MOVING! Help me choose my next location.

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MOVING! Help me choose my next location.

Andrew R.
West Hartford, CT · Member since 2017 · 38 posts · 11 votes

Hello BP,

I am an Active Duty O2-E and facing that magical time of year....TRANSFER SEASON. Searching for any input on the below locations from an investment standpoint. If you have any pros/cons on an area, know of great neighborhoods to look in, or want to take a crack at ranking these billets, anything helps! Researching all of these locations from an investment standpoint is a much larger task than I expected!

My wife and I want to purchase a duplex, tri, or quad to house hack using the VA loan. We need at least a 2br for ourselves and are looking for some forced appreciation in a B- to A+ community. Proximity to walking/downtown area a plus! Our next tour will be 3 years, and we are looking for a long term hold, requiring property management upon our departure.

Currently, we do not hold any properties. We had a quad deal in Norfolk that fell through at the last minute. I truly feel it wasn't meant to be and am grateful for the learning experience! Disappointed, but excited for the next opportunity.

To the list! (this is my current ranking based on location and job, real estate investing not considered)

1. New Bedford, MA

2. Fort Macon, NC

3. Santa Barbara, CA

4. Cincinnati, OH

5. Kodiak, AK

6. Ketchikan, AK

7. Wilmington, NC

8. Seattle, WA

9. Anchorage, AK

10. San Pedro, CA

11. Duluth, MN

12. Baltimore, MD

13. San Fran, CA

Thanks for your time and input!

Andy

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Ron Boling
Fall River, MA · Member since 2013 · 50 posts · 30 votes
9y

Coast Guard was my second guess. ;) I had the chance to go to Anchorage, AK while in the Air Force Reserve and it is beautiful. If you like the outdoors anywhere in Alaska is the place to be. If your BAH will pay for it you could try to buy and hold in CA or WA and get the service to pay for it. I don't know anything about MD, NC or OH. But if you want to find something inexpensive with good rents you can find it in New Bedford. I do flips and own rental units in Fall River, MA myself.

All that aside, I know MA is close to home for you and I don't know how long you have been in or how much traveling you have done but if you are young then let the military take you as far away from home as you can get. I visited dozens of countries on four continents when I was Active Duty Navy (before my time in the AF) and wouldn't trade a day of it for a year back at home sitting on the sofa. 

BTW you know why the Coast Guard is better than the Navy? If you fall overboard you can just walk back to the shore. :)

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  • Christian Wathne
    Investor · San Jose, CA, Bellevue, WA · Member since 2016 · 327 posts · 257 votes
    9y

    Does your pay adjust based on where you move to?

    0Reply
  • Aaron Araujo
    New Bedford, MA · Member since 2015 · 71 posts · 48 votes
    9y

    Quite the list there! What brings New Bedford to the top? I currently own a 3 family in the city and might be able to offer some insight.

    1Reply
  • Ron Boling
    Fall River, MA · Member since 2013 · 50 posts · 30 votes
    9y

    I'm wondering the same thing @Aaron Araujo is. Where is there a military billet in New Bedford, MA? Are you a recruiter? 

    1Reply
  • Andrew R.
    OP
    West Hartford, CT · Member since 2017 · 38 posts · 11 votes
    9y
    Christian, yes, pay changes by location. Basic Allowance for Housing.
    0Reply
  • Andrew R.
    OP
    West Hartford, CT · Member since 2017 · 38 posts · 11 votes
    9y
    Ron and Aaron, I am in the Coast Guard. One of the many benefits is living in smaller "non military" areas. I'm originally from Cape Cod and my wife is a Vermonter.
    1Reply
  • Ron Boling
    Fall River, MA · Member since 2013 · 50 posts · 30 votes
    9y

    Coast Guard was my second guess. ;) I had the chance to go to Anchorage, AK while in the Air Force Reserve and it is beautiful. If you like the outdoors anywhere in Alaska is the place to be. If your BAH will pay for it you could try to buy and hold in CA or WA and get the service to pay for it. I don't know anything about MD, NC or OH. But if you want to find something inexpensive with good rents you can find it in New Bedford. I do flips and own rental units in Fall River, MA myself.

    All that aside, I know MA is close to home for you and I don't know how long you have been in or how much traveling you have done but if you are young then let the military take you as far away from home as you can get. I visited dozens of countries on four continents when I was Active Duty Navy (before my time in the AF) and wouldn't trade a day of it for a year back at home sitting on the sofa. 

    BTW you know why the Coast Guard is better than the Navy? If you fall overboard you can just walk back to the shore. :)

    2Reply
  • Bryan C.
    Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes
    9y
    Andrew R. I am a fellow military investor. O1E USAF from Cincinnati/ Dayton area. Great place to live and invest.
    1Reply
  • Jen Etten
    Real Estate Investor · Ketchikan, AK · Member since 2014 · 19 posts · 5 votes
    9y

    It is currently a hot sellers market in Ketchikan right now. But house hacking will be very profitable endeavor here in Ketchikan, especially if you can aquire one near downtown. Good luck and let me know if I can assist you in anyway should you get stationed here in Alaska. 

    Take Care, 

    Jen 

    1Reply
  • Matthew Hudson
    Hyannis, MA · Member since 2017 · 32 posts · 18 votes
    9y

    1. New Bedford, MA

    2. Fort Macon, NC

    3. Santa Barbara, CA

    4. Cincinnati, OH

    5. Kodiak, AK

    6. Ketchikan, AK

    7. Wilmington, NC

    8. Seattle, WA

    9. Anchorage, AK

    10. San Pedro, CA

    11. Duluth, MN

    12. Baltimore, MD

    13. San Fran, CA

    Thanks for your time and input!

    Andy

    Alaska and the pacific northwest are some of the best places i have ever lived. Kodiak is a beautiful island but not sure from a real estate market perspective.

    I lived in oregon but went to seattle often. seattle  market has been pretty hot for a while and though the market is pretty flooded you can still find deal from the people i have talked to. Especially for buy and hold rentals. The portland oregon market is also decent.

    Wilmington NC is a nice area i there are a lot of cheap older homes to flip in western NC. NC and SC have a lot of people moving to them accoding to vanlines moving company survey. 

    I would personally stay away from new bedford rents are pretty low and not an A or B type town. If it is between new bedfod and Baltimore definitely go with the later. Baltimore has higher rents and there is a good market. I have actually been thinking of moving closer to that market. Plus ease of access to ither major cities is nice. NYC, DC, Boston, Philly

    Just my two sense, i wish you great luck

    1Reply
  • Andrew R.
    OP
    West Hartford, CT · Member since 2017 · 38 posts · 11 votes
    9y

    @Ron Boling: Love AK as well. I traveled quite a bit before joining living in NH, CO, LA, and FL and have been stationed in Sitka, AK, Fort Myers, FL, and Norfolk, VA. Haven't lived close to home in 15 years and now have a 1 year old...it's time!

    The New Bedford job would also be great career wise.  I'd love to hear more about specific neighborhoods in the area.  Looking to keep my commute within 30 minutes.

    That's why we need to be 6' tall to join!

    @Bryan C. Good to know! is that where you are invested?  How has it been dealing with property mgt. while moving?

    @Jen Etten Thanks! I would love to get back to SE AK!  I was on a buoy tender and we pulled into Ketch often.  I will definitely be in touch if that is where we end up.

    @Matthew Hudson Hyannis?? I grew up in Marstons Mills.  We absolutely love Seattle but finding a place to live without giving myself a 1.5hr commute will be difficult.  Thanks for the input and especially the vanlines survey, I had never seen it.

    1Reply
  • Eric Delcol
    Investor · Tampa, FL · Member since 2016 · 334 posts · 215 votes
    9y
    Andrew R. Asides from SF and Seattle - Wilmington is the only other city on your list with 5%+ growth over the past 10 years. With the goals you listed it seems like the best suited for what you want to do.
    1Reply
  • Bryan Trelegan
    Rental Property Investor · Hyannis, MA · Member since 2016 · 19 posts · 18 votes
    9y

    New Bedford has some better rent to value ratios than most of Mass but it is a lower income area which usually requires a more involved management to get expected returns.

    Wilmington NC on the other hand has a continuing wave of Baby Boomers and their acquired IRA and equity wealth moving to town.

    I am considering using a VA loan to get a Multi unit in NC myself. I would like to be a snowbird landlord by keeping my rentals on Cape Cod selling my SF and buying a 3 or 4 unit in NC.

    Keep us posted on your search

    1Reply
  • Bryan C.
    Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes
    9y

    @Andrew R. I am in the Gulf Coast area but I invest in Dayton and Cincinnati OH.  I use prop management 

    1Reply
  • Bryan C.
    Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes
    9y

    I am from the area I invest in so I have a bit of knowledge 

    1Reply
  • Gualter Amarelo
    Investor · Fall River, MA · Member since 2014 · 399 posts · 300 votes
    9y

    I am with @Ron Boling on this one! Come one down to Fall River and Invest here with us!

    1Reply
  • Matt J.
    Rental Property Investor · Hugo, MN · Member since 2014 · 283 posts · 257 votes
    9y

    I can't speak to the other towns, but I currently have a 3-unit in Duluth and that is a pretty solid market there. House prices are lower than in bigger cities, but the rent is actually pretty high. Besides it being a great market to invest in, from that perspective, Duluth is a really fun town. If you like the outdoors, there are tons of trails and trout streams that run into Lake Superior, which is absolutely beautiful. Also, for that size of town, lot of great breweries. Biggest downside is it's kind of a sleepy city compared to some you mention on your list and it gets dang cold and stays cold pretty long. Good luck with wherever you end up!

    1Reply
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