First Rental Property

[Ryan Aguilar]

Hello BP family, my name is Ryan and as I begin my journey towards building my real estate portfolio, I'm in need of some serious help and guidance. See, I currently live in Southern California and the chances of me purchasing a cash flowing rental property just isn't possible at this time. After some research, Cleveland and other surrounding areas keep showing up as possible locations. I was hoping a realtor, agent, lender, investor, property manager, or any other person who is familiar with these areas could lend a helping hand. 

About 6-7 months ago I was pre-approved for a $350K mortgage here in California so I don's see an issues getting approved for a loan closer to the $100K - $150K range. If anyone could help me out and build a solid team together, that would be awesome!! I'm ready to get the ball rolling ASAP!!

[Mikael Winkler]

@Ryan Aguilar

Welcome! That's great you're ready to get rolling. Yeah, if you're approved for $350k in CA, you'll most likely be fine out here in the Midwest. I'm in Columbus, which is really strong right now. We're in a good sweet spot of both cashflow and appreciation opportunities in many areas, with value-add. 

Wherever you invest, though, building that team you mentioned is key. Many say you need that "core four" - Realtor, GC/crew, lender, accountant. Though I would also throw in attorney and property manager, especially in your case, being out of state. Often times, if you start with one, typically the Realtor, they can introduce you to other potential members of the team. 

Good luck, and you certainly have a lot assistance on here, if you have any questions!