These Are The Places Where Investors Are Buying

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These Are The Places Where Investors Are Buying

Kody Bybee
New to Real Estate · Salt Lake City · Member since 2020 · 7 posts · 10 votes

Hello everyone I'm new here and I'm hoping I can provide some value to some of you with this spreadsheet.

I've compiled a list (with info pulled from listsource.com) of the top 5 states, counties, cities, and zip codes for single family and multi family homes bought by absentee owners (assuming these are investors) in the last 6 months. Included are extensive statistics about Texas, New York, Florida, California, Arizona, Pennsylvania, Ohio, and Utah.

https://docs.google.com/spread...

I am planning to add an average price and ARV for each of the zip codes listed.

In his book 'Finding and Funding Great Deals', Anson Young classifies these areas as "Hotbeds of investment activity", and talks about why it is a good idea to invest where others are.

I am considering moving out of Salt Lake City to a less expensive market more suited to cashflowing rentals and/or flips. This info is helping me decide where best to invest and I hope it can help others as well. I'm open to any critisism, suggestions, or any general advice for newbies.

P.S. I was surprised to find NY and CA in the top 5 but I think the reason might be price drops due to a decline in desirability in metro areas, and investors are taking advantage of the deals. I would love to hear another perspective on this. 

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Dave PoeppelmeierBusiness Member
Realtor · Maumee, OH · Member since 2015 · 491 posts · 722 votes
5y

I guess my question is do you feel you have to move and house hack to be able to invest? Moving across the country, especially with knowing anyone, is a HUGE leap of faith. I was lucky when I moved to Seattle in that I turned one luke-warm connection into a social network of good friends, but that was very fortunate. You can invest in many areas of the Midwest with much less money than you would need to do in SLC and not have to move. I would add Toledo to your list of affordable places in the Midwest if you're looking for good cash flow and low entry points. But if you're looking for a great life adventure, then go for it! Buckle down, save a good down payment for a duplex/triplex, put a strong offer in and do it! Moving across the country and giving myself a fresh start was one of the best things I ever did. I hope this helps. 

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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Kody Bybee:

    Hello everyone I'm new here and I'm hoping I can provide some value to some of you with this spreadsheet.

    I've compiled a list (with info pulled from listsource.com) of the top 5 states, counties, cities, and zip codes for single family and multi family homes bought by absentee owners (assuming these are investors) in the last 6 months. Included are extensive statistics about Texas, New York, Florida, California, Arizona, Pennsylvania, Ohio, and Utah.

    https://docs.google.com/spread...

    I am planning to add an average price and ARV for each of the zip codes listed.

    In his book 'Finding and Funding Great Deals', Anson Young classifies these areas as "Hotbeds of investment activity", and talks about why it is a good idea to invest where others are.

    I am considering moving out of Salt Lake City to a less expensive market more suited to cashflowing rentals and/or flips. This info is helping me decide where best to invest and I hope it can help others as well. I'm open to any critisism, suggestions, or any general advice for newbies.

    P.S. I was surprised to find NY and CA in the top 5 but I think the reason might be price drops due to a decline in desirability in metro areas, and investors are taking advantage of the deals. I would love to hear another perspective on this. 

     You should move to Columbus, Ohio, and house hack.

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  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Kody Bybee I think @Remington Lyman sold more Columbus properties alone in the last 6 months...if you are including SFR and MF it feels like the numbers are low...on market MF transactions are pretty low in Columbus....there were 567 MLS MF transactions in Columbus in the last 6 months...nearly 17,000 SFR in the same period...I don't know...is it possible that only 1% of all inventory is purchased by out-of-state buyers....

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  • Dave PoeppelmeierBusiness Member
    Realtor · Maumee, OH · Member since 2015 · 491 posts · 722 votes
    5y

    I guess my question is do you feel you have to move and house hack to be able to invest? Moving across the country, especially with knowing anyone, is a HUGE leap of faith. I was lucky when I moved to Seattle in that I turned one luke-warm connection into a social network of good friends, but that was very fortunate. You can invest in many areas of the Midwest with much less money than you would need to do in SLC and not have to move. I would add Toledo to your list of affordable places in the Midwest if you're looking for good cash flow and low entry points. But if you're looking for a great life adventure, then go for it! Buckle down, save a good down payment for a duplex/triplex, put a strong offer in and do it! Moving across the country and giving myself a fresh start was one of the best things I ever did. I hope this helps. 

    Podcast Guest on Show #380
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    WebsiteView Page
    3Reply
  • Tony Scarangella
    New to Real Estate · Queens, NY · Member since 2020 · 18 posts · 4 votes
    5y

    @Kody Bybee hey Kody! Thanks for compiling and sharing that info (as well as for your service)! Very interesting stuff.

    I'm also new to REI and really enjoyed Anson's book. Probably my favorite of the 12 or so I've read so far. A lot of clear and really actionable points in there.

    I don’t have much to add past that. Just, thanks again for sharing and best of luck in your real estate journey!

    1Reply
  • Kody Bybee
    OP
    New to Real Estate · Salt Lake City · Member since 2020 · 7 posts · 10 votes
    5y
    Originally posted by @Brandon Sturgill:

    @Kody Bybee I think @Remington Lyman sold more Columbus properties alone in the last 6 months...if you are including SFR and MF it feels like the numbers are low...on market MF transactions are pretty low in Columbus....there were 567 MLS MF transactions in Columbus in the last 6 months...nearly 17,000 SFR in the same period...I don't know...is it possible that only 1% of all inventory is purchased by out-of-state buyers....

    Maybe my criteria wasn't broad enough on listsource. I'll tweak some things and see if I can get closer to those numbers. Thanks for catching that.

    1Reply
  • Kody Bybee
    OP
    New to Real Estate · Salt Lake City · Member since 2020 · 7 posts · 10 votes
    5y
    Originally posted by @Dave Poeppelmeier:

    I guess my question is do you feel you have to move and house hack to be able to invest? Moving across the country, especially with knowing anyone, is a HUGE leap of faith. I was lucky when I moved to Seattle in that I turned one luke-warm connection into a social network of good friends, but that was very fortunate. You can invest in many areas of the Midwest with much less money than you would need to do in SLC and not have to move. I would add Toledo to your list of affordable places in the Midwest if you're looking for good cash flow and low entry points. But if you're looking for a great life adventure, then go for it! Buckle down, save a good down payment for a duplex/triplex, put a strong offer in and do it! Moving across the country and giving myself a fresh start was one of the best things I ever did. I hope this helps. 

    Thank you for your input! I do not feel I have to move to invest but I am wanting a big change and have been wanting to move anyways. I could use a fresh start. I'll definitely check out Toledo. 

    1Reply
  • Rich Banks
    Rental Property Investor · Silver Spring, MD · Member since 2017 · 6 posts · 3 votes
    5y

    @Kody Bybee. @Kody Bybee thank you for sharing. Great list. Keep us posted on your updates. The data scientist in me is pretty excited to see what you come up with.

    1Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Kody Bybee you may be right on...this is a pretty interesting approach that I really have never considered...maybe you're onto something...keep pushing forward with it. 

    Are you military?...the VA loan is the best product in the industry....1-4 unit owner-occupied...basically no out-of-pocket...

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  • Kody Bybee
    OP
    New to Real Estate · Salt Lake City · Member since 2020 · 7 posts · 10 votes
    5y

    @Rich Banks Happy to share!

    0Reply
  • Kody Bybee
    OP
    New to Real Estate · Salt Lake City · Member since 2020 · 7 posts · 10 votes
    5y

    @Brandon Sturgill I am in the military and planning to use my VA loan to get started. As soon as I can find something I can afford. I'm considering a direct mail campaign to score an off market deal on a MFR especially if I stay in SLC. Thanks for the vote of confidence!

    0Reply
  • Kevin Hunter
    Rental Property Investor · Carlisle, PA · Member since 2013 · 1k+ posts · 543 votes
    5y

    @Kody Bybee, thanks for taking the time and then sharing.  I appreciate it.  Interesting stats for sure.  I wonder if those will continue to trend, or we will see a shift as vaccinations ramp up and people forget about the last year??...

    Thanks again.

    1Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Kody Bybee This may be a decent resource for getting your direct mail going in the right direction.

    https://www.biggerpockets.com/...

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  • Kody Bybee
    OP
    New to Real Estate · Salt Lake City · Member since 2020 · 7 posts · 10 votes
    5y

    @Kevin Hunter I'm also curious to see where people choose to live. I think covid or not people will continue to move out of larger metro areas as people have learned they can work from home and live somewhere where the cost of living is more affordable. I think covid has only sped up something that was already slowly happening. But I'm no economist. I'm glad you found value in the stats! Happy to share.

    0Reply
  • Kody Bybee
    OP
    New to Real Estate · Salt Lake City · Member since 2020 · 7 posts · 10 votes
    5y

    @Brandon Sturgill I appreciate you taking the time to write this and share your experience. This is gold!

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Kody Bybee:

    Hello everyone I'm new here and I'm hoping I can provide some value to some of you with this spreadsheet.

    I've compiled a list (with info pulled from listsource.com) of the top 5 states, counties, cities, and zip codes for single family and multi family homes bought by absentee owners (assuming these are investors) in the last 6 months. Included are extensive statistics about Texas, New York, Florida, California, Arizona, Pennsylvania, Ohio, and Utah.

    https://docs.google.com/spread...

    I am planning to add an average price and ARV for each of the zip codes listed.

    In his book 'Finding and Funding Great Deals', Anson Young classifies these areas as "Hotbeds of investment activity", and talks about why it is a good idea to invest where others are.

    I am considering moving out of Salt Lake City to a less expensive market more suited to cashflowing rentals and/or flips. This info is helping me decide where best to invest and I hope it can help others as well. I'm open to any critisism, suggestions, or any general advice for newbies.

    P.S. I was surprised to find NY and CA in the top 5 but I think the reason might be price drops due to a decline in desirability in metro areas, and investors are taking advantage of the deals. I would love to hear another perspective on this. 

    It's good to have you here Kody!

      1Reply
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