All Forum Posts by: Jen Menchaca

No, Boise is way overpriced for me. I found mine in Warrent, MI. I was looking in Detroit but the agent suggested Warren.

Quote from @Mary Kenney:

Hello, my partner and I are ready to buy our first home. However, we want to move to a new state (NC) from where we are currently (FL). What do we need to do to buy a house out of state? What processes and things should we be aware of when buying out of state? Can anyone recommend realtors in the Winston-Salem area? We need all the help we can get. Thank you! 

Hey Mary I’m a local investor in the Piedmont Triad area(Winston Salem, Greensboro and High Point). My partner and I closed on our 3rd investment property/primary in November 2023 in High Point. We own two properties in Winston Salem and decided to try out the High Point for the 3rd property. Winston Salem is a great city to own an investment/primary property. My partner is a realtor who services the Piedmont area and would love to assist you on your journey. Her name is Asha and you can reach her at 336-865-9359. 

Quote from @Matthijs Pol:

Hi, I am finally able to purchase my investment property/properties soon. I live in Nashville but market is to hot here for me. I am looking at either Memphis or Chattanooga. Memphis has cheaper houses would be able to purchase between 3-4 properties and in Chattanooga I probably could buy two properties. Any recommendation’s? I am open to advice. I am leaning towards Chattanooga because it seems like a nicer town with a lot more possibilities in growth. Thanks! 

 both are solid options. i'm stretching into the tri cities as well as continued activity in knoxville. 

Hello Everyone! 

This is my very first post on BP! I've been looking into these very cities for my first out-of-state MFH investment. I'm also open to SFH as I may have to wait until 2024 to do MFH, so may move on a SFH this year if I find the right deal.

I know this thread is a few years (and a pandemic) later, but would love to revitalize this thread and hear your thoughts on these cities now? I've friends in Nashville, and am wanting to start/build my portfolio in an area I could possible move to eventually. I'm currently in Los Angeles, and dreaming of moving to the mountains, nature and woodland, so TN has a lot of appeal for long term investments. 

Any updated thoughts on Knoxville vs Clarksville vs Johnson City vs Chattanooga much appreciated! 

Thanks, 

Storm

Hi Jen,

Fayetteville was just rated as part of the top 10 Cash Flow Markets for 2024 by BiggerPockets. With the military base close by, single family homes and multi-family homes are in high demand. Cliffdale and Raeford are good areas and are still close to the base. It all depends on the deal and what you are looking for.

I'm pretty biased towards Metro Detroit for obvious reasons lol.

HOWEVER, I do personally make over $100k/yr cash flow from 16 properties here. All of which, I’ve purchased only within the last 4 years.

So I do practice what I preach, and it works pretty well. 

Metro Detroit has what 99% of Real Estate Investors want. Couple hundred bucks a door monthly cash flow, double digit ROI, and yes the prices appreciate and you build equity.

There are 2 types of people who dog on Detroit..

1. People who don't actually own property in Detroit

2. People who did it wrong and weren't able to execute.

If you do it right, it’s statistically the best market in the country for cash flow.

I cash flow $100k a year off 23 doors and have built a ton of equity in a short amount of time.

Purchase: $80k-$130k

Rent: $1100-$1500 (no rent control in MI)

1% rule: 1%-1.4% rule deals

ROI: 10-14%

Cash flow: $150-$300/door (after all expenses and budgeting for maint, capex, vacancy)

Appreciation: 3-10%+ (has been double digit for a decade)

Location: C+, B-

These numbers are based on the "sweet spot" in Metro Detroit. These are largely in the suburbs and some markets within the city. You can find higher ROI (on paper) here and probably in other cities…but the probability of actually collecting rent significantly decreases. Where these numbers are found, there is a very high rate of rent actually being paid.

We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, and mortgage industry National footprints. Ford, Rocket mortgage, Beaumont hospitals and more. All complimented with Amazon fulfillment centers, google, and more tech manufacturing jobs.

The bad reputation of “Detroit” comes from OOS investors wanting sub $40,000, D class properties in poor condition, because they pencil out to 2-3% deals on paper. We don’t buy those.

We have found what works and repeat it as much as funds allow. Detroit is known as the highest rent to price ratio in the country…and we’ve found the perfect balance of price/location within the area.

Here is a picture of my portfolio...

Quote from @Jen Menchaca:

Quote from @Brittany Minocchi:

Quote from @Lisa Paige:

Quote from @Brittany Minocchi:

Another vote for Ohio! I have a few MFHs and a SFH in Canton that do very well with cash flow, which is my main focus right now.

 Hi Brittany. I am alos looking into MFHs. What methods did you use to acquire them? 

We purchased one with cash and used financing for the other two. 

Hi Brittany, 
I’m also looking to find small multi family. Are you able to cash flow these days with financing? Thanks! 

 Hey! When we bought rates were lower than they are these days, but I've worked with multiple people that have purchased more recently and they cash flow. Just depends on how much you want to cash flow, your down payment, loan type... and what areas you're open to (in terms of neighborhood ratings - C/D areas cash flow well but the trade off is a higher chance that rehab is needed between tenants). We went through some destructive tenants but finally are at a place where all of our units are rehabbed and the tenants are solid.