Investor · Berwyn, IL · Member since 2018 · 104 posts · 71 votes
Hello BP,
I am looking at switching jobs in the near future and right now it looks like it might be between 2 jobs, one would be near Saint Louis MO and the other near Omaha NE. Since I ultimately want to make real estate a large part of my portfolio, I want to at least consider the location when I accept another job. Right now, I am still new and have not made any purchases yet but am hoping to once I have a more stable job location.
If you were choosing between those two locations, which would you pick and why (or why not)?
Any input that the community has would be great! Benefits/drawbacks, population growth, potential appreciation, strategies, best investing areas, price/rent ratios, jobs in the area, etc.
Rental Property Investor · Saint Louis, MO · Member since 2017 · 397 posts · 469 votes
7y
@Chris Winslow ... I live and invest in St. Louis. It's a great city, but we have flat population and a few other drawbacks. I don't know Omaha, but you should visit city-data.com. You can collect plenty of info from this site regarding population trends, job growth, crime, etc.
Rental Property Investor · Saint Louis, MO · Member since 2017 · 397 posts · 469 votes
7y
@Chris Winslow ... I live and invest in St. Louis. It's a great city, but we have flat population and a few other drawbacks. I don't know Omaha, but you should visit city-data.com. You can collect plenty of info from this site regarding population trends, job growth, crime, etc.
Rental Property Investor · Saint Louis, MO · Member since 2014 · 313 posts · 326 votes
7y
St. Louis is a great town. I live and invest here and it works if you buy right. It does have its issues. Local government is crap and the city/county split is a contentious issue that causes a lot of problems, but so would a unification. Crime is a problem in many areas. Violent crime is generally only in a few very bad pockets, but petty crime and theft and break-ins are common. You really have to get to know the city well. You said "near St. Louis" for this job, is that like St. Charles or on IL side or in the city somewhere? I would recommend living close to where you invest, especially for a newbie.
I have never been to Omaha, but it is an underrated city. There are several Fortune 500 HQ there, including Berkshire Hathaway, Warren Buffet's company. You also have the College World Series and the Berkshire Annual Meeting are HUGE tourist draws. People also think of Nebraska as flat plains, but over there by the Iowa border there is a fair amount of topography and outdoor recreation to do. I have a friend who lives in Council Bluffs and they love it there as far as I know. Consider the differences between Iowa and Nebraska as far as taxes and whatnot before you decide where to live and invest since you would likely be able to do either or/both.
I as well live and invest here in St. Louis, and agree that St Louis has its challenges (especially all the local government as you pointed out) but so does any city. I also own a rental in Minneapolis as well and some of the recent bills they are trying to pass are making the news as well.
Its all about where and how you buy the home. Overpaying for a house in a great part of town could still be a terrible purchase, just as getting a great deal in a bad part of town. Different challenges and obstacles, but both will likely have issues none the less.
However, with that said, there are still some great deals that can be found in good areas of St Louis if you are willing to put in the time and effort to procure them.