ATL newbie investing out of state

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ATL newbie investing out of state

Kirstin Lawrence
New to Real Estate · Atlanta, GA · Member since 2018 · 8 posts · 4 votes

Hello!

I'm a 26 year old newbie real estate investor living in Atlanta. I purchased my first home 4 years ago and plan to turn it back into a rental property next year, but I want to invest in another property (preferably multifamily) before then. I've been doing a lot of research and have landed on going out of state instead of trying locally, are there any markets you'd suggest for a budget of about 100-150k? I've heard about Cleveland, Kansas City, Detroit, Phoenix, etc. I know mortgage forbearance is ending soon, would you wait until then and then possibly stay local? What are your thoughts?

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Mike D'ArrigoPro Member
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
6y

@Kirstin Lawrence the markets that you mentioned are all very different which leads me to think you probably need to define your criteria further. I wouldn't normally expect to see Detroit and Phoenix lumped together. Personally, I like Kansas Cit of the ones on your list but I would also add Indianapolis to it. 

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  • JD Randall
    New to Real Estate · Mesa, AZ · Member since 2019 · 39 posts · 18 votes
    6y

    I live in the Phoenix area and there is areas that you can get a house in the 100k-150k budget. The average house price varies a lot depending on which city in the Phoenix area you end up focusing on but they would be B-, C properties. There is next to no chance of multifamily property for that price range here.

    Ive heard that Detroit is not a great area to invest in for anyone, especially new investors, because of the crazy high crime rates. The majority of Detroit is a D area.

    (But definitely take everything I say with a grain of salt because I haven't done my first deal yet)

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    6y

    @Kirstin Lawrence Detroit can be a great place to invest, just like any other, if you do you due diligence.

    Wouldn't advise buying anything under $30k, which will keep you out of most of the D areas.

    DM us if you'd like more info.

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
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  • Kiera Underwood
    Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
    6y

    @Kirstin Lawrence I would also add OKC to your list! I see most out of state investors locking down properties that ar 60-80k that are cash flowing with a tenant in place at close! As long as you can vet the current tenant (they're up to date on rent and haven't had big lapses recently) you shouldn't have as much to worry about as far as late or non payment due to covid. 

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  • Kirstin Lawrence
    OP
    New to Real Estate · Atlanta, GA · Member since 2018 · 8 posts · 4 votes
    6y
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  • Kirstin Lawrence
    OP
    New to Real Estate · Atlanta, GA · Member since 2018 · 8 posts · 4 votes
    6y
    Originally posted by @Kiera Underwood:

    @Kirstin Lawrence I would also add OKC to your list! I see most out of state investors locking down properties that ar 60-80k that are cash flowing with a tenant in place at close! As long as you can vet the current tenant (they're up to date on rent and haven't had big lapses recently) you shouldn't have as much to worry about as far as late or non payment due to covid. 

    Thanks Kiera! I'd love to connect to talk more about that and the possible properties that may be on the market now. I'll send you a DM. 

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  • Kiera Underwood
    Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
    6y

    @Kirstin Lawrence happy to talk about OKC anytime! 

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  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    6y

    @Kirstin Lawrence the markets that you mentioned are all very different which leads me to think you probably need to define your criteria further. I wouldn't normally expect to see Detroit and Phoenix lumped together. Personally, I like Kansas Cit of the ones on your list but I would also add Indianapolis to it. 

    1Reply
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