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Updated over 7 years ago, 04/29/2017
How does the market look in your state?
@Jason Schimer - If you like the cold, Milwaukee, WI has a good rental market and is in many of the top categories for what makes a good city. Plus need more good teachers.
Hi Jason!
I've lived in Orlando, Tampa, Chicago and currently Atlanta. I have done real estate in all cities and Atlanta is experiencing a lot of growth. I think there is huge opportunity here for investment since the city is growing so much and there many neighborhoods close to the DT area that are gentrifying. We have a huge development called the Beltline which is connecting many neighborhoods in Atlanta and you can purchase properties in parts where they haven't started construction yet for very cheap. We are also adding the Mercedes Benz stadium which will host the 2019 Superbowl. Feel free to do some research and I'd be more than happy to talk with you more about the city's investment potential. I've attached some links below:
I live in Cleveland, market is good here as long as you stay West of Cleveland or East of East Cleveland.
Cleveland is a low cost area, we only have moderate traffic, have the Rock Hall, a world class medical facility in the Cleveland Clinic, World Series contending Indians, Champion Cavaliers and plenty more. As a lifelong Clevelander, my biggest complaint is the winter but if you can survive that, not too bad. And for investing, it is a no brainer!
- David Terbeek
Chicago market is up in prices and definitely a sellers market right now but things are great! Properties are appraising at higher as ever so great for investments
@Jason Schimer I'm here in NY, More specifically, Long Island and I'll tell you that you cannot buy a paper bag for less than 300K and rent it for $2.2K - $2.7K. This is why I invest in the Mid-West where it is not uncommon to see 16 - 18% 100% leveraged. Best of luck to you on your journey into another market.
Originally posted by @David Terbeek:
Cleveland is a low cost area, we only have moderate traffic, have the Rock Hall, a world class medical facility in the Cleveland Clinic, World Series contending Indians, Champion Cavaliers and plenty more. As a lifelong Clevelander, my biggest complaint is the winter but if you can survive that, not too bad. And for investing, it is a no brainer!
Jason said he wants to leave Miami therefore he probably wouldn't want to go to Cleveland. It's the same according to Lebron:
What city in the mid-west are you invested in?
Chicago and Indiana markets are both currently dry. There's some deals that pop up here and there but not where it should be. A lot of things are overpriced. If they aren't then it's the taxes(Chicago not Indiana). I would like to move more properties to investors that want to invest in chicago and northwest Indiana but the good deals go extremely fast. So I do agree with Alex chicago is definitely a sellers market right now.
Originally posted by @Jason Schimer:
I'm a full time teacher... I'm looking to move to North Carolina
Uh, you may want to look into conditions and salaries for teachers in NC, might make you reconsider that plan!
That said, the Triangle area of NC is a fabulous (albeit expensive) place to live and work, and rentals command high prices there. Can't go wrong if you invest in that area.
Echoing Viviana...Atlanta has job growth which of course brings in more people. Our low cost of living compared to other major cities (Chicago, New York, DC, LA etc) is attractive to folks from those markets because you can get a somewhat downtown experience, pro sports teams, culture/sights/attractions at a comparatively affordable price. Your money goes further here. I will say our public transit is not the best and that's due to voting patterns and racism / myths about crime. I'm a native, and we are rare because we're used to more open spaces/suburbs so city living isn't as appealing to native Georgians. All these "outsiders" from more expensive cities are snapping up the properties though bc they see the value and opportunity! It's a trend allover the south though, Atlanta, Charlotte, Columbia, Chattanooga. I just think we're the best :)
Chicago the third largest city in the US is on fire! ( no pun intended! LOL ) I've been investing for 25 years and have not seen a sellers market like this, particularly on the southside! I sold a property during the winter Mid rehab! I sold another property in nine days full ask price! compared to the rest of the US our taxes are very low. Also there seems to be a migration into the city areas as a post out to the suburbs with taxes are much higher and cultural events and other things of interest abound! Things are great in the Chi!
I am from San Diego, and it is a great place as far as rentals but obviously the price point is very high.
In Charlotte, much like these other metro cities, is experiencing a good amount of growth. It is definitely a seller's market, much of which is due to very low inventory (2-2.5 months worth). Many sellers are not selling because they are seeing the same squeeze when looking at options to move to in the area.
That said there are some cool projects going on such as a light rail extension to connect UNC Charlotte campus to uptown. We are seeing a TON of apartment buildings going up and vacancy rates are still low because we have about 80 people moving to CLT every day. The city has a strong banking and healthcare economic backing.
Best of luck!
I agree with Patsy Waldron ... if you're planning on teaching in NC be sure to really do your research. My husband is from MIA and has been teaching in Charlotte Mecklenburg Schools for the past 6 years. The pay is TERRIBLE. He's taught in title 1 schools and for the most part really enjoyed his students and fellow staff members, but this year he's leaving to take his contracting business full time. Teaching is just not worth it financially anymore (which is truly sad b/c he was so dedicated and the world needs good teachers). Not sure what your long term goals on, but just keep that in mind.
As far as the market in Charlotte, because we're starting out at a lower price point, we've found the Charlotte too hot for us this summer. (Commercial loans aren't much of an option at this time and we're not ready for hard money loans.). We're keeping our eye on the surrounding suburbs where we're a little more comfortable getting involved. Just my 2 cents!
If you'd like to talk to someone from MIA, feel free to message me and I'll give you my husband's #- you guys can compare notes on CLT and MIA.
Good luck!
Sara
@Account Closed if husband needs any assistance to launch his GC business feel free to reach out to me. I'll gladly put him in front of quality Rehabbers to work with or Lenders to fund his own flips. Regards, Don