Newbie interested in best markets for multifamily properties

[Lisa Montana]

Hello. I’m excited to meet others on this site. Financial freedom is my goal, and my primary interest is buying a multifamily or possibly house hacking.

I've leased, managed, and sold one single-family home in Baltimore County, Maryland. When I sold in 2014, I did not do a 1031, because I'd inherited the property right before the 2007 crash, so the capital gains were small.

Can you recommend good markets for multifamily properties? I grew up near Baltimore, Maryland, lived in San Francisco for 14 years and New York City for 12 years. I'm sure there are bargains in these cities, but I’m primarily considering other markets, like Detroit or Austin, TX.

I'm also interested in learning about unconventional financing. I'm self-employed and just spent 9 months traveling n South Asia, which makes it harder to get loans, even though my credit score fluctuates between 787 and 812. If I paid cash, this might limit me to less than $300,000, and I’d rather avoid buying real estate through a Roth.

Any advice on hot real estate markets or alternative financing is much appreciated. Thanks in advance!

[Jon Klaus]

Welcome to BP, Lisa.  I'd consider Detroit as more of a cash flow market, and Austin more appreciation with its strong job and population growth.  Personally, I'd be more comfortable with strong long term economics in place and give up some cash flow to get it.  We're glad you've joined us!