Buying SFRs in FL or GA from WA?

Question

After further evaluation of our goals my husband and I are considering selling our investment SFR here in Washington, and taking the profit to purchase another property outright in a cheaper part of the country.  If we sell we will have about $80K in profit (we owe $170K and it will sell for at least $250K.  We have been considering a 1031 exchange, to acquire a property or put a down payment on two properties (though that may be ambitious).  We aren't familiar with the east coast but we are drawn toward the low prices and weather.

We would like to know if anyone can suggest cities, towns, neighborhoods, where the economy is in recovery, violent crime is low, and a decent property can be had at a low price, preferably with a pool or near a body of water.  Im desperate for suggestions about the location (I've been thinking Brevard co, FL or Atlanta,GA.

I would also like to hear from others who have done a like kind exchange, to hear about the steps and companies hired to complete the deal.

I appreciate any feedback.  Thank you.

Walt Payne · Answer

Then I would say that Brevard County could be a good area for you.

Raymond B. · Answer

@Jennifer Clancy,

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Jennifer Clancy · Answer

@Walt Payne I didn't mention this but we intend to move to whatever city we invest in and higher a PMC for our WA 4plex.  That is the major draw for FL.

Troy Fisher · Answer

Why don't you go to Spokane, or Tri-Cities?  Or swoop down and buy some out from under @Brandon Turner down in Aberdeen.  Spokane has some reasonably priced properties and then then you don't have to go all the way out of state!

Walt Payne · Answer

@Jennifer Clancy  Brevard County, especially Palm Bay, has some good buys still. But wherever you buy it will take someone you trust to look after your interests. That is an important factor.

I can invest in the area because I have a brother there, but I would personally be very hesitant to invest long distance without some serious vetting of PMs etc.

Hattie Dizmond · Answer

@Jennifer Clancy

If you are looking at the Dallas/Ft Worth area, I recommend staying in the suburbs for SFR.  Particularly, look at east Richardson (Berkner High School), Allen, Garland, the older portions of Plano, southwest Arlington (Martin High School) and the Mid Cities (Hurst-Euless-Bedford, North Richland Hills, Keller and Watauga).  Those areas provide solid schools and proximity to employment, which ups your neighborhood desirability factors, while offering property values that allow for solid cap rates.  Additionally, those areas provide insulation from anything remotely similar to a war zone area.  There are more highly sought after areas of the DFW Metroplex, but those areas are either close in urban areas or A++ school districts.  The latter of which is showing crazy appreciation right now, which limits your cash flow opportunities.

Leslie Pappas · Answer

hi Jennifer- some good markets to consider are Raleigh, NC, Dallas and San Antonio, TX and Colorado Springs, CO. They all show population, income and jobs growth, and each have well diversified industries to support employment, and therefor your rent.

Would you manage these yourself?

Best wishes,

Leslie Pappas

Archer Real Estate

[email protected]

Would you manage these yourself?

Best wishes,

Leslie Pappas

Archer Real Estate

Leslie.pappas@ArcherRealEstateAdvisors.com

Bill Exeter · Answer

Hi Jennifer,

You can certainly sell one relinquished property and then acquire one or more replacement properties.  The 1031 Exchange is a great way to diversify your current investment portfolio by selling one and buying multiple.  Of course, the more properties involved, the more complicated the 1031 Exchange transaction will become.

Jennifer Clancy · Answer

also considering Dallas, TX

Buying SFRs in FL or GA from WA?

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