All Forum Posts by: Kyle Tom

Hi guys. I'm wanting to get started on my first rental property but unfortunately can not afford anything in my back yard (California). was looking into out of state properties around the 80k range (which is the max I can afford if I'm being honest)

taking into consideration if I have a vacancy and my out of state asset turns into a temporary liability while maintaining my current California living expenses

what are some good prerequisite I should do before i dive in?

is it a good idea for my first rental property to be out of state?

I've been analyzing deals out of state and found a few that can cash flow around $100-$200/month

Been saving money and living below my means to make this happen

any information helps

I'm just trying to sharpen my axe before I cut this tree down

Thanks

You should pick a city and talk to an agent there. That way, you can start to get your team in place!

0 Votes

Riverside, California

Quote from @Shri Kanase:

Hey everyone,

For those that are unaware, I had posted a post 3 years ago about having $100k in cash at 21 years old and wanting to get into real estate but live in Southern California with no ideal properties. (check out my last post)

Flash forward:

I'm 24 now and while I didn't buy a property as of yet, I have $300k-ish in stock investments and still that $100k in cash tucked away. I still live in Southern California but seriously want to begin investing now in real estate.

I'm looking at out of state but that brings a lot of new questions I didn't think about before. I would seriously appreciate some guidance on this:

1) How do I choose the ideal location in the entire USA since I can do out of state investing?

2) Once I decide on a location, how do I move onto the next step?

I would seriously appreciate some insights on this. Thank you!

I was a California investor investing in Ohio. I honestly just had to pick a city and go with it.

Once you pick the city, the next thing you need to do is pick an agent. Keep it very step by step and don't get overwhelmed by all the information that bigger pocket books tell you.

0 Votes

Quote from @Gary Love:

First, thanks in advance for any advice. Love this site!! We live just outside of Columbus, OH in a duplex we bought seven years ago. Would like to move to the Jacksonville, FL area. Maybe the Tampa but not relevant to this question. We have 100k equity in our place and 50K cash on hand. Would rather not tap into equity. We were thinking put down 5% on a new home, move in and then do the same each year and rent out the previous house. In hopes of accumulating many properties faster. The Ohio place cash flows 1k per month after everything including property management which gives us some cushion. Besides the PMI and higher payment, is this a bad idea? If so why? It may be tough to cash flow these first few houses until rent goes up some of course but if we can get it close we can absorb that for a while. Again thanks for any tips and just taking the time. Still learning so much. Gary

I think that's a great plan!

0 Votes

Jacksonville, Florida

@Ashley Cross, well said! @Remington Lyman helped me buy my first rental property in Columbus. It was the best decision I have ever made in life.

4 Votes

Columbus, Ohio

@Aruna Abdool

Hi Aruna, I own a property management company in Columbus. A lot of our owners have success investing in Hilltop, Franklinton, and Linden in terms of LTR. Section 8 rents in Columbus have gone up to meet market rates in these areas. I personally own LTRs in these areas as well.

4 Votes

Columbus, Ohio

@Orlando Osuna Sorry to hear that. That happened to a recent client of mine. I suggest you end your relationship with your Property Manager. It may be more costly to take legal action.

0 Votes

@Angelina Ng The approximate charge per unit is $500-700 for property sub-metering.

2 Votes

@Angelina Ng It's common for owners to charge the tenants $25 per person per month for water.

0 Votes

@Account Closed, Born and raised in CA. I would never invest here. You forgot to mention the part where if a tenant stops paying rent in CA, you can't evict them!

5 Votes

Cleveland, Ohio

@Shanise Kimbrough Sorry to hear that! You can go after them for tenant damages. You want to report their debt to a credit agency. I personally like FABCO.

3 Votes

All Forum Posts by: Kyle Tom

Kyle Tom has started 0 posts and replied 57 times.

Post: is buying your first rental property out of state a good idea?

Post: In the slightly same path 3 years later. Where to begin?

Post: 5% down then living and buying new place each year advice

Post: Looking for a Columbus Real Estate Agent

Post: Columbus Ohio (Franklin County) Investors/Residents

Post: Terrible property manager

Post: Columbus, OH analysis help

Post: Columbus, OH analysis help

Post: How stupid is it to buy in Cleveland in hopes of Appreciation?

Post: Tenant reporting after move out