Rental Property Investor · Chesapeake, VA · Member since 2016 · 23 posts · 7 votes
I worked in a butcher shop when I was younger and the boss used to always tell me I should get started in Real Estate and to focus on Cash Flow. He was in his sixties and owned over forty rental properties. I joined the military to save some cash for investments. My questions are for experienced Investors. I am interested only in fixer uppers to fix myself and to rent and hold for a long time. Preferably to purchase with Terms. I am curious as to where some good cash flow rental markets are? I'm in Norfolk, Virginia for the next couple of years but am looking to find a good solid market to settle down in once my orders are up. I see very few good deals here and quite a bit of competition. I have Georgia in mind at this point but I would love to hear from some experienced folks about good oppurtunities. I have cash saved with good credit lines ready to pull the trigger when I find a place to move the family. Where are the Cash Flow Markets!? Only looking for for folks who have been there done it! Thanks
Hello and welcome to BP! There are basic things that would make up a good property in an area. Economy and employment trends have to do with a good reason to inest Ina city. The more diverse they are, the better. Some areas have stopped growing and some areas are growing well. I don't think there are many people that can tell you where to go. Just concentrate on the bigger cities that have over 50,000 people and have a bunch of different companies. You might get some more definite areas but I can tell you that it depends on what your interested in doing. Places like Dallas/Fort Worth, San Francisco, Seattle, Chicago, Phoenix, Atlanta, Miami, and Denver are all popular areas.
If you are hoping to hear only from national investors is pretty hard but I can tell you that I have been studying for about 8 months on a full time basis and this is what I have learned. What is your traveling budget is will answer a few. If you want to remain in one place you can pick any of the cities I mentioned but nobody can guarantee that you will do well in any particular area. I am 59 years old and I have been in the construction business since I was 17 and I had a brokers license for about 30 years but I have only done one investment deal so I do not have the experience you are looking for. Good luck to you and what you are trying to get!
A good place to start would be to buy a foreclosed house and move in. Complete the repair work yourself and rent the property when you are finished. I live in Marietta Georgia and the market is strong. I have a rental house in Acworth and when it's listed I receive 5-10 calls a day.
Buy a 3-4 bed foreclosed house with 20% down and you will cash flow.
Denver is a great, over 100,000 people moved here last year. Rents are high. Steady demand will keep increasing rents. And the lifestyle here is amazing. If you like the mountains of Virginia, you'll love Colorado.
Great information guys I really appreciate it. Tripp Howell I was actually also considering parts of Colorado, do you come across many fixer upper type homes in your area? Duplex triplex or multiple units on one property? And Daniel I am not familiar with Acworth but I will surely be looking into it now. Anyone else have good or bad experiences in any particular markets???