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Updated about 3 years ago on . Most recent reply
Newbie Interested in Naturally Climate Resilient Multifamilies
I'm new to real estate investing and interested in purchasing a multifamily home (duplex or triplex) in Cleveland, OH or other naturally climate resilient and affordable markets. I'd likely purchase initially through FHA or a conventional loan due to lack of capital for down payment on an investment property loan. Have others bet on cities like Cleveland, Milwaukee, Minneapolis, etc given the relatively low climate threats in these areas? Anyone know the implications of trying to convert a FHA/conventional owner-occupied mortgage to an investment property in the case that my partner and I would want to move somewhere else but retain the property?
I'm also very interested in REITS but I haven't found any that are being realistic enough about climate threats related to natural disasters, floods, heatwaves, freshwater access, etc.
Most Popular Reply
![Isaac Larson's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1948796/1621516920-avatar-isaacl68.jpg?twic=v1/output=image/crop=3146x3146@0x0/cover=128x128&v=2)
I definitely think about climate change and it's effects on the country in the long run quite frequently, but much like Tim, haven't considered it much while investing as I too live and invest in MSP. That being said, should I decide to invest out of state in the future I do think it's something I will take into consideration, as quality of living in any given city will directly affect the income an investment can produce and the general tenant pool for a given area.
With your first property being a owner occupied, you will be limited to areas you want to actually live and work in, so it seems that will likely be the driving factor of what city your first investment property is in. I am glad to hear you are interested in purchasing owner occupied multifamily, and truly think it's one of the best investments you can make when you're young to set yourself up for the future! It's also a great, relatively low risk way to get your feet wet in real estate investing to find out if it's something you would like to pursue more for future investments. Best of luck!
- Isaac Larson
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- 612-790-8292