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Tips for selecting a market to invest in
Hello,
I'm a newbie investor from Denver who has spent that past 6 months listening to endless podcasts and hours reading RE investing books. However, I'm having a hard time selecting a good market to invest in. Huntsville, Alabama was my number one choice since I'm familiar with the city, but it looks like the deals are pretty dried up. I'm looking for MFRs and it might just be beginner nerves keeping me from looking outside of a market I'm familiar with and keeping me from pulling the trigger on anything. Anyways, any tips or suggestions would be greatly appreciated!
Thanks!
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- Real Estate Agent
- Denver | Colorado Springs | Mountains
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Couldn't tell from your message whether you already own your primary residence or not. I always think that first "investment" should be the place where you live. Like others have said, house hacking in Denver is a great way to live for free. Airbnb the hell out of your basement or rent by the room. Whatever it is, establish your base and then expand.
As to where to go next? Huntsville seems interesting. Lots of people moving to the south. A highly educated workforce there. Sounds good to me. I just don't know that market that well.
In general, investors in Colorado look out of state because they want cash flow because they want to quit their jobs in 10 years or something like that. I personally like the appreciation of markets like Denver and Colorado Springs and am happy to have my butt covered and watch the values increase for the next 20 years. But I love my job and don't want to retire at 40, so cash flow doesn't mean as much to me right now.
Whatever you choose, I wish you luck! Cheers.
- James Carlson
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