Problem is finding a multifamily with a reasonable GRM, since speculating in gentrifying areas is rampant, even in the tougher old hoods.

I think Jacksonville FL is a good market.I advise against OOS investors investing in Texas, except if you want to speculate a little bit in Austin.When I was looking for a market, I first went to the census and found the states/metros with pupation growth far above national average, and removed the states with high property tax rate.

I think speculators took a back seat.

There will of course be another crash at some point, but It's much easier to get rich warning people about the trouble to come, than actually making bets to profit from a crash.Its fun to speculate intellectually on when the next crash will be, and you can make a lot of smart sounding arguments.

Zachary Stoll Paying $285k for $2,750 a month in rent is not great - only play is banking on appreciation which is speculating.

Here's the problem: Portland is so hot right now that investors are competing with other investors (normal), home buyers (even for larger multis), STR investors (probably the only way to make big money in the current rental market), developers, speculators, etc., etc., etc. 

All feedback is appreciated whether you're a nearby investor with experience in these markets, or live across the country and are just speculating.

Our strategy is based solely on making sure the profit is made at the time of purchase and not on speculative appreciation months or years down the road.

I mean for instance, are we seeing a waterfall from Nor.Cal. and a trickle from Florida or Chicago.Also, it seems like a lot of bigger downs for the (speculative) financing comes out of just a handful of states, NY, FLA, Calf, TX, etc... and when a loan goes down those LP's are taking a loss too.

Has the speculation mania hit your market?