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Updated over 3 years ago on . Most recent reply

User Stats

11
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19
Votes
Jacob O'Malley
  • New to Real Estate
  • La Crosse, WI
19
Votes |
11
Posts

Where would you choose to live?

Jacob O'Malley
  • New to Real Estate
  • La Crosse, WI
Posted

Hello BP! I'm in a somewhat fun situation and I would like your input.  I'm graduating college this year and got my first "real" job a couple months ago.  I've lived in Wisconsin my whole life and I'm looking to change it up when my lease ends this May.  Here's the thing: I don't know where I want to move to.  I'm thinking out west somewhere (Colorado, Montana, Arizona?).  So, my question is, if you guys could move anywhere in the U.S. to start your real estate investing career, where would you move?  Here are some factors influencing my decision:

  • Reason I want to move: I want to experience life in another part of the country.  I like Wisconsin, but I feel it's time for a change.
  • What am I looking for?: I'm looking to live near the mountains (for mountain biking, snowboarding, etc.).  I want to be somewhere with good weather most of the year.  I quit drinking recently and I'm trying to meet people my age (24) through hobbies rather than the bar scene.  I'm looking for a real estate market that is stable and cheap to enter.
  • What kind of investing do I plan to do?: I want my first property to be 2-4 units, and I will house hack so that I can purchase with a 3.5% FHA loan. I think I would like to focus on cash flow rather than appreciation to start with. I plan to repeat the "house-hacking" strategy year after year (with higher down payment loans if necessary).
  • Do I have any restrictions when moving?:  No, not really.  I have one cat, no girlfriend, and I work remote.  I will have my bachelor's by the time I move.
  • How much money do I have?  Not much, but I just started making 60k/year and will be making 70k-80k/year by the time I move.  Also, I only plan to put 3.5% down for my first property so I should be able to build up a decent down-payment savings over the next 9 months.  Still, I am looking for a place with low cost of living.  

So, if you were in a similar situation, what region, state, or city would you move to?

Most Popular Reply

User Stats

30
Posts
17
Votes
Rory Korpela
  • Specialist
  • Longmont, CO
17
Votes |
30
Posts
Rory Korpela
  • Specialist
  • Longmont, CO
Replied

@Jacob O'Malley

While I love Longmont (currently live here) and Colorado in general, much of Colorado including Longmont is red hot and getting super pricey. There is not much in the way of multi-family in Longmont. You'd be better off going to Colorado Springs for that though honestly, Colorado Springs isn't very close to the mountains for skiing/snowboarding. Here's some spots that may be worth a look, though.

1) Granby or Hot Sulfur Springs, Colorado

- these are both mountain towns in Grand County. They are relatively near a couple of big ski resorts (Winter Park and Steamboat Springs) that also offer mountain biking. The communities are 4 season communities with outdoor fun to be had year round. Hot Sulfur Springs is cheaper than Granby and may have some multi-family options. Full disclosure, I'm building a vacation home in Granby that I'm going to Airbnb and have some serious appreciation since I broke ground last September.

2) Hayden, CO

- Hayden is 25 miles west of Steamboat Springs and is one of the few communities near a serious ski resort that has yet to really pop but it's on the verge.

3) Ogden or Provo, Utah

-mountain fun in Utah is very accessible and the snow is even better in Utah than Colorado.

-real estate is cheaper in Utah

-easy to find friends that don't drink much (Mormon country)

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