All Forum Posts by: Colin M.

Hi BP -

I am currently looking at a MF building in the Jackson Park Highlands area of Chicago. I am an out-of-town investor and new to Chicago neighborhoods. Wondering what your views on this area are? Good neighborhood? Safe? Desirable? Rentable?

Appreciate any feedback on where to look / avoid!

Hi Josh,

I am in a similar boat only im not moving to Cleveland, Im based in NYC but looking at investing in Cleveland. Would love to connect to see how your doing, where your looking, waht your looking for etc!

@Nicole Heasley Beitenman you advise to stay involved in the physical Cleveland RE community, is there one on here that we could join?

Hey there -

I've posted multiple times on BP but find myself looping back to the start of my journey every time. At first i was searching SFH's in Charlotte but never took action. Now Im looking at MF buildings in Cleveland, yet to still take action.

Im a NYC based investor whos desperate to get out of the rat race but feel like Im looking too deep into markets or properties and stuck in analysis paralysis.

Im asking you guys...

As a person starting out investing, what should i be doing first? Searching Loopnet for properties and making offers, reaching out to agents to help send me properties... or just doing research on learning the business terms etc. Like how do you know what cities to start looking in, what markets are safe, good ROI markets.... Where do you guys look or start off yourselves? I like Cleveland as it shows to be a growing yet affordable city but yet I've never been. Should i go off my research and make offers, or visit multiple cities to get a personal feel for them!

What have you guys (who own property in out of state) done in your careers?

Hi there

Im a NYC based investor, investing throughout the country but find it hard to get clear data on state/local taxes for other parts of the country!

Where would you guys recommend i search online? The local county/state websites tend to get very confusing/detailed/unnecessary with certain info.

Is there a central website that just shows me the taxes laid out in black and white, state by state, county by county?

Im a new investor looking at the exact same scenario, viewing places in Cleveland OH that are saying they are 9-10% cap rates but any investor i speak to there says they get 4-5%. Wondering is anyone on here invested in Cleveland and what Cap Rates you guys get?

What do you consider a healthy Cap Rate? I know the stock market usually returns 5-8% so i assume the general goal is to beat that????

Hi there -

I am an NYC based first time buyer / investor along with my fiance. We are looking into the Cleveland Market to purchase a Multifamily unit.

Looking to hear your opinions on the rental market scene in Cleveland, if you'd advise jumping into it or avoiding? Also those of you who are familiar with the market, I'd love to hear from you regarding what you have invested in / where / with whom /any advise you can give would be greatly appreciated! 

Looking forward to hearing your thoughts.

ALso to add to my last note, from reading discussions on here on MF's, a lot of investors seem to say they found their buildings Off-Market!! HOW, HOW, HOW? :)

Gents -

Appreciate the feedback above, very valid points to note. During my search, i seem to be drawn towards LoopNet and CoStar websites for such MF listings. Wondering if you guys use other means to find these properties? I find that most REA's only lead me towards SFH's and dont have much MF inventory?

Should i be reaching out to  / searching for a specific type of RE agent?

Thanks for your feedback Raul. As an investor from out of state (NYC), i have been starting to see this alright and have since started exploring into areas like Gastonia and just outside the suburbs.

One thing i was wondering, and will confirm with my tax guys - i know i can claim depreciation etc on my SFH each year as a tax write off..... If i own a Multi Family, i can claim the exact same write offs however they would only be the exact same, not multiplied by 4.... Wheareas if i owned 4 SFH's thats 4 different properties i could write off, instead of 1 4 plex. If that makes sense. Do you guys think this is a significant enough factor or would you find Multi Familys pro's still outweigh their Cons?

Hey folks -

So I'm looking to make my first RE purchase and want it to be an investment property. I have a decent sum of money saved for the follow two options. My question to you is, which do you think is the best route i should take especially starting out! I'm leaning towards option two for obvious reasons with bigger income but thinking option 1 may be safer with less tenants to deal with, less money to spend on down payment etc. Both options, Im looking to do in Charlotte, NC.

Option 1. Buy a SFH or apartment and rent to a small family in suburban area of Charlotte. Aim to have $30-40K as a down payment and rent for approx $1000-$1200. This option gives me less people to worry about, smaller down payment / personal money invested but lower monthly CF. Decent tax savings.

Option 2. Buy a Multifamily unit (4 plex) in a similar area/university area. Aim to have $60-70K as a down payment and rent for approx the same. This option gives me more people to worry about, larger down payment / personal money invested but larger monthly CF. Decent tax savings.

The numbers are not accurate, just used as an example but I'd love to hear your thoughts on which route you would pursue and why? I'm wanting to be sure there isn't something I'm not paying attention to! As a first time buyer, I'm thinking I should be learning my mistakes on a smaller property such as the SFH but having said that, am eager to get some real cashflow moving and start banking decent profits to purchase further properties.

Regards,
Colin