Top Multifamily Markets in the US with Neal Bawa, Episode 99
Looking to find the top multifamily markets to invest in today? Then you’ll want to hear what Neal Bawa has to say. Neal is known as The Mad Scientist of Multifamily, studying data and trends constantly to identify the top markets for multifamily investing. On this episode we go through the top multifamily markets across the country including the top spots in Florida, Texas, Utah and the Midwest.
Key Market Insights
Controls a portfolio worth $150MM
Interest rate hikes and recessions: the two don’t typically happen simultaneously
Cost for rate caps has dropped 40% due to Federal Reserve announcement
Neal believes rates will remain low for investors
Looking at bridge loans that are 3+1+1 instead of 10-year loans
Florida 500 people a day 36,000 in-migration annually
States that are not California are doing well – CA is a mini-America with 25% of the economy
States poised to do well: WA, OR, ID, UT AZ NV, GA, FL, TX
Looking at Fort Worth, Houston, Jacksonville, and Tampa
Dallas has a trifecta of developers, syndicators and investors
Corridor of Opportunity: City of Daytona, runs through Orlando, through Tampa through Bradenton, now extends to Cape Corral and Ft Myers
Orlando is driving the growth, with people having concerns about hurricanes
Job growth is close to 4%
Becoming a healthcare destination
Low cost metros that are close to high cost metros have done well: Vegas to LA, Boise to PNW, Phoenix to CA
Midwest Opportunities: Indianapolis and Kansas City, Missouri are both seeing great opportunities
Utah’s Corridor of opportunity: Ogden to Logan, Provo, Spanish Fork
Why Utah: Mormon’s produce a large number of babies, invested heavily in their infrastructure, Mormon church is richest church in America
Adobe established a center in Provo, Google Fiber wired the city for free
Two world class universities: Brigham Young and Utah Valley
Young population is driving tech, 20 minutes from world-class skiing
Use City-Data to track population growth, will drive up median HHI, median house/condo value, crime decreasing, and jobs
Unemployment rate and poverty rate
Had one disastrous project in his life and wishes he had a mentor to help
10,000 people per year can make better investment decisions
When he does education, he also finds partners, deals, and investors
Bull’s Eye Tips:
Winning Your Market: Work the property, be an interventionist property manager
Tracking Market Changes: Constant research
Daily Habit: Write down what he wants to do the next day
Local Market Monitor
Best Business Books:
The One Thing by Gary Keller
"America is splitting into two countries: Cold States are Losing Population"
"Interest rate hikes and recessions: the two don’t typically happen simultaneously"
"California is doing a great job of driving people from California"
"Utah has the 2nd fastest growing economy in US"
"Provo will be Austin in 10 years"
"A speculator bets on the future, an investor bets on the past"
Places to Grab a Bite:
Shalimar in Fremont
Connect with Neal:
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