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Updated almost 6 years ago,
Where to invest next?
Alright BP family, I have been gone for a bit but I am ready to get back in the game. Had to take a break due to some personal stuff and now I am back. Starting from square one again isn't easy but the journey to freedom starts with a first step right?
On to the meat and potatoes of this post. I still have good friends and contacts in the real estate world (so not 100% from scratch restart I suppose) and basically I have a dilemma of sorts. Two great opportunities in two separate cities have come up. In the end the break down goes a little something like this.
Chattanooga, TN - 3 hr drive away duplex, college town, opportunity zoned property, 20k buy, needs full rehab
Macon, GA - 2 hr drive away 2 SFR, potential growth, opportunity zoned properties, 25k buy (12,500 each), one needs more than the other.
I have a business partner who will be the project manager while I am primarily bring the deals and the financing to the table. The travel times are for him, I am currently out of the country. This all being said, all things being equal, the deals are nearly identical at the end of the day market rents for both areas range from about $550-$700 dependant on many factors. Property taxes are roughly equivalent, insurance rates are similar enough to not matter, the differences are so minor it is making it hard to choose.
At the end of the day, what I am asking is which area do you all see having the greater long term potential and why? I would really like to get responses from people living in and around those areas but anyone invested in either spot would be helping me out a great deal by giving me some macro focused reasons why here or there.
Thanks for taking the time to read if you hung with me this long if not...
TL:DR
Chattanooga, TN or Macon, GA for investment and why?