Beginner investor - Phoenix vs Greenville, SC market

[Steven Wilging]

Hey BP community! 

My wife and I are in the process of deciding where we will be living for the next several years and I'm wanting some valuable input. My wife will will be a CRNA and I'll be graduating from my nurse practitioner program in July and we have contract offers in Phoenix and Greenville, SC. 

REI Goals:  Our short term goal  is to either house hack a 2-4 multifamily unit or buy a live-in flip. My long term goal is to focus on acquiring larger multifamily properties and stop working as a nurse practitioner by 2027 with 10k cash flow/month from my rental properties. 

The Greenville area seems to be a strong market with good growth potential. Phoenix seems more saturated with seasoned investors with the ability to get properties under contract while leaving new investors unable to find properties with good cap rates. 

BP, what are your thoughts? Is Phoenix a difficult scene to navigate right now or do you still see good growth potential? Any and all comments are appreciated!

Thanks,

Steven

[Sara Eastler]

Hello Steven Wilging,

Deciding where to move is a big decision. I moved to Greenville less than a year ago and I purchased ten units in 2016 and have 2 SF under contract in 2017 so I do not agree with the sentiment that this area is a challenging location in which to acquire investment properties. I moved here as an outsider in June 2016 and by June 2017 I will have at least 12 units in the area, my goal is 13.

While I always do what you do, that is I ask local investors for their perceptions of their market, I find that's not an accurate way to assess a region. Have you checked out the larger statistics based reports on SF and MF markets? If you email me off BP, I will send them to you as attachments and links for you to read yourself. As humans we all have unintentional bias, but reading the statistical trends will provide the most valuable feedback for you. 

I hike, rock climb, bike, and enjoy water sports in this region. I miss the beach but it's too far of a drive for me while living in the Greenville area. I hear my neighbors say they like to rent a house on the beach for 1-2 weeks out of the year. The proximity to Atlanta, NC, Florida, and Savannah is great

Follow your heart - there are no coincidences and you'll choose the right home for you and your family. No matter which market you select, you can make money in RE as long as you buy right.

Kind regards,

Sara