I was pondering over here and thought I would get some opinions on a question that I have been thinking about lately.
IF YOU COULD START OVER RIGHT NOW, WHERE WOULD YOU GO TO START REI?
I am interested in the fix and flip and buy and hold strategies mainly.
The question came to mind because I am not particularly tied to any place right now. Yes I LOVE NYC but I figure if I am successful at REI i will be able to visit often and enjoy my time there much more than if I just live there and struggle everyday.
All things being equal and I had all options available, I would consider any area with a strong, diversified employment base and stable population. It doesn’t have to be a growing area (that’s nice), but you want it to be economically stable.
I would stay away from areas that are dependent on one or two major employers. This includes military towns and resort locations.
That all said, you probably can be just as successful doing what you want right where you’re at. Unless there’s something bad going on economically or otherwise, are you sure that moving away is the better choice? Just asking.
We did 100s of hours of research on where to invest. The big markets are full of followers and competition and usually are expensive with crummy cash flow, small discounts and lots of risk for low return. That’s not what we want to do as investors, the areas that have low risk and high returns are the smaller less hyped markets. A lot of the midwest markets are great, my personal favorites are Cleveland, Columbus, Indy, Memphis, Cincy, Pittsburgh and Dallas. There are even tremendous deals in Detroit. You have to invest right. Understand the risk and justify your decisions with due diligence. I hope this helps.
That’s the same thing we have going on with CL here. Some of the subject lines read like there’s a house for rent and then it goes to a picture and text that talks about rent to own.
If you want to buy and hold, go where there’s possibility of cash flow. Typically lower income areas cash flow well because of lower purchase prices. Areas in the mid-west and south fit that bill.
I looked through the craigslist for rent ads in dallas a month or so when I losing a tenant in a house and wanted to see what was close on craigslist,I nearly feel down, a nice house was listed for half what I was getting a few blocks away,but then I looked at the picture and recognized the house,it was a foreclosure that was actually still for sale,its listed for sale for $110k, but this ad ask for $600 monthly rent,so I sent an e-mail,got a response back saying he was out of the country but please fill in the attached form and he would see if I qualify,of course it included social security number, birth day, etc,it was just a scam to get my personal information
Ok so we got off topic a little. Good sidebar about craiglist scams. Not everything on the internet is legit.
Back to the topic. I will be free to move anywhere in the country in about a year and I was wondering what recommendations you savvy investors have. Ok I am trying to take some of the work out of the job of figuring it all out by myself but isnt that what this forum is all about.
I’ll still do my due dilligence before I just pick up and move but wanted to narrow it down from the entire continental united states.
Currently investing in Watertown NY and finding decent opportunities but the area is too cold and waaay too much snow for me to call this place home for an exteneded period of time.
I love NYC and Miami but I feel there are way too many big fish in those ponds. Would like to be in a warm climate and near a big to medium city.
Why don’t you live where you want then invest where you want? I’ve only done 2 deals in the market I live in but I travel to my market all the time. As the market changes so will your strategies and target markets you will feel are the best. My vote is for out of state investing.
Try Albuquerque, New Mexico. Or Los Cruces. Santa Fe is wonderful, but too high-priced.
Warm, fantastic climate. Only 2 million people in the WHOLE DARN STATE!
Low cost of living. Best sunsets ever. Growing. Friendly, nice people.
Best chili cheeseburgers in the world. Our visitors come from all over the Galaxy and beyond.
I chose to relocate and invest.
All information pointed south. (I lived in Ma)
I used census data to find growing areas, crime rates, average income, type of employment etc.
Forbes magazine and other similar print and the internet to suggest locations.
I ended up in Raleigh NC.
My money went further, I bought 5 units compared to maybe one or two in Ma.
The climate is more tolerable in winter and I don’t mind a warmer/longer summer.
To ‘do it all over’ I would be here in NC doing the same thing but I would have put more effort in fix-n-flip!