What are some cities you are looking at as a multifamily investor in 2025?

@Matthew Heckman

OK - this question gets asked a lot by California investors.  here's my answer: any market will work if you spend time getting to know it in person and building a team, and no market will work if you don't.  there are successful investors in every state and failed investors in every state.

to be blunt, though, whenever i see a California investor wanting "cash flow," i get nervous, because with a standard long term rental, there isn't any in the first few years.  any analysis or document or presentation or calculator that shows cash flow in the first year - anyhere - Alaska, Ohio, California - just doesn't account for many of the costs associated with purchasing, renting, and owning: closing costs, rent ready costs, lease out costs, first year repairs and stabilization.  cash flow really kicks in after 10+ years of ownership, in my opinion.

here is an epic, thoughtful thread about different markets and the choices California investors have - lots of different perspectives and experiences in one thread, including successful investors in different states:

Why markets with low appreciation grow your net worth twice as fast

here's someone asking the exact same question as you:

Looking to invest out of state. Will be my first investment!

and, here's my required reading list for you if you're even thinking of investing "out of state":

Avoid Revolution Properties LLC at all costs

https://www.biggerpockets.com/forums/48/topics/1242392-rough...

https://www.biggerpockets.com/forums/48/topics/1137397-balti...

https://www.biggerpockets.com/forums/432/topics/1231840-sell...

https://www.biggerpockets.com/forums/311/topics/840134-memph...

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

i would be happy to discuss any of this with you further. i have nothing to sell and am on here to help new investors protect their time and capital.

hope this helps