-term rentals with the potential for mid-term rentals, leveraging my spouse’s career as an OT in the healthcare industry. I’m interested in house hacking small multifamily or single-family homes with ADUs. The plan? Live in an area for 2-3 years, self-manage the property, and then relocate again, passing the baton to a property manager.

I’d love to hear advice on any of these markets for making this approach a success!

Cities I’m Considering:

Saint Paul, MN
Des Moines, IA
Omaha, NE
Sioux Falls, SD
Wichita, KS
Oklahoma City, OK
El Paso, TX
Knoxville, TN
Nashville, TN
Clarksville, TN
Charlotte, NC
San Antonio, TX
Dallas-Fort Worth, TX

If you visit Fort Worth, I'm happy to show you around and or give you some notes! I'm not a realtor, but I think there are some fantastic values to be had in certain pockets of Fort Worth

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

Quote from @Jaycee Greene:

Hey @Tony Schmucker, welcome to the BP Forum! I love the work you've done so far to filter it down to the "Lucky 13" markets! Do you have a price range that you'd be targeting for your first property?

How about something like this in Knoxville: https://www.realtor.com/realestateandhomes-detail/305-Taylor...?

Thank you, Jaycee. Narrowing it down to 13 markets took some time, but I'm one step closer to overcoming analysis paralysis! The range is broad due to the differences in median home prices across these locations i.e. Des Moines vs. Knoxville. I'd estimate it to fall between $200k and $400k. While a gorgeous property with an opportunity for an ADU is appealing, I'm more interested in a fixer-upper.

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

Quote from @Jeff Schemmel:

@Tony Schmucker happy to weigh in on Saint Paul! I live here and househack as well - can provide a first hand perspective.

Great to meet you! That sounds awesome—I'll send you a DM.

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

Quote from @Preston Ward:

Quote from @Tony Schmucker:

Hi everyone! I’m a new investor based in WA state with an exciting opportunity to relocate for work in the U.S. and out of the 92 cities available, I’ve narrowed it down to 13. Using criteria like price-to-rent ratio, pop growth, employment trends, and wage growth, relying on multiple sources (PropStream, Zillow, Rentometer, FRED) to calculate averages. I'd like to share the excel file but I'm having trouble navigating FilePlace to upload it.

Appreciation vs. cash flow, I’d prefer a balanced market that offers some appreciation potential. Though, my main goal is to be break-even or close to it in cash flow once a property manager steps in to take over.

My real estate goals include investing in long-term rentals with the potential for mid-term rentals, leveraging my spouse’s career as an OT in the healthcare industry. I’m interested in house hacking small multifamily or single-family homes with ADUs. The plan? Live in an area for 2-3 years, self-manage the property, and then relocate again, passing the baton to a property manager.

I’d love to hear advice on any of these markets for making this approach a success!

Cities I’m Considering:

Saint Paul, MN
Des Moines, IA
Omaha, NE
Sioux Falls, SD
Wichita, KS
Oklahoma City, OK
El Paso, TX
Knoxville, TN
Nashville, TN
Clarksville, TN
Charlotte, NC
San Antonio, TX
Dallas-Fort Worth, TX

If you visit Fort Worth, I'm happy to show you around and or give you some notes! I'm not a realtor, but I think there are some fantastic values to be had in certain pockets of Fort Worth

Thanks so much! I’ll definitely let you know if I’m in Fort Worth, would love to hear your thoughts on the area.

Anil Shah

Real Estate Agent · Raleigh, NC · Member since 2025 · 31 posts · 15 votes

1y

It's unfortunate Raleigh-Durham didn't make your cut of 13 cities but Charlotte is definitely the city to choose in NC if your want the city feel. If you are in tech, I feel like Raleigh-Durham has better opportunities than Charlotte though. But your can't go wrong with either. Good luck with your move and if Raleigh-Durham makes the cut, let me know.

Jaycee GreenePro Member

Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes

1y

Quote from @Tony Schmucker:

Quote from @Jaycee Greene:

Hey @Tony Schmucker, welcome to the BP Forum! I love the work you've done so far to filter it down to the "Lucky 13" markets! Do you have a price range that you'd be targeting for your first property?

How about something like this in Knoxville: https://www.realtor.com/realestateandhomes-detail/305-Taylor...?

Thank you, Jaycee. Narrowing it down to 13 markets took some time, but I'm one step closer to overcoming analysis paralysis! The range is broad due to the differences in median home prices across these locations i.e. Des Moines vs. Knoxville. I'd estimate it to fall between $200k and $400k. While a gorgeous property with an opportunity for an ADU is appealing, I'm more interested in a fixer-upper.

@Tony Schmucker In Knoxville, would something like this be of interest: https://www.realtor.com/realestateandhomes-detail/6608-Langs...?

[email protected]

Benjamin Carver

Real Estate Agent · Raleigh, NC · Member since 2019 · 303 posts · 288 votes

1y

Quote from @Anil Shah:

It's unfortunate Raleigh-Durham didn't make your cut of 13 cities but Charlotte is definitely the city to choose in NC if your want the city feel. If you are in tech, I feel like Raleigh-Durham has better opportunities than Charlotte though. But your can't go wrong with either. Good luck with your move and if Raleigh-Durham makes the cut, let me know.

^

What made you choose Charlotte over Raleigh? Pure curiosity here

2 Reply

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

@Benjamin Carver & @Anil Shah:

Hi Benjamin and Anil, thanks for your comments! Raleigh would've been a great option, but it's not available for my relocation. Both Charlotte and Raleigh show strong pop and employment growth, but the low price-to-rent ratios make me nervous about cash flow. For a long-term rental, would a small multifamily in Raleigh be necessary to break even and cover the mortgage compared to a SFH?

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

In case anyone's interested, here's the link to my spreadsheet with the macroeconomic metrics!

Relocation Markets

Wale LawalBusiness Member

Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes

1y

[email protected]832-776-9582 Podcast Guest on Show #469

From my experience of working with over 400 investors, your strategy to relocate, house hack, and transition properties to management is a strong, methodical approach. Focus on cities with favorable price-to-rent ratios, population growth, and employment trends, such as Des Moines, Oklahoma City, and Charlotte, while considering factors like landlord-friendliness and property taxes. Narrow your top cities, build a local team, and refine your financial analysis to position yourself for success.

Good luck!

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Kyle MccawBusiness Member

Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes

1y

McCaw Property Management4.4905 Reviews

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Meghan Carson

Real Estate Agent · Memphis, TN · Member since 2024 · 250 posts · 71 votes

1y

Welcome to Bigger Pockets!

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

Quote from @Wale Lawal:

From my experience of working with over 400 investors, your strategy to relocate, house hack, and transition properties to management is a strong, methodical approach. Focus on cities with favorable price-to-rent ratios, population growth, and employment trends, such as Des Moines, Oklahoma City, and Charlotte, while considering factors like landlord-friendliness and property taxes. Narrow your top cities, build a local team, and refine your financial analysis to position yourself for success.

Good luck!

Thank you for the feedback and encouragement! Sounds like I've got the plan all laid out in front of me.

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

Quote from @Meghan Carson:

Welcome to Bigger Pockets!

Thank you for the warm welcome!

2 Reply

Wale LawalBusiness Member

Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes

1y

Quote from @Tony Schmucker:

Quote from @Wale Lawal:

[email protected]832-776-9582 Podcast Guest on Show #469

From my experience of working with over 400 investors, your strategy to relocate, house hack, and transition properties to management is a strong, methodical approach. Focus on cities with favorable price-to-rent ratios, population growth, and employment trends, such as Des Moines, Oklahoma City, and Charlotte, while considering factors like landlord-friendliness and property taxes. Narrow your top cities, build a local team, and refine your financial analysis to position yourself for success.

Good luck!

Thank you for the feedback and encouragement! Sounds like I've got the plan all laid out in front of me.

Yes, you got what you need for the most part. Keep us posted on your progress.

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Amy AtkinsonPro Member

Investor · Sioux Falls, SD · Member since 2016 · 10 posts · 0 votes

1y

Sioux Falls is great, I live here. Property values only going up up up for decades. Like most places with growth though, it's hard to find properties to cash flow given interest rates etc. But if you know what you're doing in finding the properties and want a fixer upper, it's doable.

I will say that the multi-family rental market is pretty saturated here though. Developers have been on a building rampage for the last 5 years, so we've got brand new apartments sitting vacant and properties less than 50% full in many areas of town. Lots of competition for tenants at this moment, which has been dropping rents down, rent concessions etc.

Good luck on your journey!

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

Quote from @Amy Atkinson:

Sioux Falls is great, I live here. Property values only going up up up for decades. Like most places with growth though, it's hard to find properties to cash flow given interest rates etc. But if you know what you're doing in finding the properties and want a fixer upper, it's doable.

I will say that the multi-family rental market is pretty saturated here though. Developers have been on a building rampage for the last 5 years, so we've got brand new apartments sitting vacant and properties less than 50% full in many areas of town. Lots of competition for tenants at this moment, which has been dropping rents down, rent concessions etc.

Good luck on your journey!

This is great information!

Thanks for the insight on Sioux Falls. I appreciate the heads-up about the saturated multi-family market, that's definitely something to consider. My plan is to use a low down payment conventional loan, and with the factors you mentioned, it’ll likely be tough to find a property that breaks even. While I’ll keep Sioux Falls in mind, I’ll move it to the “maybe” list for now.

Tim SwierczekPro Member

Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes

1y

@Tony Schmucker Now that you know all of those markets work from a Macro perspective you should look to see where you want to live for 2-3 years and what your and your wife's income will be in those markets. In other words if they are all acceptable places from an investing point of view, change your perspective and look at the other things they have to offer.

I lived in St Paul for 19 years and now live in a suburb of St Paul for the last 6 years. It's objectively rated as a great place to live, but obviously you need to be ok with Winter. Figure out a way to narrow it down. You will always be able to find a place once you have a city. If you do decide on MN, did a similar analysis as you a few months back in St Paul with rent-to-price ratios based on median price and median rents for each neighborhood in St Paul. HMU and I will share it with you.

Olivia Laos-Stutz

Tucson, AZ · Member since 2025 · 10 posts · 1 vote

1y

Hello Tony! Stoked you're here.. are you leveraging any real estate meetups or local investor events yet?

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

Quote from @Tim Swierczek:

@Tony Schmucker Now that you know all of those markets work from a Macro perspective you should look to see where you want to live for 2-3 years and what your and your wife's income will be in those markets. In other words if they are all acceptable places from an investing point of view, change your perspective and look at the other things they have to offer.

I lived in St Paul for 19 years and now live in a suburb of St Paul for the last 6 years. It's objectively rated as a great place to live, but obviously you need to be ok with Winter. Figure out a way to narrow it down. You will always be able to find a place once you have a city. If you do decide on MN, did a similar analysis as you a few months back in St Paul with rent-to-price ratios based on median price and median rents for each neighborhood in St Paul. HMU and I will share it with you.

Appreciate the input! I’m at the stage now where I’m shifting my focus to cost of living and overall quality of life in each area. I have extended family in MN, which is a plus and something I’m factoring in as well.

I’ve heard from friends in Iowa that MN winters are on another level, which will definitely take some getting used to. If I get a relo opportunity in St. Paul, I’d love to reach out on the rent-to-price ratio workbook. That would be great data to have.

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

Quote from @Olivia Laos-Stutz:

Hello Tony! Stoked you're here.. are you leveraging any real estate meetups or local investor events yet?

Thanks Olivia. I haven't been to any local investor meet ups quite yet. I've been waiting to finalize on a market first, but it couldn't hurt to get my name out there early!

Chris Schmidt-Loffler

Specialist · MI · Member since 2024 · 49 posts · 11 votes

1y

Welcome to BP, Tony! Good to connect.

OP

New to Real Estate · Tacoma Washington · Member since 2021 · 20 posts · 14 votes

1y

Quote from @Chris Schmidt-Loffler:

Welcome to BP, Tony! Good to connect.

Yes! Great to connect.