best cities for first-time home buyer
I think it will be too much to buy for me to buy a home in the Bay area. I am considering staying here and buying one in a lower COL city like Austin. Has anyone done this? How difficult is it to manage a property from out of state?
Austin is not low col
Kansas City
Check out roofstock.com and fundrise.com
Roofstock*
Raleigh-Durham area
Raleigh, Nashville, Des Moines
Be careful. ROI may end up being break even at best and negative most likely. You are trying to buy and manage in an area you don't know well/understand. Take for example San Jose: goes from high middle class to ghetto by sometimes a matter of a few streets.
You won’t get any monthly revenue, all that money will go to the management firm you have to hire to actually run it and taxes. You’re banking on the increase in value. If you got a really good prop mgmt firm in the area that’s a different story. The depreciation on the asset does help if you’re good at taxes
I have done this. Not too difficult to manage. The pm company once in a while for approval of maintenance orders.
I don't think that it makes sense to target Austin for an out of state income property. I'd go somewhere in middle America where the rental yields are better.
Pittsburgh mate, 300k u can get a mansion
Not true. Maybe 500k can
Yeah you can, Pittsburgh's housing market is supercheap