Out of state investing: Where to invest?

[Napat Wan]

I have decided to invest in out of state properties but not sure where to invest. I am thinking about Cleveland, OH and Dearborn, MI since the real estate there are quite affordable and good cashflow for a turn key properties (according to the listing). I don't know if I am missing any detail but the cashflow sounds almost too good to be true (ex 8 beds 4 baths fully occupied $1500/month for a price of $70k). I would like to hear from a local or someone who has properties there if this is true or am I missing something? I am also open to invest in other states please let me know if you have any detail. Feel free to connect with me if you think we can work together. I am looking to purchase a turn key property for less than 200k that also meet the 1% rule criteria for my first property. Thank you for taking your time to answer my question.

[Steven Foster Wilson]

Originally posted by @Napat Wan:

I have decided to invest in out of state properties but not sure where to invest. I am thinking about Cleveland, OH and Dearborn, MI since the real estate there are quite affordable and good cashflow for a turn key properties (according to the listing). I don't know if I am missing any detail but the cashflow sounds almost too good to be true (ex 8 beds 4 baths fully occupied $1500/month for a price of $70k). I would like to hear from a local or someone who has properties there if this is true or am I missing something? I am also open to invest in other states please let me know if you have any detail. Feel free to connect with me if you think we can work together. I am looking to purchase a turn key property for less than 200k that also meet the 1% rule criteria for my first property. Thank you for taking your time to answer my question.

Becareful of "turnkey" rentals. Make sure the financials are sound and have a good record. Its not uncommon for sellers to inflate income and diminish expenses. As for getting a 1% deal under $200k, very doable, you just need a good agent or wholesaler, etc. I just brokered a duplex in Columbus that met the 1.3% rule for $140k. Those properties won't be turnkey though, you'll need to do some work to get it to your liking, but that's where the real money is made.