Where Would You Invest?
Hello:
I live in a rural part of NC and the best market for buying existing multifamily properties is at least an hour away, and the best place is nearly two hours away.
Given the distance, wouldn't it be just as easy to purchase a property in a hot and appreciating area of the country? In the end, would having a managed property 2 hours way be the same as having one 2,000 miles away.......as long as you know your market?
Does anyone have any suggestions or areas that are ideal to buy a multifamily........I have about $150K to invest.
Thanks to all on this site who take their time to help individuals like me......God Bless!
Sure some areas are "hot" right now and others are not. Keep in mind, it's much tougher to find great deals in hot markets (and good cash flow deals for that matter) as it is in soft markets.
Every market has it's opportunities. You may change your strategy depending on your market. Perhaps you should modify your stratagy rather than your location. When you're starting out, the best area in the country is the one in your back yard.