Out of State Markets Narrowing Down

[Joe Scheffold]

Hey all,

I am considering a few different out of state markets and also seeking suggestions as well. I am considering Jacksonville, FL , St. Louis and Indianapolis. Looking to get into small multi-family to start. Any suggestions on deciding which one to get into? Any bad areas to avoid and which areas to look for within these markets?

Also considering North Carolina as a potential market to invest in and in the semi-distant future maybe move there. Which area are best for small multi family investing in NC?

I am open to all suggestions and appreciate any kind of help.

Thanks again,

Joe

[Matthew Choi]

Hello @Joe Scheffold

Congrats on finalizing your out of state markets because in the MF investing space sometimes you cannot invest in your backyard. When my business partner and I decided to move into the MF space we finalized 5-6 emerging markets that we thought were growing or had potential growth opportunities. There are a lot of things to look at when choosing a market like population, population growth, unemployment rates, employers, job diversity, and supply and demand. After you do your research and you find the best market that fits those criteria I think you will have a better idea on where you want to invest in and then from there you can focus on 1-2 of those markets to really double down on. 

I am sure you have heard of Joe Fairless, but if you haven't he is a MF syndicator and he has a book that really helped me in transition to the MF space, its called The Best Ever Apartment Syndication book. I would really recommend you get a copy of that because I know it outlines step by step every process that you should be going through to enter the MF syndication space. This book is not like others where it is shifting your mindset, it is more about tried and true methods to follow to be successful in MF investing. 

I know you are not in the syndication space exactly, but a lot of the methods are similar especially topics about finding emerging markets to invest it. I hope you found some of this information helpful.

Feel free to reach out with any questions or concerns.

Thanks,