All Forum Posts by: Mike Paolucci

Quote from @Bryan Melendez:

Hello all, my name is Bryan Melendez.

I am new to all thing's real estate, residing in South Florida. After reading several articles and comments, Section 8 has caught my attention for various reasons.

I can't provide much about Pennsylvania or Michigan but I can share some of my experiences about Columbus, OH as a former out of state investor. I personally like Section 8 tenants. They generally stay in place for a lot longer and you don't have to worry as much about late rent. Once you're set up in the system, rental payments are pretty timely. 

The frustrating part can be the onboarding process. That can take longer than most people would be comfortable with on their investment properties but once you're on the books, things tend to run pretty well. Vetting your tenants and making sure the unit is up to the Section 8 standard will be the 2 most important things for making sure you don't run into issues. 
I normally recommend using a Property Manager who works with the program regularly to help navigate the waters. 

Happy to connect and share some additional experiences as a former OOS investor. Good luck on your search!

Quote from @Manuel A Zuaznabar:

Hello everyone,

I've been trying to buy property in my home market of NYC, but it's been quite challenging. 

@Manuel A Zuaznabar if you can find a house hack (2-4 units if possible) deal that makes sense locally, do it. Otherwise I'd suggest looking into other affordable markets that have a good growth rate & other economic drivers. 

I originally started off as a OOS investor from CA and chose to invest in the Midwest. Happy to answer any questions you might have if you're interested in that kind of investing. 
 

Quote from @Manav Kedia:

Hi, I'm a CA resident new to the RE world and looking for suggestions on what are some good cities/areas to buy good single-family/multi-family homes that generates good cash-flow.

I've been pretty happy with my investments in Columbus, Oh since starting off in 2021 while being born and raised in San Francisco. Some other Ohio markets I'd suggest looking at are Cleveland, Cincinnati and Dayton. 

Happy to connect and share some of my experiences as an OOS investor. 

Quote from @Jesse Leigh:

Hi! Looking to connect with out of state investors in the Los Angeles area. Specifically Columbus investors. Would love to meet for coffee in LA and learn from anyone investing out of state. 

Just sent you a PM. 

Congrats on the duplex @Sean Haran! 

Section 8 is a great way to cashflow these days! I would recommend reaching out to local property managers who specialize in Section 8 Rentals to get a better sense of what timelines are looking like for section 8. Timelines tend to vary depending on CHMA's work load at that point in time. I can send you a couple of referrals.

Quote from @Rahul P.:

Hello everyone, i am based in california bay area. recently bought a house in  Sacramento CA. I am thinking to buy rental property in  Texas denton, Kyle, Buda. 

 Glad to see other investors from CA looking out of state. I'm originally from San Francisco and started off in 2021 doing the same thing but in Ohio. 

Let me know if you have any questions about being an OOS investor. Happy to help out. 

Quote from @Shiwei Qu:

Quote from @Mike Paolucci:

Quote from @Shiwei Qu:

Hello BP community,

Just out of curiosity, if everyone who consider out of state investing has been recommended Ohio market, are there still true opportunities or actually risks? I locate in Bay Area and also consider OOS investing. Thank you for your insight!

Thank you!

 Hi @Shiwei Qu, I'm originally from San Francisco myself and started investing in Ohio back in 2021 before moving to Columbus in 2022. 

Yes, there are still some opportunities, not only in Columbus but other cities as well. As previously mentioned, Columbus has shifted to more of an appreciation type market but there are still some deals that will show some cashflow. 

If you're looking for cash-flow, then I would look at cities like Dayton & Cleveland. 

 Thanks Mike, glad to hear from another former bay area investor/realtor's insight. 

 Happy to connect if you have any other questions about Ohio or OOS investing in general. 

Quote from @Shiwei Qu:

Hello BP community,

Just out of curiosity, if everyone who consider out of state investing has been recommended Ohio market, are there still true opportunities or actually risks? I locate in Bay Area and also consider OOS investing. Thank you for your insight!

Thank you!

 Hi @Shiwei Qu, I'm originally from San Francisco myself and started investing in Ohio back in 2021 before moving to Columbus in 2022. 

Yes, there are still some opportunities, not only in Columbus but other cities as well. As previously mentioned, Columbus has shifted to more of an appreciation type market but there are still some deals that will show some cashflow. 

If you're looking for cash-flow, then I would look at cities like Dayton & Cleveland. 

Quote from @Hyeonji Oh:

Quote from @Mike Paolucci: 

Quote from @Hyeonji Oh:

Hi Everyone, I am glad I joined Biggerpockets to start my investment journey.

 Hi @Hyeonji Oh 

I'm originally from San Francisco, CA and started investing in 2021. It was pretty hard to find properties where the numbers and landlord laws made sense which is what ultimately led me to investing in Columbus, OH.

The numbers and landlord laws out here made sense then, and they still do today. I've been able to get a healthy combination of both cashflow and appreciation from all my properties after a little TLC. 

Here's an example of what I mean by landlord laws not making sense. On the upcoming November ballot for CA, they're tying to pass the "Justice for Renters Act." This will basically limit what you're able to charge for rent for a new tenant. Not to mention other pieces of legislation that make being a landlord in CA not the most ideal. 

Happy to share my experiences. Good luck on your REI journey and property search!!

 Thank you for replying and sharing the information. I almost give up buying mfh in CA. (keep trying)

I am interested in out-of-state investing these days and heard of the Columbus OH market which has good cash flow. How's your journey so far? Is there an area applying for a 1% rule in this tough market in Columbus?

 Just sent you a dm 

Quote from @Dario De Pasquale:

Hello there,

I am an experienced investor in STR. I own 3 properties and rental arbitrage 1 more with a net income of $400,000.

But I am a newbie in LTR. I am looking to diversify and derisk my portfolio by buying and holding out-of-state LTR.

With your desire to find some cashflow and appreciation via LTR, then I would recommend checking out some of the Ohio markets like Columbus. You'll see some solid appreciation here. Lot of big name companies are investing in the area and population is steadily growing. 

I started investing as an OOS investor here back in 2021 and haven't been disappointed with my decision. 

Happy to answer any questions you might have.