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Looking to buy first rental property
Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.
Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.
- Rental Property Investor
- Brooke Park Drive
- 2,377
- Votes |
- 1,934
- Posts
Hi Jake, welcome to BP! The DC, Maryland, and Virginia areas are also good markets to consider on the east coast. Happy to chat with you if you're interested in learning more. Goodluck!
Can you post an example of a recent one? Just curious what numbers on a deal in the DMV look like.
- Real Estate Broker
- Memphis, TN
- 829
- Votes |
- 1,396
- Posts
Memphis holds unlimited opportunities. If you need any contacts we would be happy to help.
Quote from @Jake Posner:
Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.
Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.
Funny I'm a developer from columbus down here to make higher returns than we can make in columbus. we build multifamily for investors. maybe w can connect while I'm down here and I can give you some info on the ground up we do in columbus. we are looking at midrise condos and multifamily developments with T6 zoning. miami allows incredible density which allows you to make a lot of money and the new construction values are almost 3-4x what we get in columbus urban core.
Hello @Jake Posner! Memphis is a great rental city! My team members and I have assisted many investors all over the world get started. I would be happy to chat with you!
Quote from @Jake Posner:
Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.
Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.
Hello Jake & welcome to BiggerPockets! I am a featured agent on here, please check out my page and let me know if I can help with anything at all.
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Real Estate Agent Tennessee (#375004) and Mississippi (#S-59565)
- 662-642-1458
- https://jordanray.exprealty.com/
- [email protected]
Welcome aboard Jake, you've definitely come to the right place to learn
Quote from @Jake Posner:
Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.
Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.
Hey Jake, have you considered Cincy at all in there? Very popular and growing market! Super busy for homebuyers as well!
- Real Estate Agent
- Memphis, TN
- 1,320
- Votes |
- 1,250
- Posts
I own a large portfolio here in Memphis. I am happy to share my exoierences with you. We have several reliable optins including the BRRRR & 1% Rule houses. I typically BRRRR!!
Good Luck!
Quote from @Engelo Rumora:
Quote from @Bob Stevens:
Quote from @Melanie P.:
Quote from @Bob Stevens:Lauderhill, West Park.
Quote from @Melanie P.:
Why not Florida? There is plenty of affordable real estate within driving distance of your location..
really where ?
So what do you consider a good deal , numbers ?
15-20% cashflow ROI when buying for myself.
Turnkey offered at 8% or higher depending on volume for solid B class is good buying IMO
As you know, for us like yourself on the ground the deals can get incredible.
Just trying to get a 6 unit across the line for $160,000.
A class area in Toledo and needs around $50,000 rehab.
Current rent's are below market at $3,250 and will fix and increase to $4,500pm
Stupid good numbers lol
$700 pupm is not Class A for the Toledo area. It's Class C and you'll have C grade tenants in there. Not that there's anything wrong with that, just so long as you're prepared to do the work.
@Bob Stevens - I consider this markets I listed to have workable numbers for cash flow (provided you have enough of your own capital in the deal) and well positioned for appreciation. Most of the OOS markets investors target do not have much appreciation potential, are lower end properties that will have ongoing issues and will not give the OP the opportunity to self manage his units to gain true real estate experience and understanding. Local is almost always better if you can swing it.
Welcome Jake, Cleveland, Ohio is a great market to focus on for cash flow. Low barrier to entry as well!
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Real Estate Agent Ohio (#2023006603)
- (216) 677-0585
- http://www.ikeyrealty.com
- [email protected]
Quote from @Melanie P.:
Quote from @Engelo Rumora:
Quote from @Bob Stevens:
Quote from @Melanie P.:
Quote from @Bob Stevens:Lauderhill, West Park.
Quote from @Melanie P.:
Why not Florida? There is plenty of affordable real estate within driving distance of your location..
really where ?
So what do you consider a good deal , numbers ?
15-20% cashflow ROI when buying for myself.
Turnkey offered at 8% or higher depending on volume for solid B class is good buying IMO
As you know, for us like yourself on the ground the deals can get incredible.
Just trying to get a 6 unit across the line for $160,000.
A class area in Toledo and needs around $50,000 rehab.
Current rent's are below market at $3,250 and will fix and increase to $4,500pm
Stupid good numbers lol
$700 pupm is not Class A for the Toledo area. It's Class C and you'll have C grade tenants in there. Not that there's anything wrong with that, just so long as you're prepared to do the work.
@Bob Stevens - I consider this markets I listed to have workable numbers for cash flow (provided you have enough of your own capital in the deal) and well positioned for appreciation. Most of the OOS markets investors target do not have much appreciation potential, are lower end properties that will have ongoing issues and will not give the OP the opportunity to self manage his units to gain true real estate experience and understanding. Local is almost always better if you can swing it.
I'm just "starting" my investment journey in Toledo so still learning about the different asset classes haha 🙈
It all depends how people are born and bread IMO.Some with a silver spoon and others with a Makita cordless drill 😁
I'm sure many folks on the East and West Coast would consider all of Toledo as "Z Class".
Current rents are under market.
6 unit is located in Point Place which in my "blue collar working class guy" opinion is a solid A class area for Toledo standards.
I'm sure the humble folk in Toledo consider what you will find in the images as "A class" due to heavy influx of homeowners.
Much success 🙏
It's undoubtedly an A investment located in a D building in a C neighborhood. Nothing wrong with that as long as you are not gonna lose your mind when people are irresponsible, have to be coddled. move in the middle of the night, etc.
I would consider Sylvania, Ottawa Park, Perrysburg to be the A class neighborhoods in that area, but it is not a market I know well.
Quote from @Jake Posner:
Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.
Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.
Columbus and Dayton are great markets. I like surrounding Columbus/Dayton for raw cash flow and Columbus metro for appreciation/cash flow hybrid.
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Real Estate Agent Ohio (#2020001277)
- 614-363-2787
- https://marc.reafcorealestate.com/
- [email protected]
Quote from @Jake Posner:
Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.
Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.
Hey Jake,
I’m eyeing the same spots for a rental property! Have you checked out Dayton, Ohio, as well? I found it on PRPGT.com and it looks promising too. Worth a glance for sure.
Would be cool to swap notes on these places. Hit me up if you’re interested!