With ~$70k as down payment and a target of $300-400k house in the USA, which cities/areas would you guys suggest for Investing in a house for purely rental purposes? This is my first time buying a house and I was thinking either Pearland,Texas (single family house) or Seattle(condos). But I’m very open to suggestions for new places. Realtors says its a buyers market at this time and prices have already gone down. How true is that? #mortgage #housing #investment Currently I’m based in Seattle. Tc: 250k
Nowhere right now
Getting cash flow on condos in Seattle is rough unless you’re thinking of doing Airbnb but even then many condos have a lot of HOA rules against short term rentals … why not also consider duplexes/triplexes in Texas?
We're still near the peak price. Prices are falling, but only started, and rates are already very high. I'd only buy if i had cash. You'll be paying 2.8k mortgage on a C 400k house. Can you charge 3.2k rent? Wait till process fall much more. Agents will always say it's a good time, otherwise they won't make money. It's literally their job to convince you to buy/sell.
Detroit, MI. You can get a whole house for that amount
Turns out renters are growing pot in the house
Why Pearland of all places?
They have nice single family houses and the area is pretty nice too.
Tulsa Oklahoma
Also in Seattle, right now - If you want to be around Seattle, I’d look for multiplex properties outside the greater Seattle area. Think places like Poulsbo, Port Angeles, and other destinations in the summer. Those places are about to have a HARD winter, lots of foreclosures and deals to be had. Pick up something early spring before the realtors get in their ear. Reality is you’re going to have to go out to those places and explore on weekends to find a good property. Look for something that you can develop also. If it starts cash flowing, why not add an ADU? PM if you want to talk more
Ohio, Kansas, Colorado
Kansas City, but look in the 150-250 range 15-2k mo rent range
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Eat shit, wannabe landlord.
Haha I had been a renter my entire tenure here. I feel ya!
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