Where to live and where to invest

Question

I am in search of help on determining a place to live, which is also where I want to invest. My initial goal is to purchase a Duplex, live in one half, rent the other half. Income taxes are a big concern for me, and I have criteria for certain aspects of the area where I want to live (and thus invest). Are there resources to tap into to help when a location is not yet determined, and/or are there folks out there who can help with determining where to live in the US based on my criteria? I figured I would put out a general inquiry before listing my criteria.

Thank you in advance :)

Adrienne Green · Answer

Hi @Linda Hines! Your list of wants does seem to be a good fit for Chattanooga. I'd say it checks everything off your list other than "not too hot"- it can get pretty hot and humid in summer! Luckily there is the river to cool off in!This area has a respectable amount of both duplexes and SFHs with rentable sections to choose from, too.Chattanooga stands out as the only place I've lived where it seems most people have moved there because they WANT to, not because they must for a job. People come here because they love it, and they continue to love living here.

Linda Hines · Answer

Thank you for your replies. I'm still narrowing down my desired location, but I've already made some valuable connections from this site. I appreciate your time and consideration.

Brandon W Panganiban · Answer

Chattanooga would fulfill all those. That is a very similar list to mine when I moved to Chatt in 13' from a colder climate. I would argue that for hiking/biking Chatt is the best US city east of CO. Rapid population growth since 15/16 has depleted the abundant grand slam deals there used to be but it's still very good for LTR. Newer investors I've talked to here seem to have the best luck with duplexes. They seem to be less on the radar from out of town investors.

Basit Siddiqi · Answer

@Linda HinesIt shouldn't be anyone's job or anyone on this forum to suggest where you should live.That is a serious decision and something that you should make yourself.You listed the criteria's that you want - Research 5-6 different cities that fit your criteria and live in each of those cities for a month and then make a decision.Once you know where you want to live, the members on BP can likely suggest properties, neighborhoods, etc.

Alecia Loveless · Answer

@Linda Hines Hi Linda! I might be biased but there’s some great areas in New England. It is a little colder than you might like and a little harder in certain places to find homes with lots of bathrooms but lots of places to invest in real estate. Plenty of places for outdoor activities skiing, hiking, kayaking, golf, camping, you name it! I’ve turned down 4 opportunities for properties that could have been great rentals in my area the past 6 months because I’m not particularly handy myself and they needed work. All were priced below $100,000. Two below $90,000 and I feel certain you could have negotiated lower. In general the market where I’m at in northern New Hampshire is running the nicer homes between $200-300,000. It depends on what town you’re in, your amenities, and how much land you have just like every where else. I’m sure there’s some nice affordable areas elsewhere in New England too. I know you’re thinking Tennessee but we have no state income tax and no state sales tax so that is also a benefit! Just my thoughts.

Linda Hines · Answer

Criteria: Low cost of housing Low or no state income taxes "Outdoors" type of environment for hiking and biking Fitness center or gym Walmart Aldi or low cost grocery Not too cold (prefer 20 degrees or above for average) Not too hot (prefer 90 or less for average) I am looking to add real estate to my portfolio. Price range for the area I am looking at is less than $300k for a single family home (3 bed, 3 bath). Looking to find a multifamily unit or duplex as well. I can work from anywhere.

Lee Ripma · Answer

@Linda Hines - if you don’t know what you want then anything will work! Lots of markets with duplexes. Anything you’re looking for? Want to be a small town, big town, by an international airport? By mountains? Away from snow? You must have some criteria you’re looking at!

Eric James · Answer

You don't have any restrictions on where you will live because of where you will need to work?

Linda Hines · Answer

Wow, no responses yet. Is there anyone who helps with relocating across state lines or any moving specialists that can help someone determine where to live/invest in real estate? I am narrowing things down, leaning toward Chattanooga, TN area.