Finding a City

[Katie Buell]

Hello!

My husband and I have a STR/MTR in our primary residence in Colorado and ready to take the plunge to buy something in a new market. How would you go about researching this? We are thinking of a duplex, rent out one side LT and do STR/MTR on the other side. I have looked at Airdna.com and FurnishedFinder Stats page. Any other places you recommend using? Or even just personal testimonies of where it's going well.

Thanks!

Katie

[Brittany Guimond]

So exciting! I am not *yet* an investor outside state lines (we also LTR our properties in Colorado), but some things we've considered for ourselves:

- Make a list of cities you like to visit yourself, you'll be able to market it better if you fully believe in the product/destination (plus it's nice to have a place to visit if it's vacant)

- What are your goals? If you want to cash-flow, look at midwestern cities with good jobs/growth. If you want appreciation, look at cities that are already booming or on the brink of it (I've heard good things about Kansas City and Oklahoma City)

- What's your exit strategy if you invest in STR and rules/regs change, can you comfortably MTR/LTR and still achieve your goals?

- If you're all in on STR, look at cities that have really friendly/strong tourism with little possibility they'll change (Destin, FL)

[Najma Osman]

Hi @Katie Buell, 

Consider looking into Columbus, Ohio. I have a few friends that do STR/MTR and are having great success with it.

[Ben Scott]

There are still deals in Oklahoma City that will cash flow. Not as many with the higher rates, of course. And inventory is still tight. But OKC is one of the more afforable housing states relative to median income.

[Eliott Elias]

Buying out of state is a whole different animal. Unless you have a team that will allow you to be somewhat hands off, I would not recommend doing it.

[Harrison Chow]

Quote from @Katie Buell:

Hello!

My husband and I have a STR/MTR in our primary residence in Colorado and ready to take the plunge to buy something in a new market. How would you go about researching this? We are thinking of a duplex, rent out one side LT and do STR/MTR on the other side. I have looked at Airdna.com and FurnishedFinder Stats page. Any other places you recommend using? Or even just personal testimonies of where it's going well.

Thanks!

Katie

Hi Katie! One state you might want to consider is Ohio, which boasts thriving cities like Columbus, Cincinnati, and Cleveland. I personally focus my investments in Columbus though. The city is thriving and attracting numerous major companies - like Intel, Honda, Nationwide Children's Hospital, and Wexner Medical Center - resulting in the creation of thousands of job opportunities in the coming months and years. Population is increasing by 0.75% annually and there is a 3.58% yearly increase in employment growth. Additionally, rent prices in Columbus have increased by 6% each year. If you're interested, please let me know how I can assist you further. My team and I also have a good infrastructure in place for out of state investors (i.e. connections to contractors, property management companies, lenders etc.) I would be delighted to discuss this topic with you in greater detail!

[Anthony L Amos Jr]

Invest in the wonderful town of Columbus, OH. Home to The Ohio State University with nearly 60,000 students, 5 fortune 500 companies, over +25% population change since 2000, 2016 smart city challenge award winner gaining 50 million dollars in funding from the government ( https://www.columbus.gov/smartcity/), Intel is spending 20 Billion dollars to build two semiconductor plants, and many many more great things presently and coming in the future. Needless to say Columbus will remain a strong real estate market for the foreseeable future

[Robin Simon]

Quote from @Katie Buell:

Hello!

My husband and I have a STR/MTR in our primary residence in Colorado and ready to take the plunge to buy something in a new market. How would you go about researching this? We are thinking of a duplex, rent out one side LT and do STR/MTR on the other side. I have looked at Airdna.com and FurnishedFinder Stats page. Any other places you recommend using? Or even just personal testimonies of where it's going well.

Thanks!

Katie

 Sarah Weaver (one of the co-authors of the recent 30-Day Stay MTR Book) has done some really valuable webinars/content on this exact question in the last couple of weeks, I'd recommend looking into that, she knows her stuff

[Sam McCormack]

@Katie Buell

Hi Katie, maybe Cincinnati would be of interest. It is the most popular for traveling nurses in Cincinnati. So an LTR with another unit MTR/STR would be a good idea based on the area. Let me know what you think of this idea in Cincinnati!

[Jimmy Lieu]

Quote from @Katie Buell:

Hello!

My husband and I have a STR/MTR in our primary residence in Colorado and ready to take the plunge to buy something in a new market. How would you go about researching this? We are thinking of a duplex, rent out one side LT and do STR/MTR on the other side. I have looked at Airdna.com and FurnishedFinder Stats page. Any other places you recommend using? Or even just personal testimonies of where it's going well.

Thanks!

Katie

Hi Katie, I personally love Columbus Ohio especially as a STR/MTR market because there are so many hospitals nearby! As someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. Just a few weeks ago, I helped a client close on a deal getting them 20% cash on cash return. I work with a lot of investors who are killing it doing STR/MTR as well! As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

[Jamie Banks]

I recently attended the MTR summit and Brian Payne, the CEO of Furnished Finder, gave a presentation on the areas with highest demand for MTRs on their platform. Charlotte, NC, Chicago, IL, and Miami, FL were among the cities with the top demand. I personally have MTRs in Philadelphia and VA outside of DC and they've been book pretty consistently.

[Jonathan Aversano]

Here is a solid list for cashflowing markets:
https://www.biggerpockets.com/...

In general, find markets with a solid price:rent ratio if cashflow is your goal. Cities in the Midwest tends to be a safe bet for cashflow. For appreciation, look for cities with strong population growth, new jobs, employers moving in, etc. Columbus, OH is a great example.

[James Wise]

Quote from @Katie Buell:

Hello!

My husband and I have a STR/MTR in our primary residence in Colorado and ready to take the plunge to buy something in a new market. How would you go about researching this? We are thinking of a duplex, rent out one side LT and do STR/MTR on the other side. I have looked at Airdna.com and FurnishedFinder Stats page. Any other places you recommend using? Or even just personal testimonies of where it's going well.

Thanks!

Katie

 I don't think duplexes make for good properties when you want to mix short term tenants with long term tenants. I suggest doing one or the other.

[KiKi Wood]

Hi! My fiancé and I run an STR/MTR management company in Indianapolis, IN. We manage 21+ properties, and I also sell real estate!

Like @Eliott Elias said, it is a beast to invest in real estate out of state, if you don't have a team!

We work closely with out-of-state/country clients everyday, and we have successfully helped 6 clients just this year invest and manage their LTR/MTR/STR. Indianapolis is known for its low price point and growing rental demand.

If you're interested in the Indianapolis market, or just learning more about this market in general, I would love to connect! :) I also made a post about the best areas in Indianapolis to invest in if you want to check it out! 

[Ricardo Hidalgo]

Quote from @Katie Buell:

Hello!

My husband and I have a STR/MTR in our primary residence in Colorado and ready to take the plunge to buy something in a new market. How would you go about researching this? We are thinking of a duplex, rent out one side LT and do STR/MTR on the other side. I have looked at Airdna.com and FurnishedFinder Stats page. Any other places you recommend using? Or even just personal testimonies of where it's going well.

Thanks!

Katie

 Here are some areas I recommend with actual numbers and tons of gentrification: 

Address 125 Rose Lane, Panama City Beach

Purchase Price: $1,020,000

Grossing $132,000 a year

Contract Services: $400 (average cleaning-ish/month) always depends on turn day frequencyCable/Internet: $100

Insurance: $6000/yr

Taxes: $2283/yr

Utliities: $250-450/mo, avg maybe $350/mo

Management: $0 (I always encourage self management)

Repairs: 2-4%

Purchase Price: $325,000

Address: 232 Robin Lane, Panama City Beach

Grossing $50,000 a year.

Contract Services: $400 (average cleaning-ish/month) always depends on turn day frequencyCable/Internet: $100

Insurance: $2000/yr

Taxes: $2283/yr

Utliities: $150-200 monthlyhoa: 950 every 3 months

Management: $0 (I always encourage self management)

Repairs: 2-4%

Navarre: Long term growth and more commercial coming into the area. Affordable in comparison to other markets since it's starting to emerge.

Address: 2247 Janet St.

Grossing $55,000 a year doing short term rentals or mid term rentals to military or travel nurses.

General/Admin: $50/mo (pricelabs, etc.)

Contract Services: $400 (average cleaning-ish/month)

Repairs: I'd plan on like 2-4%

Cable/Internet: $100

Insurance: $3500/yr

Taxes: $2200/yr

Utliities: $180-400/mo, avg maybe $300/mo

Management: $0 (I always encourage self management)

[Mario I Fernandez]

Quote from @Katie Buell:

Hello!

My husband and I have a STR/MTR in our primary residence in Colorado and ready to take the plunge to buy something in a new market. How would you go about researching this? We are thinking of a duplex, rent out one side LT and do STR/MTR on the other side. I have looked at Airdna.com and FurnishedFinder Stats page. Any other places you recommend using? Or even just personal testimonies of where it's going well.

Thanks!

Katie

 Hey Katie,

Miami and the nearby areas are very desirable for STR and MTR. Even long-term rentals can give you a good cash flow.

Best Regards

[Sebastian Giraldo]

Hi @Katie Buell, there are several reasons why Miami and South FL have remained consistent values on this down turn compared to other markets. To keep it short south FL is undergoing several $100+ Million dvelopments which will change the city entirely in the next 5 years. For some cities 5 years may not be much coming but for Miami this will be huge. To name a few: 33+ acre park, New David Beckam Inter Miami stadium, Miami Innovation district, Brightline Speed train, etc. 

Additionally I've noticed the MTR market take off on its own with units that rent at a nice premium compared to long term rental. These are typically condos in great locations. 

[Bonnie Low]

Almost any state has opportunity for MTRs, though it's less about the state and more about the city or neighborhood. That being said, Colorado is a hot spot for MTR because there are a lot of travel medical professional opportunities at hospitals throughout the state and all the natural resources and things to do make it a hotbed for digital nomads as well. If Denver is out of your price range, I'd look at Co Springs and some of the other areas that typically make good vacation destinations for your digital nomads.

[Mackaylee Beach]

Kansas City! Would love to connect if you have any questions. 

[Jason Sousa]

If you are trying to do this out of state I would suggest getting boots on the ground to let you know the potential. Honestly networking is so key but as always trust what the team says but verify of course.