Have you moved to invest in another market?

20 posts by 16 users

Medium 1399315588 avatar jonk Jon Klaus
Investor from Garland, TX
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Jon Klaus Verified Moderator Donor

Investor from Garland, Texas

Mar 12 '12, 10:53 AM


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?



Jon Klaus, SellPropertyFast
E-Mail: [email protected]
Telephone: 214-929-6545


Medium 1399580127 avatar nemmert Nathan Emmert
Investor from Byron Center, MI
1300 Posts
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Nathan Emmert

Investor from Byron Center, Michigan

Mar 12 '12, 10:56 AM


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.



Medium 1441604380 avatar motiv8td Nick J.
Residential Real Estate Broker from Scottsdale, AZ
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Nick J.

Residential Real Estate Broker from Scottsdale, Arizona

Mar 12 '12, 10:57 AM


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.



Jon Klaus Verified Moderator Donor

Investor from Garland, Texas

Mar 12 '12, 10:59 AM


@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.



Jon Klaus, SellPropertyFast
E-Mail: [email protected]
Telephone: 214-929-6545


Medium 1399394541 avatar jvermillionaf James Vermillion
Property Manager from Lexington, KY
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James Vermillion Donor

Property Manager from Lexington, Kentucky

Mar 12 '12, 11:01 AM


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.



No avatar medium Steve K
Investor from Orlando, FL
431 Posts
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Steve K

Investor from Orlando, Florida

Mar 12 '12, 11:13 AM


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.



Medium 1448323426 avatar jasonscott J Scott
Investor / Business Guy from Ellicott City, MD
15817 Posts
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J Scott Verified Moderator Donor

Investor / Business Guy from Ellicott City, Maryland

Mar 12 '12, 12:04 PM


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.



Medium lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Website: http://www.123flip.com


Medium 1399588278 avatar bakersfield Andrew Jones
Investor from Los Angeles, CA
228 Posts
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Andrew Jones

Investor from Los Angeles, California

Mar 12 '12, 12:39 PM


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.



Medium 1399545620 avatar stinson Stinson Bland
Wholesaler from Dallas, TX
294 Posts
111 Votes
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Stinson Bland

Wholesaler from Dallas, TX

Mar 12 '12, 12:44 PM


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.



Medium 1399517401 avatar slick50 David Bennett
Denver, CO
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David Bennett

from Denver, CO

Mar 12 '12, 05:34 PM


Jon,

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.

Thanks

David



Jon Klaus Verified Moderator Donor

Investor from Garland, Texas

Mar 12 '12, 06:02 PM


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.



Jon Klaus, SellPropertyFast
E-Mail: [email protected]
Telephone: 214-929-6545


Medium 1435183443 avatar jaymichaels1 Mike Jakobczak
Real Estate Investor from Toronto, Ontario
411 Posts
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Mike Jakobczak

Real Estate Investor from Toronto, Ontario

Mar 12 '12, 06:09 PM


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.

;)



Medium 1450397118 avatar kahrlos Carlos Flores
Commercial Real Estate Lender / Syndicator from Dallas, TX
816 Posts
195 Votes
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Carlos Flores Verified

Commercial Real Estate Lender / Syndicator from Dallas, Texas

Mar 12 '12, 06:43 PM
1 vote


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.



Medium signature file200Carlos Flores, Old Capital Lending
E-Mail: [email protected]
Telephone: 469.458.0600


Medium 1399394152 avatar newsom McKellar Newsom
Landlord from Chattanooga, TN
189 Posts
44 Votes
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McKellar Newsom

Landlord from Chattanooga, Tennessee

Mar 12 '12, 07:12 PM


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.



Medium 1399292835 avatar venomousviper Rich Weese
Real Estate Investor from sioux falls, SD
5484 Posts
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Rich Weese Donor

Real Estate Investor from sioux falls, South Dakota

Mar 12 '12, 07:12 PM


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



David Bennett

from Denver, CO

Mar 12 '12, 07:33 PM


Hey Carlos,

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<.



This post has been removed.

Carlos Flores Verified

Commercial Real Estate Lender / Syndicator from Dallas, Texas

Mar 13 '12, 12:36 AM


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.



Medium signature file200Carlos Flores, Old Capital Lending
E-Mail: [email protected]
Telephone: 469.458.0600


Medium 1399348055 avatar annbellamy Ann Bellamy
Hard money lender from Tyngsboro, MA
2367 Posts
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Ann Bellamy Verified

Hard money lender from Tyngsboro, Massachusetts

Mar 13 '12, 06:28 AM


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.



Medium small logoAnn Bellamy, Buy Now, LLC
Telephone: 800-418-0081
Website: http://www.buynowhardmoney.com


Medium 1399599203 avatar buylow12 Tim Czarkowski
Involved In Real Estate from Jacksonville, FL
207 Posts
26 Votes
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Tim Czarkowski

Involved In Real Estate from Jacksonville, Florida

Nov 20 '12, 03:30 PM


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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