Which place (in US) would your recommend for turnkey investments?

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Which place (in US) would your recommend for turnkey investments?

Bob Roach
Hoboken, NJ · Member since 2015 · 14 posts · 1 vote

Looking to get my feet wet by investing around $100k. Which markets would you recommend? NJ,PA,NYC & Florida seem most appropriate for me since I live in the east cost. That said I am willing to explore other options. Of the states I mentioned which state & city would be most appropriate? Florida?

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Carrie Hiner
Real Estate Agent · Austin, TX · Member since 2015 · 181 posts · 75 votes
10y

Special note: I'm a realtor in Austin, Texas, so I'm a bit biased.  

I'd look for cities with the following:

1) High Wages

2) Growing Population

3) High Tech Employers 

4) AND... drum roll.... moderatly affordable homes.  This allows you to buy into the market (as compared to NYC) AND a place that has potential to appreciate.  

5) Cash Flow and Capital Appreciation.  One without the other will never win long term. 

Best of Luck and let me know if you have questions about the Austin market. 

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    10y

    this is a loaded question. Be prepared for every turnkey provider and affiliate to tell you why you should invest in their market. 

    What does $100k get you in NYC? 

    Depending on what your goals and criteria are will also determine what markets will fit you best. 

    You could use your $100k to do conventional financing and get 3 to 4 solid homes in some great markets. 

    Who is gonna be the first to jump in and try and sell? 

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  • Carrie Hiner
    Real Estate Agent · Austin, TX · Member since 2015 · 181 posts · 75 votes
    10y

    Special note: I'm a realtor in Austin, Texas, so I'm a bit biased.  

    I'd look for cities with the following:

    1) High Wages

    2) Growing Population

    3) High Tech Employers 

    4) AND... drum roll.... moderatly affordable homes.  This allows you to buy into the market (as compared to NYC) AND a place that has potential to appreciate.  

    5) Cash Flow and Capital Appreciation.  One without the other will never win long term. 

    Best of Luck and let me know if you have questions about the Austin market. 

    1Reply
  • Sterling WhitePro Member
    Rental Property Investor · Indianapolis, IN · Member since 2014 · 554 posts · 153 votes
    10y

    Agreed with the statement above. That question can go in many directions. It really comes down to what your goals are. Some markets maybe better inlined for what you are looking to achieve.

    I'd look for cities with the following:

    1) Landlord/business friendly

    2) Job Growth

    3) Population Growth

    4) Steady appreciation in property values

    5) Affordability(personal preference)

    6) Macroeconomics

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  • Joseph Weisenbloom
    Investor · Austin, TX · Member since 2013 · 443 posts · 174 votes
    10y

    I would look at upstate New York, Pennsylvannia, and Ohio. Cheap houses in stable areas that are driving distance to where you live. NYC is a terrible place to invest overall. Texas has appreciation but little cashflow because its a borderline bubble down here not to mention high insurance and taxes.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Bob Roach if your goal is to buy SFR's then I like the big Island of Hawaii.

    No HVAC no air conditioning  very basic homes that are easy to maintain.

    plus you get to go there to check them out.  Also Hawaii has some awesome tax energy credits.

    Of course I might be a little biased since I in Maui right now looking at the beach and waiting for our turkey dinner. 

    Its all about the team at the end of the day though if you want it all done for you

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  • Chaim F.
    Property Manager · Brooklyn, NY · Member since 2015 · 537 posts · 56 votes
    10y

    @Bob Roach Are you looking for buy and hold? Or do you have another strategy?

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  • Derrick Craig
    Memphis, TN · Member since 2013 · 969 posts · 524 votes
    10y

    @Bob Roach

    Of the states you mentioned I would say NJ since that is where you already live and it would be beneficial for you to purchase in your own back yard to learn the ups and down of Real Estate investing but I am not sure if I have ever seen a turnkey provider in NJ. 

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  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    10y
    Originally posted by @Bob Roach:

    Looking to get my feet wet by investing around $100k. Which markets would you recommend? NJ,PA,NYC & Florida seem most appropriate for me since I live in the east cost. That said I am willing to explore other options. Of the states I mentioned which state & city would be most appropriate? Florida?

    Check out he Midwest mate,

    Ton of value here IMO

    Untouched bu hedge funds and the mum and dad investors are still on the sidelines.

    Ohio, Michigan and Indiana are my top picks.

    Thanks and much success :)

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  • Doran Summers
    Lender · Chicago, IL · Member since 2015 · 608 posts · 70 votes
    10y
    If you seeking turkey investments take a look at Orlando or Indianapolis for cash flow or equity investments.
    0Reply
  • Justin Ericsson
    Professional · Glenview, IL · Member since 2015 · 114 posts · 65 votes
    10y

    Start in your back yard if you can... Otherwise I like the idea of going to Hawaii if you can

    0Reply
  • Chris Romany
    Orlando, FL · Member since 2014 · 93 posts · 35 votes
    10y

    Look no further than Orlando, @Bob Roach. 

    Orlando has surpassed NYC is the most visited city in the USA, and is #3 in the nation for job creation, which fuels growth, and growth equals appreciation.

    If you like, message me separately and I can send you a summary report on Orlando: "You Don't Know The Half of It"

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  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    10y

    You'll have a hard time seeing cash flow in FL. Jacksonville, as far as I know, is the only FL city that has any chance of cash flow. NYC will never cash flow for you. PA and NJ have potentials, but it's specific to exactly where you invest. Philadelphia and Trenton are the only two I know of that work. 

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  • Rasheema Abduls-Salaam
    Real Estate Investor · Hilo, HI · Member since 2015 · 134 posts · 14 votes
    10y

    Nice info and responses everyone. Does anyone have recommendations for turnkey operations or prop management in the Orlando area? Possibly even Michigan? 

    0Reply
  • Alfonso DeLuca
    Staten Island, NY · Member since 2008 · 16 posts · 1 vote
    10y

    Why such a negative outlook for NYC? Is it due to the ballooned prices?

    0Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    10y

    @Bob RoachOf the places you mention, I think PA is your best bet.  In particular Philadelphia for proximity to NJ, its very low taxes, and low vacancy rate.

    As Ali Boone mentioned Jacksonville is one of the few places in Florida left to still get good cash flow.  As an investor there myself, I can tell you that I have also seen very nice appreciation there as well.  A travel writer also just named the city #1 of the top 5 "secretly cool" cities in the US.  Go figure.

    http://www.huffingtonpost.com/David-Landsel/o-pion...

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  • Joel Bowen
    Portland, OR · Member since 2015 · 91 posts · 19 votes
    10y

    Ohio Cash-flow is doing great things, I would connect with @Engelo Rumora!

    1Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    10y
    Originally posted by @Joel Bowen:

    Ohio Cash-flow is doing great things, I would connect with @Engelo Rumora!

     Thanks for the plug Joel ;)

    Have a great weekend.

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  • Catherine Sells
    Real Estate Agent · Philadelphia, PA · Member since 2015 · 40 posts · 2 votes
    10y

    Hi @Bob Roach,

    We are managing hundreds of properties for out of state owners and they are making money here in Philadelphia. The numbers work.

    Regards,

    Catherine Sells

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  • William HollyPro Member
    Investor · Trenton, NJ · Member since 2012 · 88 posts · 5 votes
    10y

    Central Jersey is a great place to start.  I'm a large operator in NJ, and your first consultation is free.I think you should explore home first before branching out. Peace and good luck. 

    0Reply
  • Kathleen Bassett
    Real Estate Broker · Cleveland, OH · Member since 2015 · 451 posts · 313 votes
    10y

    Welcome to BP @Bob Roach! Once you determine your specific real estate goals, you should definitely take a closer look at the Ohio market. Best of luck to you, Kathleen

    1Reply
  • Account Closed
    Lender · Fort Lauderdale, FL · Member since 2015 · 117 posts · 22 votes
    10y

    Hello @Bob Roach, 

    South Florida currently has a very hot market. Definitely one to dive into.

    0Reply
  • Lance Tokuda
    Houston, TX · Member since 2015 · 9 posts · 2 votes
    10y

    Recommend exploring Jacksonville Florida. 

    • Florida is landlord friendly
    • Jacksonville can cash flow (noted twice)
    • Jacksonville is projected to be #1 in the nation for appreciation at 5.7% per year over the next 3 years

    See the Best and Worst Cities for Home Price Appreciation.  Note that Memphis is #1 on the chart from 2012 to 2018 but when you look at 2015 to 2018, Jacksonville is projected to be #1.  5.7% appreciation has the potential to cover your mortgage payment.

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    1. Attila Vad
      Investor · Miami Beach, FL · Member since 2015 · 55 posts · 10 votes
      10y

      Hello@Bob Roach,

      I think Jacksonville will be a great market in 2016. Now it's a little bit slower as it used to be.

      Good Luck!

      0Reply
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