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Updated about 7 years ago, 10/06/2017
Opinions On Where to Invest
Hi Everyone,
I have been a member on bigger pockets for a while, but this is my first post. First a little about me. I currently live in the Orlando, FL area. My real job is commercial construction project manager, with significant residential construction experience via my own homes, served as GC on construction of my family's first home in Atlanta, would not advise while trying to maintain a full-time job and other home renovations and additions since then.
My only experience with rentals was a previous personal home which we could not sell and ended up leasing for 2 years through property management company. In the past 2 years, I have rehabbed and flipped two homes in Orlando. The second home I actually purchased for a rental, it is a nice little home in a quiet blue collar neighborhood which required minimal work. Long story short I completed the renovation and was starting to talk to property management companies, when the home across the street, which was also being renovated at the same time, went on the market. The asking price was significantly higher than I would have guessed and it sold quickly. Valuing mine against this comp, I realized the rents in the neighborhood do not justify the current value. So I called my agent and said we are selling.
So now I am back as square one, I want to invest the proceeds from the sale of the in a couple of buy and hold rentals, this will be an all cash purchase. My problem is that I am no longer confident in Central Florida market, I see way to many apartment complexes going up and current home prices seem out of line with rent. My feeling is that when the eventual market downturn comes, many of the the people who are pouring into the state from Ohio, Indiana, etc. will be forced to move back wherever they came from, as they always do, as the Central Florida economy is built on disposable income. Consequently, I believe, rents will suffer as all of these apartment complexes offer deals to fill space. With all that said, my question is, does anyone have an opinion on good blue collar areas\neighborhoods in North Carolina, South Carolina, Georgia, Virginia, to buy approximately 2 homes in the $70,000 range which return a good rental income? My plan is to purchase and turn them over to a Prop Mgmt co. Thanks for any ideas.