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Updated over 1 year ago on . Most recent reply
Unsure Where to Start
TL;DR: If capital was not an issue, where do we start?
Hi everyone! My husband and I are new investors in the Tampa Bay area. We ran a successful business that provided us with a lot of capital, but we will be selling it in the next few months. We are in a position where we have cash but will not have an income soon so our ultimate goal is to create an income stream through real estate investing.
We live in Tampa Bay where housing prices are through the roof and we cannot make the numbers work to BRRRR. We are working with a wholesaler to do our first fix and flip, but due to the slim margins, are unsure if this is the right path to follow.
My question is do we look at out-of-state investing to make the numbers work? Is it foolish to start our first project out of state? If not, are there other specific regions or cities you would recommend us to research that provide strong cash flow in the current market? What would be the smartest first move to learn and get experience with a successful deal to start our RE journey.
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Quote from @Account Closed:
TL;DR: If capital was not an issue, where do we start?
Hi everyone! My husband and I are new investors in the Tampa Bay area. We ran a successful business that provided us with a lot of capital, but we will be selling it in the next few months. We are in a position where we have cash but will not have an income soon so our ultimate goal is to create an income stream through real estate investing.
We live in Tampa Bay where housing prices are through the roof and we cannot make the numbers work to BRRRR. We are working with a wholesaler to do our first fix and flip, but due to the slim margins, are unsure if this is the right path to follow.
My question is do we look at out-of-state investing to make the numbers work? Is it foolish to start our first project out of state? If not, are there other specific regions or cities you would recommend us to research that provide strong cash flow in the current market? What would be the smartest first move to learn and get experience with a successful deal to start our RE journey.
Look for markets with strong economic fundamentals, such as job growth, population growth, and low unemployment rates. This can help ensure that there is a high demand for rental properties in the area. One state you might want to consider is Ohio, which boasts thriving cities like Columbus, Cincinnati, and Cleveland.
I personally focus my investments in Columbus, which has seen a significant increase in property values and is expected to continue this trend in the future. This is due in large part to major corporations like Intel, Honda, Nationwide Children's Hospital, and Wexner Medical Center investing heavily in the region and creating numerous job opportunities. Additionally, Ohio has favorable landlord-tenant laws that provide landlords with more rights and protections.
If you're interested, please let me know how I can assist you further. My team and I also have a good infrastructure in place for out of state investors (i.e. connections to contractors, property management companies, lenders etc.) I would be delighted to discuss this topic with you in greater detail!