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Updated almost 5 years ago on . Most recent reply
Investing out of state
Hello BP family! I hope everyone is doing well and staying safe! We currently live and invest in northern seattle wa area. Shoreline, lynnwood, Everett. We rent houses by the bedrooms.
We've been thinking of investing out of state into SFR and possibility some small multi family. It sounds more scalable. "purchasing 100k homes vs 500k homes"
Traditional rentals are difficult to cashflow around here in Washington it’s the reason we rent by the room.
Our goal is to scale our rental portfolio and live of the cashflow.
I was hoping to connect and hear the pro/cons, issues that people have ran into investing out of state from local investors that invest out of state. or anyone that lives in an expensive markets that invests out of state.
Some areas we’ve considered have been Florida, Jacksonville fl, Orlando, Tampa, Sarasota fl, Memphis, Different parts of OH, Cincinnati. I’m planning to do more research on job and population growth in all those areas and possibility connect with local agents, investors, wholesalers and property managers but for now mainly looking to connect with people that do invest out of state!
Thank you all so much!
Most Popular Reply
Hi Artem. In my personal opinion, most of the areas you are mentioning in Florida are going to be way out of your disclosed budget. I would look into the mid-west as it is one of the best areas to invest in properties that are in the $70k-$100k ratio. The ROI is much, much higher and it's just a more versatile market than say Florida for example. If you are looking to invest and live off cash flow, then definitively OH, TN, MI are all great areas. I would just steer away from Florida as the prices are very high and I don't really see much value unless you are going multi-family but then again you are looking at spending big bucks. I have been investing heavily in Ohio so if you are looking let me know and I can show you what we have done over there. You can see my company's info in my profile and I am always willing to help. Thank you!