Looking To Start Investing Out Of State What Market To Choose?

14 Replies

We've been investing in CT for a few years now and are looking to start building a team and investing out of state. Just wanted to get some opinions on what cities and markets other investors are working in and why it appeals to them. We are looking for properties we can BRRR, but would also be open to flipping as well.

Any response is greatly appreciated!

A lot of good things going on in Indianapolis - both flip and hold.  Some have said inventory is tight in Indy, but we've never had a problem finding flips or holds. I've been involved in some positive things in Cincinnati as well.  Haven't done anything in Kansas City, but I do know it's growing and its a great investment town.  In general, the Midwest seems like a good place to be. 

@Andrew Jambor for turnkey look at Atlanta, Indy, Alabama, Texas (although these won’t cashflow) kcmo, I hear people are starting to go Detroit but I am not sold there

Say Nice Things About Detroit! Great place! Great People! Great place to Invest! 

Good Luck!!

@Andrew Jambor

My advice to you is to follow what you mentioned...."start building a team and investing out of state".  Now the question becomes how??

Attend various networking events and scout BP members (preferably those who are not too far from you) all with the intent of finding/talking to successful out of state investors.  You want to talk with them and see how you can join their team to learn the ropes.

I have been investing out of state for a decade now and I can tell you that it'll save you a lot of time and money going that route.  Best of luck and if you ever have any specific questions keep in touch!

Thanks everyone for the comments!  Definitely not looking for turnkey properties as we are looking to force some appreciation on these properties. @Steve Kontos , We will be scouting BP as you mentioned to see if anyone in CT has been doing this as well. As you know, while there are still deals to be found locally, we are just looking to extend beyond the local market.

@Andrew Jambor

Understood and if you have any specific questions regarding out of state investing, feel free to reach out.  

If there are still deals to be found locally, why would you go out of state? Sounds like a good way to ruin a perfectly good business.

@Sam Barrow ,  While there are some deals to be found locally, CT is quite expensive when it comes to investing. We can find 2 properties for the same price as one in CT in a different market and get the same return on a flip or cashflows for rentals. We have a crew in CT that we want to keep busy, so we will still keep going here, but we do want explore beyond our comfort zone and look in other markets. 

I'll also ring the bell for Indianapolis.

Where do you all think a good area of Indianapolis would be to start. Also, what are your thoughts about Omaha, Ne? I’m actually interested in both markets.

Originally posted by @Marcello Oliveri :

Where do you all think a good area of Indianapolis would be to start. Also, what are your thoughts about Omaha, Ne? I’m actually interested in both markets.

 I like Indy... steer clear of low end urban core under 50 k and if its good enough for Buffet I would think Omaha is good enough for the rest of us..

@Marcello Oliveri What kind of REI are you looking to do in those areas? Indy is a terrific city for REI, but it has grown far more competitive for investor deals. Omaha I can't speak to.

Good evening Jay and Larry, I really appreciate the advice. Jay and Larry what would you consider the urban core? Do you happen to have a general area like zip codes or major streets. I have been looking all over to try and target a great area. I bought 6 units in Missouri and they are great. They were all around $60k and get about $800-850 a month (some more). They were very easy to locate. I called a property manager and they told me where to look with zip codes. Also, everyone on the BP forums explained where to look through zip codes. There was even a list posted from Chris Dawson that listed the zips to avoid and to buy in. Indy is a lot different. Everyone says it’s street by street. 2 investors were helpful and said look at the zip 46226. I’m wondering if you all have any zip codes or anything to help me out. I would really appreciate anything. Also, idk if you happen to know any great property managers as well. I’ve called a few and they didn’t seem to be what I was looking for.

Larry, I’m looking to buy and hold small multifamily units (duplexes- 4plexes).

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