500k-600K Triplex or Quad Multi Family Property

[Madhu Kolli]

All - I am a first time investor looking to invest in a triplex or 4 plex out of CA. I have been researching areas outside CA and would appreciate good rental/cash flow areas that you can recommend outside state. Hoping to use prop management since its outside state and I am looking for a decent cash flow with less maintenance. Truly appreciate any feedback into specific areas and states I could target.

My list - 

1) Chicago 60614,60618

2) Columbus , Ohio

3) Tucson , Arizona

4) Memphis ,Tennessee

5) Tampa, St Petersburg

6) Dallas , Texas

Thanks - Madhu

[Remington Lyman]

Originally posted by @Madhu Kolli:

All - I am a first time investor looking to invest in a triplex or 4 plex out of CA. I have been researching areas outside CA and would appreciate good rental/cash flow areas that you can recommend outside state. Hoping to use prop management since its outside state and I am looking for a decent cash flow with less maintenance. Truly appreciate any feedback into specific areas and states I could target.

My list - 

1) Chicago 60614,60618

2) Columbus , Ohio

3) Tucson , Arizona

4) Memphis ,Tennessee

5) Tampa, St Petersburg

6) Dallas , Texas

Thanks - Madhu

 I think that is a solid list. The only change I would make is to switch #1 with #2.

It does not matter where you start as long as you develop your Core 4. The core 4 is David Greene’s strategy for long-distance and made up of a realtor, contractor, property manager, and lender. Once you have this team in place, you should be able to confidently invest in any market.

As for picking a specific market - I would go after one with an increasing job and population growth. I invest and work in Columbus, Ohio.