All Forum Posts by: Sino U.

@Sino U.  FYI - Philly and PA are not the same when it comes to L-T regulations. Philly has its own unique regulations that make it one of the most tenant friendly markets I know of. If you understand the laws, know how to be landlord from A to Z, and work in decent markets, you will be fine. If you enter it naively without fully understanding the business and the requirements, you can get hurt badly. I run the Philadelphia Landlords Connect group on FB, and we have constant discussions between seasoned landlords and newbies that got caught with their pants down. So do not get into it without learning what you need to know -- it is not an intuitive business. Suburbs are easier -- but each locale will have its own requirements and quirks. And multifamily as opposed to SF will always have the additional challenges of playing foster parent to tenants - managing conflicts, etc.   

 Hi Sino, 

Great questions to being with. You are asking the right questions. First I would recommend read as many books as you can. Investors summarize their whole life in 200-300 pages. This is how I got my start. 

Out of state investments are going to be key to building generational wealth and cashflow. States like NY, NJ, Cali, FL, NV are not idea for in-state investments anymore. The midwest has become a popular hub for investors to build wealth in today's time. 

I would like into Ohio. Columbus has seen major growth over the last few years. Major tech companies like Intel, Amazon, Google, and smaller startups are taking place there. 

Buy in turning areas with economic bases. 

Good luck!

@Sino U. it's hard to beat all the potential happening in Detroit right now!

https://michiganchronicle.com/2024/01/03/major-developments-that-will-define-detroit-in-2024/

 Are you putting 50k down? or is your total budget 50k? If you're planning on putting 50k down, there are plenty of opportunities here in the Columbus, Ohio market for multi-family units. 

@David Fals I'm in the same boat! I purchased a condo in 2020 in NJ and now I'm looking to grow my portfolio with out of state investments for the same reasons outlined on this thread. 

@Sino U. My research is leading me to PA or OH for my next property because I can get more bang for my buck. Moreso PA because I want to be driving distance since this will strictly be an investment property. I'm happy to share PA contacts that have helped me on my journey.

 The thing about CLE is it's tough to get your way out of an area that the average house is 110k-120k. it's been that way for a long time. when you are in a stronger market with a diversity of housing in the 80k range to 500k range it's much easier to look at a lot more deals and make the numbers work. if you bought wrong on a house that's 80 years old in Cleveland you'll be out of your money and equity and any cash flow in one minute. appreciation and cash flow are both significant. I'm in Columbus which is a lot stronger of a market and it does a lot better from a cash flow and appreciation potential and you can make deals work. I work within a little bit more sophisticated realm of new construction where I control the size of units, finishes, height, etc. We design everything from scratch which gives us the ultimate control New construction also appraises at a 20% premium or more in some areas compared to existing housing stock and isn't compared to older style homes. we could invest in the same zip code but my numbers are much better because I'm buying raw land at low prices and selling at the highest price and have the highest spread. if it's a strategy you want to look at I'd be happy to talk but I'd never build in Cleveland because of those reasons and the same reason I'd never personally invest there. I have a client who bought a double 3 years ago for 160 it's worth 320k today in a fast appreciating submarket. new construction right now in our market is going up by 8.65% per year annualized over the past 3 years. faster than existing housing as well it's unbelievable. after 10 years in the industry I'd never go back to buying, flipping or investing in existing housing and it's why developers make the most money of anyone. they have the most control 

@Sino U. - I did one flip in Philadelphia and never again.  Not landlord or rehabber friendly.  I'm closing in on 200 rentals in Philly suburbs (Bucks, Montgomery and Berks).  I've done a bunch of flips as well.  I'm a big fan of the suburbs.  They've treated me very well over the past 10 years.  Happy to answer any questions on getting started.

@Ly Nguyen
The Columbus market is a solid market to be looking into in Ohio. I got started with my first rental which was a single-family rental. Single-family rentals are a great way to get started in real estate. It's cheaper than multi-family and you have 1 tenant which is nice. There are already a lot of forums on the subject of multi-family vs Single-family so you can check those out if you are curious.

Hey my friend, I help people invest in the Philly suburbs if you want to connect!  I am delco, montco, Chester county and Northern Delaware.

Hi Sino, I am an investor, rehabber and mortgage broker in the Philadelphia area. The City of Philadelphia is not landlord friendly. It is also very difficult to navigate the Licensing and Permit offices. I prefer the surrounding counties many of whom are more landlord friendly and have more reasonable Licensing and Inspection. I buy in Delaware County and I would be glad to share my investing experiences over the last 30 years in the greater Philadelphia area.