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Updated almost 2 years ago on . Most recent reply
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Best Cities for Multi-Family (1031--400k to put down!)
I am a new BiggerPockets member and have been impressed with the incredible value that you all provide :)
I am from DC/MD/VA (DMV) area and have an FL single family property that is paid off, has a cash flow of $1300/month, and is currently valued at $450k. Last year, my tenants broke their lease early, and after a huge sum to get back on the market and rented again, Hurricane Ian has put it out of commission for the last six months. I am currently doing upgrades as I plan to use 1031 exchange into a Multi-Family (2-4 Units). I have looked at the market in my area and the multi-units are very pricey! Ideally, I would like to get something that's reasonably priced, can still cash flow, and appreciate over the long term. Which cities or States would you recommend to look into where this down payment would go far?
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Quote from @Jeanmary Prophete:
I am a new BiggerPockets member and have been impressed with the incredible value that you all provide :)
I am from DC/MD/VA (DMV) area and have an FL single family property that is paid off, has a cash flow of $1300/month, and is currently valued at $450k. Last year, my tenants broke their lease early, and after a huge sum to get back on the market and rented again, Hurricane Ian has put it out of commission for the last six months. I am currently doing upgrades as I plan to use 1031 exchange into a Multi-Family (2-4 Units). I have looked at the market in my area and the multi-units are very pricey! Ideally, I would like to get something that's reasonably priced, can still cash flow, and appreciate over the long term. Which cities or States would you recommend to look into where this down payment would go far?
Ohio has awesome markets! I was born and raised here, and I know the local markets like the back of my hand. Over the past 5 years, I have seen the industry and population growth in Ohio explode, and effectively it has raised our housing prices. It’s for sure a hot market, but there are still deals to be had, I’ve picked up an additional 24 units just last year and I have already bought one this year. Check out this pic of what's happening, Billions of dollars of development in Columbus.
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