Hello All,
Quick summary. My wife and I are looking to invest OOS as the Oregon/Portland market does not have many (if any) opportunities at the moment. We have narrowed our list of potential areas down to Cincinnati, Central-Florida (I-4 Corridor & Jax) and Houston. We have done a lot of research (I hope) into which markets we should start with. We are basing the four markets listed above on Job Growth, Price/Rent Ratio, Population Growth and Rent appreciation. I would love some feedback on this list and/or additional markets if someone is willing.
We have financing lined up, the down-payment in cash, funds for immediate reserves and a quote for a personal umbrella policy all ready to go. Our meeting with our CPA is scheduled to make sure any tax-advantaged moves can be made prior to purchasing. Anything that seems to be missing on this front? I am always open to advice.
Our 3 month, or sooner plan is to purchase a 2/3/4-plex. We would then move to purchase another multifamily March/April of next year. The mid-range goal is to have 6-12 units by the end of 2021. Our immediate goal is to build a relationship with a realtor in the markets we are interested in and move from there. (We would be very open to any DMs from realtors in these areas. We are also going to need PM in place as well.)
My area of expertise is in property insurance. One benefit of the job is I have access to repair estimating software that can be a check on any repair bills and a network of adjusters country-wide that can provide real-world references on local contractors in any area of the country.
Like others who have posted before me, we are anxious to get this endeavor off the ground but we are trying to be very realistic on the challenges we are going to face along the way. We want to maintain ample reserves until our unit mix allows us to offset the risks a little more.
