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Yes via yield street
I may switch to flipping down the road, but I'm really attracted to the buy and gold model right now since I'm younger. Focus right now is on distressed properties that I can rehab and rent out at a higher rate, multi family units, and short term rentals (like Airbnb). Eventually I may expand into student housing and vacation rentals, but those are more niche so we will see. Goal is to specialize in multi families over the long term
I posted it!! :)
Go for Philly. Cheap property that you can flip and sell for several times your investment. It is only growing at this point. The number of middle-class suburbanites with money to buy property moving into the city has grown over the past decade.
Just starting. Got a property in Detroit and Seattle. Starting to expand aggressively in the Seattle area
Considering this but how do you manage the risk of picking a place that takes too much money in maintenance or repair or in taking on bad tenants? Or do you all just flip and sell?
My Seattle property will likely price out bad tenants - expecting somewhere between $2500-$3000 a month for rent. As for my Detroit property, I triple vetted a really awesome turnkey company that handles all the tenant finding/placing/managing as well as maintaining the entirety of the property. The property was fully rehabbed before I bought it to ensure maintenance will be low for the next few years
A1 - is yours a 1b 1b?
Also if you dont mind, what kind of demographic usually rents from you? Whats the vacancy %?
Seattle property is 1b 1b condo in downtown that I expect to live in about 50% of the time. Detroit is a 3b 2b house. The Detroit property rehab is just being finished so I will start looking for new tenants soon. Will be on the look out for a working young family. No specific demographics. Eventually I'd like to get some properties that I can rent out to college students. One of the most stable/predictable streams of income
So yea I don't have a lot of hard numbers yet. All expectations. I'm factoring in a 7% vacancy rate into my financial analysis though, which I believe is the industry standard.
Buy and hold *
@a1 you're like the expert on this topic in this bowl! I asked for your burner on another post. Please share - would really appreciate it!
Would you take a risk and purchase a property in a remote city (e.g., Detroit or Seattle) or should you make a pick in your current city (Chicago in my case)?
The leading advice says invest in areas that you know, that way, you're more knowledgeable about things like price points, appreciation trends, local infrastructure, etc etc. Investing close to home is easier too, and if you want it, you can get the experience of hands-on landlording. However, there are exceptions. For example, if you want to buy an investment property for cash flow, but you live in a place like Seattle or SF, you're probably SOL. Prices have appreciated too much for the yields to make sense. In that case, looking outside makes more sense. Just do your due diligence, find a market with the right factors for what you're looking to do, and connect with boots on the ground to help you make it happen. Also doesn't hurt to fly out and meet everyone before you do the deal.
BTW - based on my understanding of Chicago, you're entry points are fairly affordable, but you're appreciation isn't great. I imagine you can cash flow fairly well, but you may have to hold for a while. Am I correct?
@strategy&1 - not sure if you ever got my email or not haha, but it's hoffmandify@gmail.com. Always down to connect (it's my real email). Especially about this stuff!!