Thoughts On Investing Out Of State
Contractor · San Diego, CA · Member since 2024 · 43 posts · 27 votes
Thoughts On Investing Out Of State
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Samuel DioufBusiness Member
Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votesHey Diran,
I think it all depends on what your goals are and what you want to get out of real estate. If you're interested in out-of-state investing, there are some great opportunities in the Ohio markets. Many investors from California buy residential homes locally but invest in the mid-west because of the yearly cash returns making more sense in these lower priced markets. I moved from Florida to start investing in Columbus and Cincinnati.
You would definitely need to build your core-4 so you have a solid foundation to build on. The core-4 consists of a realtor, contractor, property manager, and a lender.
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- Real Estate Agent · Columbus, OH · Member since 2019 · 292 posts · 364 votes2yHello Diran! When considering an out-of-state investment, it's important to weigh the pros and cons carefully. Columbus, Ohio, is definitely a place you should take a closer look at. Here are some benefits of investing in Columbus, Ohio, that may make it a wise choice:
Quote from @Diran Deukmajian:
Hello. I currently own an investment property in my home state/city (Los Angeles, CA), and was considering buying a rental property in another state. One main reason is because the cost of properties outside of California and much more affordable. What are some pros and cons for investing in a property hundreds, if not thousands of miles away? What should I look for? Is this a bad idea? Do I partner with someone to make it easier?
- - Affordability: Property prices in Columbus are notably lower compared to those in LA, which means you can potentially buy more properties or larger ones for the same budget.
- - Rental Demand: Columbus is a growing city with a steady flow of professionals and students, ensuring a strong and consistent demand for rental properties.
- - Economic Growth: The city's economy is diverse and steadily growing, providing a stable environment for your investment to thrive.
- - Investor-Friendly Climate: Columbus has relatively manageable regulations and property taxes, making it attractive for real estate investors.
If you're interested in learning more about the Columbus real estate market or need assistance with property management, feel free to reach out. I'd be happy to provide more insights or connect you with local experts. Investing out of state can indeed be profitable, especially in a growing market like Columbus, Ohio!
Let me know how I can help! - Contractor · San Diego, CA · Member since 2024 · 43 posts · 27 votes2y
Quote from @Carlos Ptriawan:
Quote from @Diran Deukmajian:
Hello. I currently own an investment property in my home state/city (Los Angeles, CA), and was considering buying a rental property in another state. One main reason is because the cost of properties outside of California and much more affordable. What are some pros and cons for investing in a property hundreds, if not thousands of miles away? What should I look for? Is this a bad idea? Do I partner with someone to make it easier?
if you want to make abnormal return don't do investment OOS, invest locally in CA and develop skillsets and creative development.
Thank you Carlos. I think I will be doing just that. For now, I will be working on the investment property I have and slowly work up from here.
Quote from @Diran Deukmajian:
Hello. I currently own an investment property in my home state/city (Los Angeles, CA), and was considering buying a rental property in another state. One main reason is because the cost of properties outside of California and much more affordable. What are some pros and cons for investing in a property hundreds, if not thousands of miles away? What should I look for? Is this a bad idea? Do I partner with someone to make it easier?
I know many investors from CA that have been buying in the midwest for years, 100s of props,
- Member since 2019 · 7k+ posts · 4k+ votes2y
Quote from @Diran Deukmajian:
Quote from @Carlos Ptriawan:
Quote from @Diran Deukmajian:
Hello. I currently own an investment property in my home state/city (Los Angeles, CA), and was considering buying a rental property in another state. One main reason is because the cost of properties outside of California and much more affordable. What are some pros and cons for investing in a property hundreds, if not thousands of miles away? What should I look for? Is this a bad idea? Do I partner with someone to make it easier?
if you want to make abnormal return don't do investment OOS, invest locally in CA and develop skillsets and creative development.
Thank you Carlos. I think I will be doing just that. For now, I will be working on the investment property I have and slowly work up from here.
if you want to be a big shot investor, invest locally, no matter you live in CA, FL or OH.
If you happy with hundred bucks a month....then it's different story. I am not.
What I don't like about midwest housing is the winter, HVAC requirement , city and theft. Invest locally in your city is way better with 5 years projection. - Contractor · San Diego, CA · Member since 2024 · 43 posts · 27 votes2y
Quote from @Carlos Ptriawan:
Quote from @Diran Deukmajian:
Quote from @Carlos Ptriawan:
Quote from @Diran Deukmajian:
Hello. I currently own an investment property in my home state/city (Los Angeles, CA), and was considering buying a rental property in another state. One main reason is because the cost of properties outside of California and much more affordable. What are some pros and cons for investing in a property hundreds, if not thousands of miles away? What should I look for? Is this a bad idea? Do I partner with someone to make it easier?
if you want to make abnormal return don't do investment OOS, invest locally in CA and develop skillsets and creative development.
Thank you Carlos. I think I will be doing just that. For now, I will be working on the investment property I have and slowly work up from here.
if you want to be a big shot investor, invest locally, no matter you live in CA, FL or OH.
If you happy with hundred bucks a month....then it's different story. I am not.
What I don't like about midwest housing is the winter, HVAC requirement , city and theft. Invest locally in your city is way better with 5 years projection.Thank you @Carlos Ptriawan
That's exactly what I figured. Even if I own 5 properties out of state, I would NOT have the time to fly out and deal with 1 horrible tenant making my life hell. I also don't want to pay a property manager so much money. If my properties are near my home, it's easier and cheaper for me to deal with the tenants.
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