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Updated over 4 years ago,
Is it better to have all of your rental property in one area?
Hi BP family,
Good afternoon everyone. I own a total of 30 units just outside St.louis across the river in Illinois in a town of about 20,000 people. 16 of those units are about a block away from the other 14 units that I own. Nearby, there are 3 duplexes and a 6 unit. Basically, all these properties are within a 2 block radius. Just recently, the owner of the duplexes and 6 units contacted me to see if I would be interested in buying the places and I'm not sure what to do. Starting out, my goal was to scale and scale quickly. For example, I wanted to acquire a 4 unit, then 8 unit, 16 unit, 32 unit, you get the picture.
My question is, even if these properties don't cash flow the best, are a little older, need some TLC, aren't the best looking, is it smart of me to still purchase because my other properties are right by them? I try to take into account of conveniency and re sale value. I just don't know if this is the way to go or to continue to stack away as much capital to try and purchase lets say a 24 unit somewhere in a different town or down the road? Anyway advice or help would be great. Thank you!