Best Multifamily Market?

Question

What are some hot markets for Multifamily units right now? I travel a lot for work so I’m not tied down to a single location. I can look to purchase anywhere to house-hack. Ideally I’m looking for a fourplex to get the most bang for my buck. I want to maximize cash flow as well as big a solid market for long term wealth from appreciation. Any advice is appreciated!

Levi T. · Answer

You could almost put a pin on every city you ever heard of in your life, at a 70 mile radios, and be in a hot market right now. Did you know U-Haul makes a list based on their rental data!

2020 U-HAUL GROWTH CITIES

1.

North Port, FL

2.

Kissimmee, FL (2)

3.

Port St. Lucie, FL (6)

4.

Auburn-Opelika, AL (12)

5.

Madison, WI

6.

Ocala, FL (3)

7.

Knoxville, TN

8.

Surprise, AZ

9.

St. George, UT (20)

10.

Tyler, TX

Jeffrey Donis · Answer

I live in NC which is a great area filled with great markets- there are areas in SC- Greenville, Charleston, GA- augusta, Savannah, and Fl- Tampa, Ft. Lauderdale, as already mentioned + some others (Fl is filled with great markets). The southeast overall is a great place to invest.

Jackson Babcock · Answer

@Justin Wood

I see you are from Florida which has multiple hot markets right now. Miami, Ft. Lauderdale, Tampa-St. Petersburg, Orlando, Jacksonville to name a few.  Look for cities with strong job and population growth.  You being from Florida, become a local expert in your area, don't be afraid to purchase outside of a hot market, you might know of a smaller niche sub market market that could be off the radar where you could take advantage of big gains.

Justin Wood · Answer

@Jackson Babcock

Appreciate the advice! I recently moved here to Florida for work. However I receive a per diem for working more than 75 miles away from my residency (currently my parents house in PA). I'll be all over Florida over the next few years so I think it's in my best interest to look outside the state. Since I get a rotation to travel wherever I'd like every 3-5 weeks, my goal is to Airbnb the unit I'll be living in while I'm not there to create an extra source of cashflow on that property. It's a unique situation from the research I've done. I'll be house hacking without permanently living there.

Justin Wood · Answer

@Jeffrey Donis

Good to know, thank you!

Chris Huang · Answer

Jacksonville FL is dead for the last 4 months in the MF unit market, at least in the desirable zip codes.

Jeffrey Donis · Answer

Of course, best of luck!

Justin Wood · Answer

@Levi T.

That's good to know and an incredibly powerful tool! Thank you!

Justin Wood · Answer

@Senate Eskridge

I'm more looking for suggestions since I'm not locked to a specific area. Instead my only constraint is being 75 miles away from the project I am working on so I get my per diem. I'd be happy to explain my situation more in depth if you have the time for a phone call.

Barbara Chaney · Answer

Saw a post a couple days ago about a guy who found a multifamily in Miami. Maybe connect with him. It's on the Buying & Selling Real Estate board.

Best Multifamily Market?

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