Rental Property Investor · Salida, CO · Member since 2017 · 6 posts · 1 vote
Hello friends,
I’ve been a casual real estate investor for several years with residential rentals in the town that I live in, Salida, Colorado. My properties have appreciated nicely, but they don’t provide the cash flow that I’m looking for moving forward. I’m starting to explore new markets that could provide me with a better return.
I, like many others am looking for smaller apartment buildings, and I’m looking in the south and southeast. Maybe somewhere along I-10. Southern Mississippi, Alabama, Georgia and northern Florida. Maybe the Carolinas. We have a daughter in Raleigh and a house in SW Florida so these are areas that we already travel to on a fairly regular basis which would be beneficial.
Anyway, if you happen to know the greatest property manager in the southeast, please let me know! I’d also like to connect with others of course, and I’d appreciate any information that may be helpful.
Thanks
Jeremy
You might want to look at Pueblo, CO for rentals. I know it may sound crazy but the EGY is almost double the national average in some neighborhoods. Search Pueblo in the forums and there is an active discussion with all of the details. Good Luck!
Hey Jeremy! Welcome. I live in Denver but I used to raft the river near Salida, beautiful area. I am surprised that rents are not good in that town with all the growth they seem to have (without doing any real research). I just started looking out of state as well for small multi-families. Maybe add Arizona to your search list. Good luck!
You might want to look at Pueblo, CO for rentals. I know it may sound crazy but the EGY is almost double the national average in some neighborhoods. Search Pueblo in the forums and there is an active discussion with all of the details. Good Luck!
@Jeremy Petersen
I would look at pueblo as well. I’m heavily invested there. Also my cousin owns the dispensary out there in your area. How are the rents around there
Hey @Jeremy Petersen - I’m a realtor and investor here along the Mississippi Gulf Coast. Let me know what you’re looking for and I can help you find out. Based on my research, we have some of the best cash on cash returns in the country. It’s one of the reasons so many out of state investors decide to invest in Mississippi.
PM me your info. I’d love to connect.
@Derek Diamond, @Robert Herrera Rental prices have been rising in Salida, but are not keeping up with the value of real estate. Additionally, wages for working people are not keeping up with rental rates.
Location and condition of course factor in, but here are the ranges I’m seeing. Studio, $750 - $900. 1 bedroom, $800 - $1000. 2 bedroom, $1200 - $1600. 3 Bedroom $1500 - $2200. There are examples that fall outside of these numbers, but that’s about what we’re seeing.
I have a 2/1 sfh with a value in the mid $300s that nets me $10K. There is some room for me to go up, but not even close to where I would like to be.