Which states and/or cities to look at

Question

I am selling one of my places, and believe it's time to look outside Myrtle Beach, SC for my next investment property. The states I am interested in would either be Florida, or in the mountains of Tennessee / North Carolina. Though I do prefer LTR's over STR's, I am open to either. Would like to pick up a 2-4 unit complex for under $700k. If anyone has any suggestion on the benefits of one state vs the other and what areas to look at in those states, it would be greatly appreciated. I don't mind doing the property search, its just knowing what areas are better suited for investors I could use a hand on.

Thanks in advance for any suggestions or advice!

Myrtle Mike Thompson · Answer

@Pete Schmidt please consider sharing the details of the property you're selling.  I have buyers who would be interested.  Thanks!

Pete Schmidt · Answer

I believe Im going to pass on Fl. for now. With the higher insurance prices, or sometimes even getting it, I think I can find a place in another state with a little better return. Thought I found a place in SC. Put an offer in on it and the seller raised the price way above what its worth, so thats a no go. Lol

Looking into a few places in TN mts. as well as NC. If anyone has a multi they want to unload anywhere around there, pm me the info on it. Thanks!

January Johnson · Answer

I sell STRs on the Emerald and Forgotten Coasts of FL.  I'd be happy to talk to you about the possibilities here.  Your money will go farthest in Panama City Beach.  Let me know if you'd like more info on the market here.

Shawn Parsh · Answer

Pete,

I live and invest in NE TN and from my perspective it is a great market. There is a high demand for rentals and not nearly enough inventory. People are buying campers and renting space for 500 a month because they cannot find anything to rent. I live just north of Mountain City TN which is also a great short term rental location. We have the mountains of course, but also Watauga Lake, Boone N.C., and the Virginia Creeper Trail and the Appalachian Trail that both go through Damascus VA which is a short drive away. Because of its location there are a lot of short term rentals which results in fewer options for long term rentals and higher rents if you can find one.

I currently have a 2 bed/1 bath (although could easily be converted to a 3 bed) house for sale in TN about five miles from Damascus, VA. I would rent it out myself however, I'm building a new house and need the cash to finish. I also have another house in Mountain City TN that I just started the rehab on. It is a 3/1 within walking distance to downtown. Let me know if you want any more information about this market.

Michael Smythe · Answer

@Pete Schmidt the Midwest as a whole is a popular focal point of investors.

Metro Detroit is where we operate and there's lots of avenues for investor success.

Pete Schmidt · Answer

If the places I’m looking at in the next week don’t work out I will let you know.

Kalyani Tipnis · Answer

Hi Pete,

I suggest you look at places that have growing long term economic activity. Places where large companies are now moving offices. Reach out if you need in-depth info. Happy to help.

KT

Which states and/or cities to look at

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