All Forum Posts by: Cynthia Garcia

Hey Cynthia, are you married to Texas?

I'm also located in CA (Central Coast) and have 12-doors in Detroit. With $75k you could get a solid single family home, all cash, that rents for probably $1,100/mo.

Monthly costs on property taxes and insurance would be about $120 and $60 respectively (if not less). 

Happy to help if that's something that sounds like it may make more sense. And if folks don't think they can get appreciation in Detroit it's because they don't know all the positive things happening in the city. 

Since my buys in 2019-2021 I've seen my property values go up 2-3x.

@Cynthia Garcia the best thing you can do is narrow down the areas you're looking at and what you're looking for. I know that sounds counterintuitive but when you're laser focused on what you want you're much more likely to find it.

$200-$300 in monthly cashflow for an almost-turnkey investment with 25% down will limit your options pretty severely. Not impossible to find, but you'll be looking for a while. Do you know what metroplex in Texas you'll be looking in? 

@Cynthia Garcia- thanks - good job - regarding the pre approval step -  its   good to get  some quotes from  several lenders  ...1) make sure to use the same  criteria and get this feedback on the same  day  ( as  rates  flucuate  daily)   2)   you will not be able to lock into a rate until you have an accepted purchase contract - so dont focus  too much on the  pricing  comparisons   ( eg...if a lender  quotes  a 7% rate today  and you get into contract  next week - the rate  can be  changed )   3)  choose to work with one lender  and get  fully pre approved ( not pre qualified )  so that you are ready to make a strong  solid offer 

You may be able to find a fixer upper with that budget. I recommend investing in Austin. 

Hi Cynthia - sounds like you've got a good plan of action and you're executing.  Great start.  The one thing I'd add is to make sure you're really buying turnkey - especially being out of state.  

In addition to any inspections you do, make sure you're looking at the roof, foundation and HVAC system.  In Texas, we have severe weather and hail that can damage a roof pretty seriously.  It's also hot in the summer for prolonged periods - HVACs can run for weeks at a time and reduce their useful life. 

Make sure you're getting good estimates on those items and understanding remaining estimated life for those big ticket items. 

Cynthia be very very careful who you hire in Cleveland as a pm or agent. There is one to absolutely positively stay far far away from.

@Cynthia Garcia

Overall Columbus is better for long term appreciation and more stable growth while Cincinnati and Cleveland have higher cash flow but more volatility and lower growth rates.

1. A core 4 is the most important piece. I believe starting with a good investor friendly agent who knows rockstar lenders, property managers, and contractors is a good way of going about it.

2. The neighborhoods in each market will be very nuanced from A all the way to C-/D. You’ll get the best cash flow in C class neighborhoods. I personally don’t like the C-/D class ones but C and better is not bad. I can share a map of Columbus if you’d like.

3. Advice would be clearly define your goals and how you will finance those goals. Starting with a prequalifcation letter from a lender and putting yourself in the “ready” position always helps move the ball forward. Take one step at a time!

Thanks Marc! How did you tend to find a good real-estate agend? Anything in particular that you look for in an agent? Also, would love it if you could share the map with me. Really appreciate your advise. 

@Cynthia Garcia Here are the Trade Area Reports if you want a demographic read on some hot spots in Ohio

Cleveland

Dayton

Cincinnati

Columbus

Toledo