All Forum Posts by: Ajay Renga

You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse

Our analysis is a template you can follow for any city, but doubt you'll find this much info for any other market in the US.

So, why would you invest remotely anywhere else?

How can we assist you further?

Thanks for the podcast details! I live in a 9/10 A+ rated school neighborhood and would absolutely love to invest where I live. However, calculating PITI, you just break-even or have negative cash flow considering the high property taxes IL and my county has. Hence, the desire to invest in states/areas where there are chances for positive cash flow.

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Quote from @Laura Shinkle:

Quote from @Ajay Renga:

Hello!

I am new to BP and thrilled to meet you all virtually. I am based out of IL and own our primary residence in the Greater Chicago area suburb. Looking to buy our first rental investment, preferably long term as I am a buy and a hold investor. The high property taxes in IL (2nd highest in all 50 states) combined with high interest rates now, kills any positive cash flow, so looking to invest out of state. Budget $300k or below and SFH. Ideally looking to make $300-$500 cash flow monthly, with some decent appreciation of the property over time.

Preference is sun belt states with low property taxes. Any suggestions and ideas are appreciated! Thank you!!

I saw that @John O'Leary mentioned the Charlotte market. I'm an agent in the area and work with investors of all kinds. For this area, getting $300-$500/door is not going to happen for a LTR, unfortunately. At least, not if you're accounting for Cap Ex, Vacancy, etc and are only wanting to put 20-25% down. My calculations for the last 6 months or so require 35-40% down to get the cash flow. The rental rates just haven't caught up with purchase prices, let alone the increased interest rates.

A lot of investors are turning to the STR and MTR strategies here. They do require more up front work, but with the use of a property manager can be a good option.

I'd love to see if anyone posts about the other areas mentioned, if they're a better option.

Thanks for the insight @Laura Shinkle! I see some homes in the Conway/Myrtle beach areas in SC, but not sure how good are these for STRs. With no prior experience with STRs especially with constant up-keep, maintenance, and other fees. Need to check local bylaws as well and any other HOA fees which might eat any cash flow profit for STRs.

I don't mind MFH in the Research triangle area and working with good property manager if the deal is good. Appreciate any suggestions!

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Hello!

Preference is sun belt states with low property taxes. Any suggestions and ideas are appreciated! Thank you!!

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All Forum Posts by: Ajay Renga

Ajay Renga has started 1 posts and replied 4 times.

Post: First long term rental investment

Post: First long term rental investment

Post: First long term rental investment

Post: First long term rental investment