Multi-Family/Apartment Investing out of state

[Daniel Wolcott]

After spending the last year trying to find a multi-family home in Colorado Springs and submitting a few offers I have convinced myself that Colorado Springs and possibly Colorado is overpriced. We have been under contract on a few 4-plexes, but after digging deeper either the numbers didn't make sense or the seller's were not willing to make necessary repairs/provide concessions that would make the purchase worthwhile. I have come to terms with looking out of city/state but get overwhelmed with trying to narrow down a city to concentrate my efforts. I understand looking for cities that are seeing population/job growth, landlord friendly and ultimately rental rates that allow cashflow and decent ROI. What cities are you finding that offer great potential and/or how did you find/choose these cities? I am looking for the property to meet the 1% rule and to achieve a 10-12% cash on cash return (I don't believe this is overly restrictive).

[Bill S.]

@Daniel Wolcott I don't know Colorado Springs all that well but I do know a couple people who have acquired deals similar to your requirements in the past year. Not sure where you are looking or how but my sense is that there is something missing for your approach. Perhaps getting with your agent and see what they suggest is going wrong. Posting the details of some of the deals that didn't work for you and getting feedback would be worthwhile as well.