How to know where in the US to look for good real estate deals?
I live in MA and wish to rent out my home and purchase another. Took out a HELOC and plan is to "up grade " my home and therefore put down 5%. I have a lot of flexibility other than my job currently work in CT. Would like to consider either fix and flip or house hack this next property or even rent it out completely depending on where I find a good deal. Would love to find good out of state options. How do I know which city/state to look into? How do you know where the market is "hot"? Also is investing in condos fixing them up and flipping valuable ?
Thank you you all. Appreciate the insight.
Most Popular Reply
If you are going to house hack then in my opinion you do that in your own back yard.
If you are going to fix and flip then according to ATTOM the best states for fix and flips are Pennsylvania, Ohio, Connecticut and Georgia. Since you live in Connecticut accoring to ATTOM Hartford is a good area, but competition is high and inventory is low. Between the other states we've done deals in Atlanta. ATTOM says Cleveland and Akron are good for flipping, but we prefer Columbus. because of the Ohio State. While ATTOM has not included it I'd put the Chicagoland area on the list.
How do you know where the market is hot?- Our measure of a hot market is average days on market to for properties to sell. The lower the better. We don't measure it buy state. We measure it by neighborhood.
Regarding investing in condos to fix and flip- We've assigned contracts to folks that do that. We're not fans because we do not want HOA's making decisions for us.