Joel, you were basically talking to my greatest fears- moving into an area that will end up being deserted with NO cash flow.
Let me just be clear about that, I am currently NOT looking for an appreciating property, although that would be nice to have I am no expert and do not know the markets as a savvy realtor. I am namely looking for cash flow only. To start I would love to have a property that will substitute my rent expenses here in queens (1000+/month) and will pay for itself by occupying a tenant on the 2nd unit.
If I achieve that I am already ahead of the game. Simple.
My fear is that I would buy a dud and have no one renting. I was looking in Augusta in belair area. I already went and visited and it looked very nice, houses are beautiful and affordable and the area is decent (areavibes scored it 65). I have a good friend that owns there and I met with a very cool realtor. We both saw 10 properties and I almost ended up buying one, but it was a SFR, which wasnt gonna be good for me. Augusta, I was told, is going to see a boost with cyber command in Ft Gordon and Belair area is close to that military base.
But again, I am new to this, so all this may just be talks of the town, a big fat balloon with hot air in it.
What are your thoughts?
Thanks again for all the comments!