Hello BPers,
Newbie here ;-) Lot of info and research to be done here.. I have been studying lot of articles and forums to choose my first rental investment.. Not to mention watching all the success stories and podcast videos.. Thanks for the great community and people in here..
I know there are lot of topics on this already and gone through ton of them.. But wanted to reach out for specific guidance for my situation..
I am in Reno, NV a great rental area for sure, but the market is way too pricey to get even the .5% not even close for 1-2% rule.. I explored house hacks, but the units won't yield rent as expected, due to the prices are in millions for MFH and the Duplexes are easily 500-700k..
Only option I am seriously considering is a condo for about $120k(1B 1B) or so which can rent up to $1k. With HOA being close to $200, the net would be close to $100-$150 considering some % for vacancy and repairs. I don't see an option for SFH or BRRRR here..
Having said that, I am still trying to do an OOS investment in OH/AL and doing lot of research as the prices are reasonable and reasonably less risk.
Goals: Long term hold, Rental income as alternate for long term, Why keep money sitting in the bank yielding nothing.
Have a decent paying IT job with ready to put down down payment for 3-4 properties. Own a SFH in Reno (have $100k equity for HELOC, if required). Willing to take risks, but I not easy to give up.
Considering OOS, looking for good low priced turn key properties that can yield above 1% rule cash-flow.
I am looking for some kind of recommendations on the areas as Youngstown sounds really interesting, but some people mention that the areas are really bad. The crime report online shows red zone for whole Youngstown and not sure if there are good neighborhoods that can be considered.
When I looked at Columbus, not of good options for Turn-key (either way too priced or not good). Looked at Cleveland but need some more research as there are lot of red zone too.
I don't see much opportunities in AL Bur/Huntsville/Madison does not look like 1% but might be rookie mistake.
What do you guys recommend for my situation? Youngstown/Dayton/Toledo/Cleveland? Or AL (prop tax seems less which might benefit in long run)?
Most importantly, willing to consider the BRRRR, if I get some good referrals for realtor and can connect with people and explore more.
:-)
