Is the market you used to live in mediocre or poor? Did you move to another market you thought held better opportunity? How did you choose the new market? How is it working out? What would you do differently if you could do it again?
Or for those that want to move to a better market, but haven't yet. Where do you want to go and why? Why haven't you moved yet? Do you have a definite plan to move?
I'm considering it... I'd like to add a few more properties to my portfolio here just to ensure I have a solid base under me. While a mistake in expanding after that would hurt, it wouldn't put me under, gives me a buffer as I venture into the unknown.
The why? I just have a fairly limited market here. The problem with Utah is once you leave SLC, there's a WHOLE lotta nothing. They built this place smack dab in the middle of no where.
I like what I hear about the South East and the Mid West. I would probably go one of those routes and leverage contacts from the Summit to help me out.
I'm glad the other thread spurred this thought Jon K. I think its a great question with sooo many different variables.
I personally have not. If I were single and no kids, I would be completely open to it. I am interested in hearing others thoughts and experiences.
@Nick J. I think you and I are in similar positions in that the markets we currently live in offer a lot of opportunity now and into the future.
I have moved several times in my lifetime (my parents were in the military and now I am) and I do not plan on moving again when I get back to KY unless I can no longer make a living there. Having lived in multiple places I know exactly where I want to be.
That said, I would never completely rule it out in the future.
The market here is pretty good as far as a battered market and deals are concerned but i'd actually to prefer living somewhere else where new construction is occurring and will continue to occur.
I'd like to live in Austin again and might pursue that in 3-5 years.
We moved from CA to Atlanta a few years ago to start investing in real estate. We certainly didn't let real estate be the sole factor in our decision, but it was on our list of must-have criteria. We wouldn't have moved somewhere that didn't have good real estate opportunities.
I have briefly considered it, but I have lived in the same area since birth and all my family and friends are here. Plus there are areas within driving distance 2 hours where I can invest.
I've considered moving for a couple of reasons.
Jon, as you know, we are operating a business in a very competitive market. It is normal for me to be competing against 2 or 3 other investors when working with sellers. I'm having to spend thousands of dollars in marketing to get 1 or 2 homes a month. I am being forced to spend more and more in marketing to get ahead of my competition. These marketing cost are eating my profits.
Secondly, I'd like to live close to the ocean and I believe there will be some good opportunities in South Florida.
I was just out in Dallas looking at properties, talking to the local real estate investors, and trying to get a feel of the city(if I could see myself living there). It seems the city is great for rentals, but the financing might be difficult for the end buyer for a fix & flip. I looked at properties on the lower spectrum $50kish buy ins, in cities like Garland, Mesquite, Rowlett, with ARVs $90k+ish. I was attracted to Dallas based on employment data, job growth, migration, house prices v rents.
What are your opinions of the Dallas market for fix and flips? What areas & price points are good?
Would like hear your thoughts on Dallas, and any other investor working the Dallas market.
I'm not flipping in Dallas, but if I were I think I'd start at the $200k-$300k range where there are more qualified buyers. The suburbs you mentioned are good for rentals, but you're right, not as good for retail buyers right now.
I haven't moved but I have invested in other locations other then where I live. I do miss being able to go fix a minor issue and not having to book someone to go tend to the problem.
Diving across the DFW metroplex is practically like moving to another market.
David - I'm curious who you met with in Dallas. Sub $100k ARVs make great rentals. If you want to flip in that range, you might look into ways to provide owner financing as one of your exit strategies.
I moved from Bozeman, Montana to Chattanooga, Tennessee. I tried to buy rentals in Montana and couldn't easily find properties with good returns. I ended up buying in Tennessee and eventually moving there.
I've moved to St George, Utah (TWICE) for real estate, Casa Grande, AZ, Texas and southwest Florida. All but sw FL were great decisions and very profitable and fun.
For those thinking about Dallas- I have 154 units which is 100% occupied. 50+ homes in rio grande valley, TX with ZERO vacancies. I much prefer TX to FL, imo. Rich
Met with 2 different wholesalers, met a bunch of people at a investor club meeting 'Roddys Roundup?'(really seemed like a good group), spoke with investors who bought properties and are renting them out, one guy doing owner financing a flip (bought $48k, $20k rehab, $92k FSBO)he was getting multiple interested parties prior to putting the FSBO sign up. Rich is right occupancy is very high in Dallas. Property taxes are a consideration.
Carlos are you, or do you know investors who are successfully flipping the low end $100k<.
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David - Most folks I run in to at that price point are buying to hold. I am getting ready to market into The Colony. It's a lot closer to me than the areas you looked at. I won't get as much house for the money but household income is higher and so is the median price of homes. I have cash buyers there that have been buying in the 20-80k range specifically for flipping so it is getting done. DOM is mixed, however. My plan is to cherry pick to buy/fix/hold for myself and wholesale the rest.
I moved to NH 17 years ago to start investing in buy and hold. There are no income or sales taxes in NH. The landlord laws are better than most states. My tenants pay my taxes, and I'm 1 1/2 hours to the mountains, or the ocean or 45 minutes to Boston. Perfect for me.
Part of my decision to move to Jacksonville a 3 years ago was because the market is more affordable here than in Savannah while still being close to family. There are also many more small multiunit buildings available in decent areas. Which is what I wanted to focus on. Overall it has worked out great and plan to keep it rolling.
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