Cities with best ROI for SFR
Hello everyone. I am new to BP and joined because I love the idea behind the community. Briefly, I'm a young professional (early 30's), who currently resides in the Metro-Detroit area. I am considering moving to Las Vegas because it is a great city for a single man. However, I'd like to ask the community what their opinion is regarding the best option for me and my long term REI strategy. I am contemplating buying and holding single family homes for cash flow as a means to retire in 10 years. I'd like to make $200k in passive income from REI. I'd like to know in which areas/cities it would be the easiest to make this goal a reality. I understand that the Midwest is great for cash flow from SFR, but Las Vegas seems like a better lifestyle for me. I appreciate the input from the community.
Dave
Most Popular Reply
Hi @Dave A. I echo what @John Warren said as I too am a multifamily investor. However, I just transitioned out to Las Vegas (literally last week) from Miami Beach and the market here is VERY different. This is a market where SFR is definitely a stronger asset than MFR simply because much of the multifamily assets are in 'D' neighborhoods. There are some apartment deals but they're larger (150+ units) and my sweet spot is 10-30 units.
I am just starting to find a couple good realtors and so far my immediate strategy (specifically here in Vegas) is BRRRR of SFR's. I'm going to go for the $200k-$250k houses, light rehab, and rent (furnished and short-term [30 days]). There are some other strategies to be had here but that is likely going to be my first strategy in Vegas.