What markets are you looking at right now?

Question

Considering everything going on in the world right now, I am curious where the members of this forum are looking for new property?

It sure seems like the impact varies depending on where you're looking. Most of my experience is in Non-MF CRE in western markets. Talking with my network, many of our clients with MF units across different states are feeling the affect differently depending on what state the properties are located in.

Let's get a discussion going:

1. What markets are you currently looking in?

2. What types of properties are you looking for?

3. Has the way you evaluate markets or properties changed since COVID began? How so?

4. If you currently own property, how have you collections and/or tenants been effected?

I'll go first:

Primarily southwestern US

2-10 unit multifamily

Definitely not looking in CA anymore

Personal properties not affected but clients are seeing 80-90% of usual collections

Keith C. · Answer

@Austin Scott as long as you set one of your search criteria to “ warm sunny weather “ you are one step ahead of 80% of the country .

Of course there are other factors but As my Great Grandad would say “ Go South My Son , Go South “

After pandemic this holds even more common sense

Corby Goade · Answer

1. I only invest in my market- Boise, ID metro.

2. Anything 1-4 units that meets my buying criteria- force at least 20% equity and breaks even m2m for the first year.

3. Not at all, I buy based on my criteria, not guessing what the market will do.

4. We've had about 10% of our tenants have trouble paying rent the last couple months. We've given them grace, kept the lines of communication open and worked with them on payment planes. We actually bough meals for every late tenant and each and every one paid up ahead of the payment plan we agreed upon.

Andreas Schneider · Answer

@Remington Lyman

Actually i haven’t ventured outside the Cleveland area yet.

I got a pretty solid team in Cleveland and therefore haven’t looked yet.

Can you recommend it or do you have experience there?

Andreas Schneider · Answer

@Austin Scott, interesting topic which i have asked myself. Here are my answers;

1.

- Cleveland Ohio area which seems still to work for SFH. Multi family seems to be at market value now and doesn’t make much sense

- I am from south Florida and almost everything here is inflated, even in the war zones. Jacksonville is hard these days too unless you’re getting off market deals and or have a good lender circle to front money to do more expensive deals

2.

I used to look more for multi but changed my plan to single family now, 3/2’s or 3/1’s

3.

Yes, mostly for calculating with lower interest rates. Also avoiding the C/D class neighborhoods more as it will be more difficult to collect rent as those demographics probably feel the affects sooner than a B or a good C

4. I own properties both in Ohio and Florida and have had no issues yet (knock on wood). But i know from friends and friends of friends that they either struggle to pay rent or if they are landlords they are having difficulties collecting.

Jordan Moorhead · Answer

I'm looking where I live and surrounding areas (Austin, TX) and where I'm from, Louisville, KY. I own properties in both and want to focus hard on these two areas and not spread out.

Jordan Woolf · Answer

@Keith C.

The Huntsville Alabama market seems to be holding strong with respect to everything that is going on. I actually just helped a New Yorker purchase an investment in the area.

Remington Lyman · Answer

That makes sense. If you have a solid team in Cleveland that is most the battle with OOS investing.

Yes. I am a Realtor in Columbus, Ohio

Remington Lyman · Answer

Have you looked at Columbus, Ohio?

Danny Webber · Answer

Texas-LA-MS-Alabama

Kiera Underwood · Answer

@Austin Scott

1. What markets are you currently looking in? I'm all in on OKC.

2. What types of properties are you looking for? I love multi but it's rare here and returns often take a hit. Single family is great.

3. Has the way you evaluate markets or properties changed since COVID began? How so? No big price slahses, just sellers being a bit more flexible during repair negotiations. I've also seen quite a few sellers accept discounts if a buyer goes for 2 or 3 at once.

4. If you currently own property, how have your collections and/or tenants been effected? I have continued to receive rent!

What markets are you looking at right now?

Most Popular Reply