Where are the best cities and neighborhoods for real estate wholesalers to live in 2015?
A recent thread on popular online real estate forum Bigger Pockets raised the question of why investors choose to live where they do (if they do), and why?
Top Cities, Myths, and the New Economic Landscape
There are a variety of indicators to follow for property wholesalers that are considering relocating. This might include where the cheapest homes in the US are, following the claims that the massive pool of today’s millennial buyers are flocking to dense urban living, or tracking the markets that check all the boxes of what home buyers say they really want in a home today. Then there is the question of whether real estate investors should relocate to destinations that appear to promise more growth. For example; RealtyTrac’s nod to Jacksonville, FL or San Francisco, CA for the largest house flipping profits and spreads. Or to NJ where RealtyTrac reported the highest percentage of foreclosures at the beginning of 2015.
We have lists like this from RIS Media laying out the ‘Best US Markets for Buying Residential Rental Property’, and Forbes’ list of ‘America’s Fastest Growing Cities 2015’. There are also lists of cities for hot jobs, though as we’ve seen with the recent oil price crisis; trenches of the country relying on a single industry can boom and bust fast.
So where should wholesalers live?
What Wholesalers Do & Don’t Need in a New Home
Do real estate wholesalers need to be in the midst of high distress cities and neighborhoods, or in the pockets that are favorite with VC money, and where mortgage lenders prefer lending?
Being in the middle of the action, and where the money is can have its perks. However, technology has also made it possible for real estate wholesalers to operate completely independent of location. If you’ve got internet and a decent cell phone signal you can flip houses from anywhere.
So as tech continues to develop and internet gets faster the best places for property investors to live might be where they do their best work, and enjoy the lifestyle the most.
For some this might mean a city center condo for doing business during the week and then retreating to a rural estate for the weekend. Others might set up in the burbs where the weather is better year round and living costs are lower thanks to cheaper real estate and tax breaks. This could make inspirational cities like NYC, new tax havens like Puerto Rico, and vibrant sunny escapes like South Florida standout.
Where will you move?
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