Relocating From Boston to where?

Question

Hello BP community,

Hope all of you are well.

I am gearing up to leave my comfort zone of Massachusetts (Boston). I do have a few locations on my mind.

The only issue I have is should I move where I seek to invest in my portfolio? I have no interest in investing in my backyard (Boston) I have interest in Hartford, CT...Charlotte, NC...Chicago, IL. I want to move to Atlanta area, is this a logic move?

I am saving my money for a 20% down payment on a mutli-unit property (25 units) in my areas and criteria of interest.

Yes, this will be my 1st property alone. I want to avoid the 4-unit stepping stone. All feedback is welcome.

Thank you all.

Allan Smith · Answer

Hi @Ernest Partin, I lived for a short time outside of Boston (Somerville) before moving to the Hartford area. While I've visited ATL, Chicago, and Charlotte, I can't say I know a lot about that market. As for Hartford, you'll find this is not a very large "city", especially compared to the others you've mentioned. The actual "downtown" is only about 6 blocks. It feels like right now Hartford is on an upswing (economically), but it has also been on a downward trend (pretty steeply) since the '90's, so it has a ways to go before it has fully recovered. The numbers are pretty good for rental property owners in the area (especially in urban centers), and your money will go a lot further than in Boston.

The only note I will add is (and I'm sure those other cities are this way too, and may already be doing this) there are some suburbs that may get you a similar return, while offering more B-class class and C-class areas to choose from. It may be worthwhile to expand beyond the boundaries of the actual city when doing your search.

Hope that helps, and don't forget #HartfordHasIt !

The only note I will add is (and I'm sure those other cities are this way too, and may already be doing this) there are some suburbs that may get you a similar return, while offering more B-class class and C-class areas to choose from. It may be worthwhile to expand beyond the boundaries of the actual city when doing your search.

Hope that helps, and don't forget #HartfordHasIt !

Scott Mac · Answer

Hi Earnest,

Where ever you decide to live:

(A) it's not cast in stone--you can move again if need be; and

(B) It is what YOU make out of it...A man with a large amount drive to succeed in a less favorable situation can make more out it than a man in a more favorable situation who can't get his drive to succeed ramped up enough. I think it's more what you bring to the table every day vs where the table is.

Also leaving for Georgia, reminds me of one of my favorite Motown Songs: https://www.youtube.com/watch?v=icFaCiWPvtk

Good Luck!

Michael K. · Answer

@Ernest Partin what's your price range and what kind of CAP rate are you shooting for? We have plenty of large multi buildings in the Chicago area, mostly to be found in the South, West, or far Northside, or in nearby suburbs.

Ernest Partin · Answer

I love it @Brian Ellison Thank you for the reply.

Yes, I am moving to get more bang for my buck with my living space. Boston is not fair or makes any financial sense to me personally, plus I been hear for 36yrs, it is time for something new.

I will message you to continue connecting.

Brian Ellison · Answer

Hey @Ernest Partin, congrats on your upcoming move! My family is from the Atlanta area and moved to Boston (Back Bay) for 2 years before moving back home to Atlanta. Just to give you an idea, we had a 1 bedroom, 600 sf apartment in Boston for the same rent as our mortgage on our first home (townhome in the city, 2,200 sf). For about a 10% increase in THAT monthly mortgage, we got a 5 bed / 5 bath in the suburbs... I think you will find the south offers more options for you within a drivable distance.

Although Atlanta itself is hot, there are many markets north/south/east/west of Atlanta that are real opportunities. Happy to chat more if you'd like!

Ernest Partin · Answer

Thank you for the reply. I will message you with my contact info and criteria. Thank you so much again for replying.

Here is our search criteria below:

Partin Homes criteria:

Property Type: Multi Unit (16 units min)

Price Per Unit: $60,000 to $100,000 (Will entertain up to $120k per unit)

Cap Rate: 8.5% min

Apt Style: Mid Rise. High Rise. Garden Style

Opp. Zone: YES

Avg. Occupancy: 75% min

Building Class: C or better

-NOTE: If you need any additional info, let us know. I will send it right over.

Ernest Partin · Answer

Thank you, Yes, I heard that about CT, that is why I have interest for future rental income there. The Hartford Hasl lol I will make sure to look into that. Lots of good intel, thank you again.  @Allan Smith

Relocating From Boston to where?

Most Popular Reply