Updated about 7 years ago on . Most recent reply
Seattle Rookie - Looking To Buy & Hold In The Midwest
Hi everyone! I'm a new investor living in Seattle looking to buy and hold in the midwest. I'm originally from Chicago and have been looking at properties in Columbus, Minneapolis, Madison, Cincinnati, and Cleveland. Ideally I'd like to use a traditional mortgage to buy and hold a single-family home under $100k that cashflows positively. I'd love to connect with anyone involved in the midwest and look forward to becoming an active part of the Bigger Pockets community.
-Ben W
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
Don't focus on under $100k. In most of those cities, you're getting C and D class for that price. In Minneapolis you would be getting a D-. Long distance investing in smaller assets should be done in A and B areas. There is not enough profit and too much to go wrong to invest in C class.
You are going to need 3rd party managers to run your buildings. A good 3rd party manager won't want to take on your assets unless they are in good areas. With C&D properties, expect to get C&D management.