All Forum Posts by: Min Zhang

Quote from @Wilexis Ventura-Matos:

Hey guys, I’m 23 with my own business. Saved enough $ and now turning to RE for my path to financial freedom. I keep getting recommended to house hack but I just don’t know what that is exactly can you guys help explain it to me, thank you.

Hey Wilexis,

House hacks are a great way to get into real estate with minimal down and reduce your living expenses while having a tenant pay down the mortgage. Once you get a house hack then look at investing in other states with large population growth and job opportunities. 

If you still have questions, feel free to reach out! :) 

Quote from @Brandon Morgan:

Any advice on buying out of state. I am a new investor but our family was thinking of buying our parents a house in Florida for retirement. the thing is we don't live there at all and its tricky since its out of state, however we already have an idea of the area in Florida we are looking to buy.

what would be the starting process to getting a home out of state? do I have to find an agent out there? I already have my pre-approval ready. 

Hey Brandon! Welcome to Bigger Pockets! 

If you are looking to buy out of state, I strongly suggest you consider investing in Columbus, Ohio. "why?" Because it boasts an affordable market on the east coast, featuring a thriving economy and housing sector. Investing in this city with at least a 1% rule could be advantageous, as it offers relatively lower home prices compared to other cities. There are actually 500 companies in relative to other markets.

If you are interested to know more about this, just DM me anytime I am happy to help you start! :) 

Quote from @Avery Dillman:

Quote from @Min Zhang:

Quote from @Avery Dillman:

Hello! I have always been very interested in investing in rental properties. Ever since I was little. I've had numerous family members who became very successful in it and I would like to follow. (All of which are sadly gone now). But I have read many books and watched tons of videos but I guess I find myself lost on where to start. I've been working a min wage job for last 5 years and have nothing to really show for it. I just seem to get discouraged by the big prices of houses here in Florida. Even the run down places. Any suggestions would be greatly suggested. Or even book recommendations or courses as well! Thank you!

Hey Avery, welcome to Bigger Pockets! 

I would highly recommend that you consider investing in Columbus, Ohio because it has affordable market in the east coast with thriving economy and home. I would actually consider investing with bare minimum of 1% rule and has a relatively low home prices compared to other states in the US which makes it an attractive destination for investors who gets a good return on their investment. Columbus, Ohio also offers attractive tax incentives and a strong rental market.

If you have questions about this I am always happy to help. 

Since I'm based in Florida what would be the best way to start investing in Ohio? 

Hi Avery, each market varies by price and rent. I personally think Columbus is best because it's a healthy market with a strong appreciation and growth. Average SFH is price at $150k and MFH price at $200k+. You can often 1% here from time to time. However, if you have a lower budget then I would explore into other markets like Dayton or Cleveland.

Let me know how I can help! 

Investment Info:

Single-family residence wholesale investment.

Location: 
703 Franklin Avenue, Columbus, OH 43205

4 bedrooms

1 full bathroom

Year Built1900

Purchase price: $150,000

Purchase Price - $150,000
Rehab - $100-$130k
ARV - $340ks

Quote from @JaMaal Gassett:

I am brand new to real estate investing. After listening to some podcasts, I have decided to house hack and purchase a multi-family as a first-time home buyer. I lucked out and can participate in a 0% down mortgage up to $850k. I am a traveling healthcare worker, so I can live in anywhere in the country.

I have seen some multis in FL, but they all are so expensive for a turn key property. 

What advice would you give for someone starting out? Which markets do you think I would get the best deal? My plan is to live in one unit for the minimum amount of time (1 yr I believe) then keep acquiring properties.

Hey JaMaal, its good to hear that you are starting out! Welcome to bigger pockets! ;) 

I would actually suggest you try to consider the markets in Columbus Ohio as an investment opportunity due to its affordable market on the East Coast and with its thriving economy. There are also a lot of attractive destinations for investors as it offers relatively low home prices compared to other states in the US.
Did you know that Ohio has a 1% rule this is actually a common benchmark for rental investments. Additionally Columbus provides attractive tax incentives who gets a good return on their investment.

If you want to know more about this, you can actually message me anytime. I would be happy to help you start :)

Quote from @Joyce Romero:

Hi! I'm based out of Jersey City and have spent the last two years trying to find a deal that would align with my goals. I'm hoping to start off with multi-family properties and then move on to commercial. I really wanted to house hack, however the prices are either really high, needs A LOT of rehab or it is just too far from my work. I've decided to take a step back and accept that at this moment house hacking won't work in my location. 

I heard that there's a lot of great opportunities in Ohio for multifamily properties so I'm looking to take a trip at the end of the month. I would love to connect with local investors, agents, and property managers while I'm there. Also if anyone has some things to consider when investing in Ohio, please feel free to let me know. 

Hello Joyce! Welcome to Bigger Pockets!

It's good to hear that you considering investing in Ohio. Ohio has affordable market in the east coast with thriving economy and home. I would actually consider investing with bare minimum of 1% rule and has a relatively low home prices compared to other states in the US which makes it an attractive destination for investors who gets a good return on their investment. Columbus, Ohio actually offers attractive tax incentives and a strong rental market.

if this message finds you interested to invest in Ohio, please feel free to reach out to me anytime. Best of luck! 

Quote from @Avery Dillman:

Hello! I have always been very interested in investing in rental properties. Ever since I was little. I've had numerous family members who became very successful in it and I would like to follow. (All of which are sadly gone now). But I have read many books and watched tons of videos but I guess I find myself lost on where to start. I've been working a min wage job for last 5 years and have nothing to really show for it. I just seem to get discouraged by the big prices of houses here in Florida. Even the run down places. Any suggestions would be greatly suggested. Or even book recommendations or courses as well! Thank you!

Hey Avery, welcome to Bigger Pockets! 

I would highly recommend that you consider investing in Columbus, Ohio because it has affordable market in the east coast with thriving economy and home. I would actually consider investing with bare minimum of 1% rule and has a relatively low home prices compared to other states in the US which makes it an attractive destination for investors who gets a good return on their investment. Columbus, Ohio also offers attractive tax incentives and a strong rental market.

If you have questions about this I am always happy to help. 

Hey Jordan, I hope all is well with you. 

You actually have 2 main options to consider; a cash-out refinance or selling and using a 1031 exchange. 

With cash out refinance, you can leverage the equity in your paid-off property to acquire more homes. expanding your portfolio and potentially increasing cash flow. However it is hard to analyze the cash flow.

selling and using a 1031 exchange allows you to defer capital gains taxes by reinvesting the proceeds into like-kind properties. This strategy can be advantageous if you aim to upgrade to more expensive properties with higher growth potential or better cash flow.

When making your decision, consider the risk with your investment choices. Investing in properties with low cash flow may entail higher financial risk.

Let me know If I can help. :)

Quote from @Andrea Eble:

I'm closing on my first investment property next week and am having 2nd thoughts about my strategy moving forward. I was planning to use this property as a rental but am considering flipping it instead. I took out a conventional mortgage and am putting 20% down. The house is going to cost $140,000 and I was planning to put in $10,000 for the rental renovation. With a rental cost of $1900-2000 I would be cash flowing around $400 each month. My question is about moving ahead to be able to finance future rentals. I'm very interested in the BRRRR method and could see this property as a great way to start gaining the capital to get the BRRRR method off the ground. I'm estimating my ARV is around $200,000 on this property. If I flipped this property then planned to flip 2-3 more properties over the next year, I would have enough capital to purchase something with cash. Any thoughts on the direction I should head would be greatly appreciated.

Congrats on that Andrea! Actually my suggestion would be to retain the property as a rental and withdraw your cash through financing. In this approach it appears to generate positive cash flow, which you can replicate in the future. 
But if you decide to flip, it can potentially generate a quick profit in a short period of time and allows investors to have creative freedom in the design and renovation process. 
Ultimately, you must determine your objectives, create a plan that aligns with them, and stick to it. Regardless of the path you choose, it appears that you have established a profitable agreement.

best of luck! but if you still have questions, I would be happy to help. 

Quote from @Kyle Baer:

Hey all,

New to REI here and still learning so much. I'm wondering what tools you guys use to analyze markets. Alot of investors talk about class A, B, and so on neighborhoods but I'm still not sure what makes a neighborhood fall into one of those categories. I don't want to be too much of an ask-hole so I'm just wondering what tools are commonly used to analyze various neighborhoods and markets that I can also use to help me figure where I should invest?

Thanks!

Hello Kyle, welcome to REI. 

I recommend you try and take a look at Columbus, Ohio because it has an affordable market on the east coast with a thriving economy and home.

I would actually consider investing with a bare minimum of 1% rule. This is what I usually look for in grade properties.

This means that the security deposit cannot exceed 1% of the total rent for the rental period. For example, if the monthly rent is $1,000, the maximum security deposit that can be charged for a one-year lease is $1,500 (or 1.5 times the monthly rent).

If you have questions about this, please don't hesitate to reach out to me at anytime. best of luck! ;)