Where to relocate in USA for flipping? Leaving military...

Where to relocate in USA for flipping? Leaving military...

Rental Property Investor · St Louis, MO · Member since 2010 · 317 posts · 72 votes

Hi all,

WHERE SHOULD I LOCATE MYSELF IN THE USA TO BEST TAKE ADVANTAGE OF FINDING AND BEING NEAR FLIPPING DEALS?

That’s the big question I have. It’s quite a serious question too, because I very well may decide where to live in the USA based on what comes out of this thread. Why not go to an area of the country where I would give myself more advantages for flipping? Hopefully, there are others in this same situation that can benefit from this thread.

Here’s some background information on why I’m asking.

I’ve been in the military for 11 years, then been working as a contractor in combat zones the last five years. I’ve been away from home for 16 years! I am still overseas as I type this, but coming home in a few short weeks. I’ve saved well (nothing to spend money on here), but I don’t have a car, clothes (other than what’s in my backpack), or any items in storage. I do not necessarily want to move back to where I grew up either. Some areas are better than others for investing, of course. I have been able to rule out high-cost areas like San Francisco, New York City, Los Angeles, etc. Then there are landlord-tenant laws by state. If I can choose between a landlord-friendly state and a tenant-friendly state, well, that answer is obvious. But beyond that, I am not sure where would be best.

Most BP members are tied down to a certain area for some reason, whether it’s a job, married and spouse won’t budge, kids are in school, can’t bear to be away from home, etc, so they make due with their local area. But I don’t have any of this tying me down. The “my own backyard” doesn’t apply to me.

I am a newbie. I need to learn. I have saved quite a bit of money and won’t need to work a regular job for the next year at least. So the plan is to move to this new locale and invest my time and what I’ve saved with a seasoned investor and learn.

Where would you go if you were me, and why?

Thanks.

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Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes
10y
Originally posted by @Paul Winka:

Hi all,

WHERE SHOULD I LOCATE MYSELF IN THE USA TO BEST TAKE ADVANTAGE OF FINDING AND BEING NEAR FLIPPING DEALS?

That’s the big question I have. It’s quite a serious question too, because I very well may decide where to live in the USA based on what comes out of this thread. Why not go to an area of the country where I would give myself more advantages for flipping? Hopefully, there are others in this same situation that can benefit from this thread.

Here’s some background information on why I’m asking.

I’ve been in the military for 11 years, then been working as a contractor in combat zones the last five years. I’ve been away from home for 16 years! I am still overseas as I type this, but coming home in a few short weeks. I’ve saved well (nothing to spend money on here), but I don’t have a car, clothes (other than what’s in my backpack), or any items in storage. I do not necessarily want to move back to where I grew up either. Some areas are better than others for investing, of course. I have been able to rule out high-cost areas like San Francisco, New York City, Los Angeles, etc. Then there are landlord-tenant laws by state. If I can choose between a landlord-friendly state and a tenant-friendly state, well, that answer is obvious. But beyond that, I am not sure where would be best.

Most BP members are tied down to a certain area for some reason, whether it’s a job, married and spouse won’t budge, kids are in school, can’t bear to be away from home, etc, so they make due with their local area. But I don’t have any of this tying me down. The “my own backyard” doesn’t apply to me.

I am a newbie. I need to learn. I have saved quite a bit of money and won’t need to work a regular job for the next year at least. So the plan is to move to this new locale and invest my time and what I’ve saved with a seasoned investor and learn.

Where would you go if you were me, and why?

Thanks.

Paul '

Move to where you want to live. Real estate should be a second thought. Real estate can be accomplished in every state. Sure some places easier then other. Then where that be , get involved meet the folks from those areas. There are plenty of folks from the west Coast ( just example that are doing projects in multiple south eastern states. ) Invest your time in education while settling down.

Just my two cents

Alex

PS I got a good friend been serving close to you for last 10 years over their  Teaching security and working with the police. He has been going on two year contracts. I appreciate all you folks do for us there. I don't think most folks realize how rough it is there.

See this reply in the discussion

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  • Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes
    10y
    Originally posted by @Paul Winka:

    Hi all,

    WHERE SHOULD I LOCATE MYSELF IN THE USA TO BEST TAKE ADVANTAGE OF FINDING AND BEING NEAR FLIPPING DEALS?

    That’s the big question I have. It’s quite a serious question too, because I very well may decide where to live in the USA based on what comes out of this thread. Why not go to an area of the country where I would give myself more advantages for flipping? Hopefully, there are others in this same situation that can benefit from this thread.

    Here’s some background information on why I’m asking.

    I’ve been in the military for 11 years, then been working as a contractor in combat zones the last five years. I’ve been away from home for 16 years! I am still overseas as I type this, but coming home in a few short weeks. I’ve saved well (nothing to spend money on here), but I don’t have a car, clothes (other than what’s in my backpack), or any items in storage. I do not necessarily want to move back to where I grew up either. Some areas are better than others for investing, of course. I have been able to rule out high-cost areas like San Francisco, New York City, Los Angeles, etc. Then there are landlord-tenant laws by state. If I can choose between a landlord-friendly state and a tenant-friendly state, well, that answer is obvious. But beyond that, I am not sure where would be best.

    Most BP members are tied down to a certain area for some reason, whether it’s a job, married and spouse won’t budge, kids are in school, can’t bear to be away from home, etc, so they make due with their local area. But I don’t have any of this tying me down. The “my own backyard” doesn’t apply to me.

    I am a newbie. I need to learn. I have saved quite a bit of money and won’t need to work a regular job for the next year at least. So the plan is to move to this new locale and invest my time and what I’ve saved with a seasoned investor and learn.

    Where would you go if you were me, and why?

    Thanks.

    Paul '

    Move to where you want to live. Real estate should be a second thought. Real estate can be accomplished in every state. Sure some places easier then other. Then where that be , get involved meet the folks from those areas. There are plenty of folks from the west Coast ( just example that are doing projects in multiple south eastern states. ) Invest your time in education while settling down.

    Just my two cents

    Alex

    PS I got a good friend been serving close to you for last 10 years over their  Teaching security and working with the police. He has been going on two year contracts. I appreciate all you folks do for us there. I don't think most folks realize how rough it is there.

  • Southbay, CA · Member since 2015 · 38 posts · 18 votes
    10y

    Thank you for your service! As a military spouse, we have lived in several places. Now that we are considering retirement we value quality of life over all. We currently live in LA but have a rental property in Florida.l with hopes of adding more soon. As Alex shared you can invest out of state. However, if you want to live and invest in the same area then why not consider cities near bases for buy and holds. They often produce steady income because as you know, military members don't necessarily want to buy a home at each new duty station. Best wishes!

  • Investor / Wholesaler · Nashville, TN · Member since 2014 · 1k+ posts · 667 votes
    10y

    @Paul Winka

    Let me start by saying I am bias because I feel that I live in a great market for buy and holds and flipping.  I also do some wholesaling now so I am always looking for more buyers and trying to get people to see the advantages of investing here in the panhandle for flips and rentals.  

    However, a lot of what you said points you toward Florida.  No state tax, landlord friendly laws, foreclosures are still available (in some areas), low price points (in some areas), strong rental markets.  

    I am active duty military and I have moved around 12 times in the last 14 years.  However, it looks like we are going to stay here in Pensacola, FL for a while.  I think @Tiffany Chandler put it very well, you may consider looking at good rental markets around military bases.  Not just for the rental pool but you understand those tenants situation a lot better than you may think.  I love having rentals in a strong military community because I know my target tenants.  I like to start with my target tenant and work back to buy the property that will attract them instead of the other way around.  

    Like I said, I'm biased toward the Pensacola area because it's where I live and invest.  However, I think Jacksonville is probably another great choice here in Florida.  I don't know enough about Tampa but that may be another good spot with an Air Force presence.  I'm a Navy guy so I'm familiar with those bases but there are plenty of other areas with Army and AF depending on what your background is.  

    Good luck and if you ever want to hear more about Pensacola let me know.

  • Ormond Beach , FL · Member since 2015 · 345 posts · 223 votes
    10y

    Hey Paul,

    I WAS you a couple of years ago. Only difference was that I was getting ready to retire and like you, had no place I called "home" to move back to, do to many years overseas. We chose the Jacksonville area for a number of reasons, and we bought 3 SFR's right near the local Navy base for the strong tenant pool and because at the time, there were some great deals to be had. The deals aren't as plentiful here as they were 3 or so years ago, but you can still find some, but it remains a lovely place to live! :-) Good luck to you and don't miss that flight out of that s**thole!!

    Gene

  • Tampa, FL · Member since 2015 · 145 posts · 47 votes
    10y

    @Paul Winka, Hi and Welcome to BP.  You've come to the right place and will learn a lot here. 

    I'm retired from the U.S. Navy and invest in FL. I don't live in FL, am from there and but now live in Italy. Like @William Allen stated quite nicely FL has some very good investor areas, no state taxes, landlord friendly laws, etc. 

    When I was in the Navy was stationed there in Pensacola 16 years ago bought a home and have rented it out to military members ever since. This home has never been vacant more than a month and is now some extra money every month, NICE!!

    I'm sure there are a ton of other places that meet your criteria so find a place you'd like to live and if you have to you can invest long distance like I do and have the best of both worlds. Somewhere you love to live and investment properties elsewhere. 

    Good Luck!!

    Miguel

  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    I would say with DC and Los Angeles each having 3 of the top 10 neighborhoods nationwide for flipping, that those 2 cities have the best opportunities.

    https://www.redfin.com/blog/2016/03/which-neighborhoods-are-hottest-for-home-flips.html

  • Investor · Lodi, NJ · Member since 2013 · 487 posts · 179 votes
    10y
    Paul Winka Be safe and thanks for your service Paul. I'm sure you'll do fine in whatever you do. Real estate is a team concept you're familiar with. The better team you have around you the better you'll do. I'm a firm believer that real estate investments are to be had in any market as long as you have expertise in the area and the personnel to carry things out. With that said, I'd say pick somewhere that fits your personality so you're happy waking up each morning in a good mindset to get things done right. Real estate investing is a tough competitive grind. So you want to have your mind right and positivity around you to get things off on the right track. Hope that helps man!
  • Rental Property Investor · St Louis, MO · Member since 2010 · 317 posts · 72 votes
    10y

    @Alex Franks

    Alex, you have confirmed a bit what I am thinking with what you said: "There are plenty of folks from the west Coast ( just example that are doing projects in multiple south eastern states". 

    That's why I am leaning toward the Southeast. TX is topping the list now because there is no state income tax, landlord friendly, and there are lots of military bases around which is familiar turf for me. But darn those property taxes. FL and TN are tied for second. 

    Thanks for the appreciation for what we do in Afghanistan. :)

  • Rental Property Investor · St Louis, MO · Member since 2010 · 317 posts · 72 votes
    10y
    Originally posted by @Tiffany Chandler:

    Thank you for your service! As a military spouse, we have lived in several places. Now that we are considering retirement we value quality of life over all. We currently live in LA but have a rental property in Florida.l with hopes of adding more soon. As Alex shared you can invest out of state. However, if you want to live and invest in the same area then why not consider cities near bases for buy and holds. They often produce steady income because as you know, military members don't necessarily want to buy a home at each new duty station. Best wishes!

    How much longer are you and your spouse going to be in the service? When you PCS, are you looking for rehab properties instead of the typical SFH a vanilla military member would buy?

  • Contractor · Lakeland, FL · Member since 2016 · 21 posts · 11 votes
    10y
    Lakeland, FL. The market is moving pretty well, and located between Tampa and Orlando, two large markets; yet, the cost of living here is pretty low. This is where I live. If I can give you any firsthand information about the city, let me know.
  • Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes
    10y
    Originally posted by @Russell Brazil:

    I would say with DC and Los Angeles each having 3 of the top 10 neighborhoods nationwide for flipping, that those 2 cities have the best opportunities.

    https://www.redfin.com/blog/2016/03/which-neighbor...

     Russel I would have to disagree but that is what is great about this site.

     Red fin, Zillow basically worth less when giving that information. Promise not debating you have some great answers here on BP. Just not agreeing with that today.

    I can pull up ten articles showing why Charlotte NC is the place and market to invest all day long. I was just not promoting any markets.

    I think Rafeal hit the nail on the head with his post. Not selling any market but suggesting where can you be happy. Then let the other pieces fall into place.

    Alex

  • Real Estate Agent · Spring Hill, FL · Member since 2016 · 24 posts · 0 votes
    10y

    @Paul Winka  Hey man I was in the Army for 8 years and was over in Afghanistan for 18 months from 05-06. I am a licensed Realtor just north of Tampa, FL and the deals have been flying fast. Alot of people are making money including myself. Let me know if FL is an option for you..

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Paul Winka

    Welcome, thanks for your service. Have a buddy who closed 242 units while deployed.

    I have a document which is a walk across the country and identifies good areas and emerging markets. Email me for a copy check my profile.

    Paul

  • Southbay, CA · Member since 2015 · 38 posts · 18 votes
    10y
    Originally posted by @Paul Winka:
    Originally posted by @Tiffany Chandler:

    Thank you for your service! As a military spouse, we have lived in several places. Now that we are considering retirement we value quality of life over all. We currently live in LA but have a rental property in Florida.l with hopes of adding more soon. As Alex shared you can invest out of state. However, if you want to live and invest in the same area then why not consider cities near bases for buy and holds. They often produce steady income because as you know, military members don't necessarily want to buy a home at each new duty station. Best wishes!

    How much longer are you and your spouse going to be in the service? When you PCS, are you looking for rehab properties instead of the typical SFH a vanilla military member would buy?

  • Southbay, CA · Member since 2015 · 38 posts · 18 votes
    10y

    @Paul Winka We will likely retire next year (@24 years) if his extension here isn't granted. We are looking to do flipping and buy and holds SFH with the hope of acquiring a multi family unit as well.

  • Investor · Haverford, PA · Member since 2014 · 17 posts · 1 vote
    10y
    Tampa Orlando and Pensacola are considered good but competitive markets, Stay near universities too ...univ of Tampa and Fsu and FCU all good for student rentals
  • Specialist · Charlotte, NC · Member since 2013 · 260 posts · 245 votes
    10y

    @Paul Winka Great question and you are in a great position to make a massive splash into the real estate game. I'm like you where I have no family or relationship obligations so I choose to live wherever I want for the best opportunity. It is why I moved to Orlando for a good job because I could make a decision in 2 weeks and pack my stuff and move. It's been two years and I don't regret it. 

    To answer your question, I would focus on a few main drivers: diversity of jobs, cost of living, and population growth. In general, people have a proximity bias or promote what they know and see. But to take an objective view, I would look at country data to determine best states to work in. 

    Check out this site for more info on unemployment rates by state - http://www.jec.senate.gov/public/_cache/files/764a...

    Unemployment rates by large metros - http://www.bls.gov/web/metro/laulrgma.htm

    Afterwards, seek to understand where those jobs are coming from. If everything is dependent on one industry (govt, oil, technology), a investor is more susceptible to downturns (i.e. Houston), which is even more important for flippers especially if large capital dollars are invested.

    If those two check out, I would suspect to see robust population growth. Make sure people want to move there and there is plenty of amenities to keep them there. 

    My gut tells me you will find great dynamics in the Sunbelt cities (Charlotte, Atlanta, Orlando, Dallas, Austin, etc), but then again I will let the data do the talking.

  • Real Estate Investor · Rancho Santa Fe , CA · Member since 2016 · 323 posts · 107 votes
    10y

    Move To San Diego, might be expensive flips but its booming and market time is awesome, great VA community and overall great weather, what more can you ask let me know when you here.

  • Kevin FoxPro Member
    Real Estate Agent · San Diego, CA · Member since 2014 · 1k+ posts · 635 votes
    10y

    I have to concur with @Account Closed on this one. Price of entry might be high, but the payoff can't be beat. 

  • Carrollton, TX · Member since 2016 · 8 posts · 2 votes
    10y

    I live in Dallas Texas, a new bie here and into real estate, so no experience of any sort, but one thing keep ringing to me daily each time i am with business analyst and real estate practioners, they keep talking about the growth already in Dallas and still climbing, Toyota North America Headquarters construction on going, they relocating here.So even a new bie like me know what that means.Nebraska furniture onwed by Warren Bugget is new and has driven many businesses here, the list of up coming development in Dallas endless, you wont regret settling and investing here as you already say TX topping your list.

    Good luck

  • Rental Property Investor · Hailey, ID · Member since 2015 · 218 posts · 143 votes
    10y

    Move where you want. You're buying properties that are currently undesirable, and making them desirable. A lot of moving targets between the beginning to the end, but nonetheless flipping is flipping no matter where you are.

  • Investor · Plano, TX · Member since 2015 · 74 posts · 22 votes
    10y

    @Paul Winka

    Thank you for your service.  

    One bit of advice, though you didn't ask for it, is take a little time to decompress and get used to the civilian world.  After hiring a bunch of career military guys, we found they adapted to our culture about a year to a year and 1/2 after they left the service.  So unless you are going to get into a military type environment, you might want some time for acclimation.

    Now you are a an interesting position, but the outcome of your next decision is driven by several factors I think are important.  1st, what is your big reason for investing in real estate?  What are you ultimately trying to accomplish? Is it to create passive or active income, create a life style, or create wealth?  As I see it flipping houses is one method to get there.  So where is there?

    After answering those questions, I think you can tackle the others like location etc,

    There are lots of great markets, so go visit your top their selections and then make a decision.  For example, Texas is not one market, there are DFW, Houston, Austin, San Antonio, El Paso and on and on.  Florida and TN are the same way, 

    Hope this helps some in your thought process

  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    10y

    Almost every market will have a flip market and rental market.  Not every single one is strong but the vast majority of cities in the country will have strong flip pockets.  You should be able to live just about anywhere.

  • Rental Property Investor · St Louis, MO · Member since 2010 · 317 posts · 72 votes
    10y

    @Robert Berganza

    Hi Robert, thanks for the post. You seem to be from Lakeland originally. Are you?
    Do you happen to have any data (realtytrac, redfin, biz journal) that could expand on Lakeland being booming place? Others might find it useful too. I see you're just starting out as well by looking at your profile. :)

  • Rental Property Investor · St Louis, MO · Member since 2010 · 317 posts · 72 votes
    10y

    @Account Closed

    Paul, can you find me some non-CA based BP members that will recommend a newbie do his first flip deal in CA? :) 
    I can't disagree with you about the weather though. I had a 2-week TDY to Loma Point (or was it Point Loma) and I loved it...and I then understood why CA is the most populous state. Unbeatable climate. 

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