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Updated 12 months ago,
FTHB OOS REI Multifamily Advice
Hello all!
25 Yo from SoCal. Been researching for the last couple weeks and just got pre approved with my friend who is a lender for up to 600k purchase price on an investment property loan with 20% down. Ideally though I'd like to keep it 400k or less. Unless I find something I really like.
Been looking in Columbus, Cincinnati, Pittsburgh, and Indianapolis. So far Columbus seems to be my favorite and I think I will focus my efforts there. I'm open to anything 4 units or less. I am leaning towards something that is more turn key ready since it is my first time. Small repairs would be ok If I can find a team that I like.
It seems a lot of the homes in these areas are very old, and lots of them brick. Should I prioritize brick over wood? I've read they last far longer, more weather proof. Another question I had regarding Ohio, are property taxes higher for OOS investors? The places I was looking at had around 1.5-1.7% prop tax.
I will need an Agent, Property Managers, and maybe contractor/ Handyman. If you have any recs it would be much appreciated!
Thanks from San Diego,
Josh