Looking for market outside Miami
Hello BP Community,
My husband and I are looking to purchase a multifamily of 10+ units. For the past few months, we have been analyzing deals in Miami, where we live, however, the numbers do not make sense...prices are way too high! So, we have decided to look in other cities, maybe even other states. We have the following questions:
1. How far away should we look? I remember Brandon Turner suggesting to invest in areas where you have friends or family who can provide some guidance (good vs. bad areas, etc.). We are just afraid of not having the property near us to visit and keep an eye on it.
2. In your experience, how easy or hard is it to manage a property outside your area? How do you make sure things are running as they should when you outsource the management services?
3. We have 2 small children and we both work full time. Our time to go out to find good areas is limited. What would be the best strategy to find areas in which to invest?
4. Are there certain parameters you look for to determine whether an area is worth investing?
5. Finally, any website or source you use to search for properties in other areas?
Thanks everyone for your time,
- Ana
Most Popular Reply
Hi Ana, close to your home is the hot market of Orlando. Lower price points than Miami. One of the things I like about Orlando, it that job growth is expected to average a 4% every year for the next 10 years!!! That's phenomenal!!!!! Guess where I'm looking?!?!? You still need to make sure you're buying in good quality areas though. Orlando has some rough sections you should avoid. If you know someone in that area, you should reach out to them for guidance.