First investment property either GA or Ohio, looking to connect.

[Timothy Newsome]

Hello BP I finally made it here. I’m a new investor and looking to invest in a small multi family. I can do 20-25% down of upwards for a $300-350k property because I can’t house hack as an out of state investor. Would love to be able to do some value add so I can pull my money back out to reuse. Looking to build a boots on the ground team that can really guide me in the right direction and be my eyes and ears. Looking to build relationships. Thanks in advance.

[Jaycee Greene]

Hey @Timothy Newsome, welcome to the BP Forum! At that price point, I'm assuming you're looking at SF or duplex properties, or MAYBE a 4-plex that needs rehab?

[Timothy Newsome]

Thanks @Jaycee Greene for a nice welcome. Yes I’m looking for small multi family duplex to quad  that is livable for the moment if tenants are in there that I can potentially fix up to raise rents to market and therefore I can refinance pull my money back out to reuse. Or something that needs a little work for some value add to rent out and again refi my money out to reuse.

[Jaycee Greene]

I saw you mention that you're interested in OH and GA. Any specific reason as to those states? And is there a market/city that you're interested in, like Cincy? Columbus, or Atlanta?

[Jaycee Greene]

Is this something that would interest you: https://www.redfin.com/OH/Cincinnati/17-E-Mitchell-Ave-45217...?

I just randomly picked Cincinnati and looked for duplexes in your price range. I don't know anything about Cincy real estate, I just wanted to see something in "real life" that might be of interest to you.

[Timothy Newsome]

No specific reason, just seems like cities that are trending upward and a price point I can potentially cashflow and appreciate with. I’m open to suggestions and advice. 

[Jaycee Greene]

@Timothy Newsome Speaking of suggestions, please see my last post.

[Timothy Newsome]

Looks like it can be a match just have to see how much work it needs and what it can rent for.

[Sam McCormack]

Quote from @Timothy Newsome:

Hello BP I finally made it here. I’m a new investor and looking to invest in a small multi family. I can do 20-25% down of upwards for a $300-350k property because I can’t house hack as an out of state investor. Would love to be able to do some value add so I can pull my money back out to reuse. Looking to build a boots on the ground team that can really guide me in the right direction and be my eyes and ears. Looking to build relationships. Thanks in advance.

 Shooting you a message about this now

[Jaycee Greene]

How are you going to figure out how much work a property needs from out of state?

[Sam McCormack]

Quote from @Jaycee Greene:

How are you going to figure out how much work a property needs from out of state?

 perfect timing! Lol

[Jaycee Greene]

doing a quick rental search nearby, looks the going rent for a 2 or 3 bed is between $1.35-$1.41 per SF.

[Timothy Newsome]

@Jaycee Greene I’m going to lean on a team I build for that as well as the pictures and the videos I can do majority of the fixing myself if I was there so I kind of know what cost what just have to see prices based on the location. Can you help?

[Ko Kashiwagi]

Welcome Timothy! Where in OH are you looking at? Happy to connect you to agents/boots on the ground

[Nicholas L.]

@Timothy Newsome

hello.  just had a few reactions to your post.

-"light value add" won't cut it if you want to refinance and get most of your outlay back out.  you need a distressed property. otherwise you will not be able to increase the ARV enough. in fact, a light / cosmetic purchase is actually the worst possible purchase. you either want something in good condition where you can buy and not have to fix much, or something distressed.

-i highly recommend you travel in person to your chosen market to build a team.  if you can't do that it will be very difficult to do everything remotely.

and - i know what you're going to say but i'll ask anyway.  why can't you invest where you live?

[Timothy Newsome]

@Nicholas L.

Hello, thank you for the reply. I plan on traveling to where I find a property worth investing in.

I’m sure I can invest somewhat closer to me but it’s very pricey I’m in NJ. I wouldn’t mind the tri state. 
as for the light cosmetic that just means not a full gut job. I don’t mind adding a new kitchen or bathroom but I don’t what to do the whole entire house again. If that makes more sense though by all means I’m open as I am brand new to this game. Look foward to connecting.

[Bud Gaffney]

Tim! There is NOTHING better than REI. Grab a 3 or 4 unit multi. RINSE and REPEAT.

[Timothy Newsome]

@Bud Gaffney

Thanks for the reply, that’s exactly what I’m trying to do just need the right team and guidance on my side. Any advice or tips? Thanks in advance.

[Samuel Diouf]

Hey Timothy, Columbus, OH is a strong market to invest in. I moved here from Florida because of the growing market. I spend all day sourcing deals now.

With your budget, you could get multiple deals here in Columbus, but I recommend starting with one, getting it stabilized, then moving forward from there. I'd be glad to connect you with some of my go-to guys in our market. 

[Josh Bowser]

Timothy - welcome to BP!

I work with a bunch of out of state folks here in the ATL metro as their trusted boots on the ground. Would love to have a chat about your specific situation to see if I can help be of service to you or point you in the right direction!

[Sandra Feurtado]

Quote from @Timothy Newsome:

Hello BP I finally made it here. I’m a new investor and looking to invest in a small multi family. I can do 20-25% down of upwards for a $300-350k property because I can’t house hack as an out of state investor. Would love to be able to do some value add so I can pull my money back out to reuse. Looking to build a boots on the ground team that can really guide me in the right direction and be my eyes and ears. Looking to build relationships. Thanks in advance.

[Sandra Feurtado]

I'm in a similar position as you.  I am also priced out of the NY/NJ market and I am interested in Cleveland OH due to more affordability.  I have been holding off looking at property because I have never visited OH and I feel I need to visit before making a purchase.  I've also started looking to invest in PA which is closer to home. I wish us both luck!

[Gutta Bunni]

Quote from @Timothy Newsome:

Thanks @Jaycee Greene for a nice welcome. Yes I’m looking for small multi family duplex to quad  that is livable for the moment if tenants are in there that I can potentially fix up to raise rents to market and therefore I can refinance pull my money back out to reuse. Or something that needs a little work for some value add to rent out and again refi my money out to reuse.

Try Saint Louis Missouri....call me 3143230023

 

[Jimmy Lieu]

Quote from @Timothy Newsome:

Hello BP I finally made it here. I’m a new investor and looking to invest in a small multi family. I can do 20-25% down of upwards for a $300-350k property because I can’t house hack as an out of state investor. Would love to be able to do some value add so I can pull my money back out to reuse. Looking to build a boots on the ground team that can really guide me in the right direction and be my eyes and ears. Looking to build relationships. Thanks in advance.

Hi Timothy, I personally recommend checking out Columbus OH. I was also priced out of Portland OR before moving here to Columbus. Now I own a successful rental portfolio. The macroeconomics here is booming - the tech sector growth keeps the population and job market growing and rental demand strong. Appreciation rates are solid and deals are still positive cash flowing. Happy to answer any questions you may have.

[Regina Blake]

Hi, yes Ohio is a good place to invest in real estate. Please reach out if you have any questions. Good Luck!

[Mo Suleiman]

Ohio is phenomenal to invest in. I am a realtor here. Reach out now so I can get you started on your first investment property.