Best places to invest for a rental property

228 Replies

Hi Everyone!

I’m looking to invest in my first rental property this year. I wanted to know what places are the best to invest, to buy a 2 unit property not exceeding $400,000. Any specific states, counties and cities recommendations will be a lot of help!

@Anthony Holloway Just like @Kenneth Williams , I'm biased as well haha. The Philadelphia suburbs are a great place to pick up a multifamily for under $400K with strong cap rates. In fact, I just sold a well-maintained off-market 9-unit in the nice part of Norristown, PA for $450K. A place like that would bring $8,300/month in gross rent easily. Recently, duplexes in B level neighborhoods have sold just above $200K with $3,000 in gross rent. It's worth checking out. 

PA is a tenant-friendly state, yet investing outside the city isn't too risky. Evictions have happened recently in Delaware County and Montgomery County PA within 60 days.

Interested in knowing about the best places for cash flow as well! I am an airline pilot with the ability to travel and live anywhere and am currently being preapproved for my first purchase using my VA loan. Really just want to make as much money as I can on my first purchase because I am rarely home anyways.

Hi Anthony-

I suggest any of the Charlotte, NC suburbs. Gastonia/Concord/Kannapolis etc.

Gastonia specifically where the prices haven’t caught up with the growth. Gastonia has great cash flow (most properties meet the 1% rule), strong rental market, landlord friendly and huge population growth due to the overflow from Charlotte.

As an agent and investor I love the Gastonia market and what it has to offer. Call me biased but the numbers don’t lie!

Hi,

I’m an investor and realtor. It is getting pretty tough to find cash flowing properties around charlotte. Gastonia, Monroe and Salisbury/Kannapolis area are the best bets.

Mohan

@Marlen Weber I actually was doing a fair amount of search this weekend! I created an excel sheet to plug information in about different states and counties and I started with Texas. Houston is a place I really want to invest in and later try to do Airbnb there as well! Thanks for the recommendation!