New cities on the rise!

[Ernest Partin]

Hey BP,

I’m in Boston, ma area. This is market is rising fast, a little too fast for my pockets. I am seeking other areas besides my back yard. I hear of a few places growing or soon to grow. Where is good it to go for rental income? I am seeking garden style or low rise units. 

We are serious buyers and seeking real deals. So far we like NC (Charlotte area) for sure. Been speaking with an agent there as well. 

We will be ok with C class properties in B Class neighborhoods. Section 8 tenants are not frowned upon. 

If there is anywhere south east anyone can think of, thank you. If we can get business done together that is a plus. 

Thanks BP

[Lien Vuong]

I think Worcester and Lowell is a very strong market as a second alternative to the Boston proper area.

Alternatively, NH/RI properties have some of the same cap rates as long distance states but you can manage them. 

Manchester has lots of companies and jobs, in fact they're experiencing a very low unemployment rate due to the lack of workers. There's SNHU there which is great if you like the student housing model or if you're comfortable with B/C class properties there's many to pick from also. 

RI, tons of colleges and is fast growing as it is only 45 minutes from Boston proper. While there are some high taxes bestowed upon out of state owners, rents are still very strong and the high turnover in student housing allows you to update your units and get market rents every 12-24 months. 

I wouldnt go further than North East before I've explored those two markets thoroughly frankly. Why travel so far when you have so much in your backyard?