LOOKING TO BUY MULTIFAMILIES IN OUT OF STATE

Member since 2021 · 1 post · 4 votes

I am a real estate investor from Miami looking to buy Mulltifamilies out of state(mainly midwest/ and southeast US). Obviously its been difficult trying to find feasible deals in Florida and that is why I am looking to expand out of state, If anyone knows any good wholesalers and realtors that can help or provide any guidance. I would really appreciate it.

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Joshua Mason

Member since 2022 · 13 posts · 17 votes

@Ryan Santelises You should reach out to rent to retirement. I know some of their new build are sold well below market value that have a lot of equity. A friend of mine who did a new build with them in FL that was all in under $260k and the home is projected to sell above $400k. It would rent out for $2500 a month producing double digit ROI and over $600/month cash flow. Might be worth looking into as those returns are hard to beat from what I have seen so far. @Adam Sieg is another person doing new consruction with them that may be able to expand on the numbers more.

Aside from Florida I know they also have inventory in some of the other areas you are talking about as well. Hope that helps!

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Nick Shri
Rental Property Investor · VA · Member since 2020 · 218 posts · 133 votes
4y
Quote from @Ryan Santelises:

I am a real estate investor from Miami looking to buy Mulltifamilies out of state(mainly midwest/ and southeast US). Obviously its been difficult trying to find feasible deals in Florida and that is why I am looking to expand out of state, If anyone knows any good wholesalers and realtors that can help or provide any guidance. I would really appreciate it.

I invested in Cleveland OH last year using a super-lazy passive strategy, TurnKey. As a noob I didn't understand the complexities, and nuances - I technically didn't buy a Turnkey, it was more of rental resale. I have a duplex in CLE, one thing I would recommend is to look up @James Wise blog - https://www.biggerpockets.com/... if you are considering Cleveland to understand the neighborhoods. I am happy to talk more, just DM me and we can either chat or if you had like I can jump on a quick call to help you out. Good luck to you.
1 Reply
Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
4y
Quote from @Ryan Santelises:

I am a real estate investor from Miami looking to buy Mulltifamilies out of state(mainly midwest/ and southeast US). Obviously its been difficult trying to find feasible deals in Florida and that is why I am looking to expand out of state, If anyone knows any good wholesalers and realtors that can help or provide any guidance. I would really appreciate it.
Hey Ryan,
You should consider investing OOS here in Columbus or Cincinnati. The price to rent ratio makes for great investments. Not to mention our appreciation has been 8% higher then the US national average, because of the high demand for affordable housing.
Intel recently announced that they are moving which is making our market boom even more.

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
4y
Quote from @Ryan Santelises:

I am a real estate investor from Miami looking to buy Mulltifamilies out of state(mainly midwest/ and southeast US). Obviously its been difficult trying to find feasible deals in Florida and that is why I am looking to expand out of state, If anyone knows any good wholesalers and realtors that can help or provide any guidance. I would really appreciate it.

I started purchasing small multifamily in Columbus, Ohio over 4 years ago. The cost of entry is low while the cash flow is high. Columbus is the only Ohio market that has seen rapid growth in jobs and population.
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
Website View Page
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Steve Donovan
Rental Property Investor · Green Bay, WI · Member since 2016 · 150 posts · 94 votes
4y
Greetings @Ryan Santelises I'd love to help you explore turnkey real estate investment opportunities in Wisconsin, where you can still find cash flowing opportunities. Feel free to reach out if you would like to connect. Best of luck in your investment future!
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Aj Parikh
Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
4y
Cleveland and Columbus have a lot of opportunities for duplexes and multifamilies. Definitely recommend the area and turnkey would be like a hack to explore out of state investing. Let me know if you want to connect
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Gagandeep Singh
Investor · Member since 2021 · 7 posts · 9 votes
4y
what are the best neighborhoods to invest in Columbus, OH? I am new to real estate investing and have been seriously considering Columbus, OH for LTR.
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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
4y
Quote from @Gagandeep Singh:

what are the best neighborhoods to invest in Columbus, OH? I am new to real estate investing and have been seriously considering Columbus, OH for LTR.

The best neighborhoods in Columbus to invest in for cash flow are Whitehall, Linden, and Hilltop
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
Website View Page
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Joshua Mason
Member since 2022 · 13 posts · 17 votes
4y
@Ryan Santelises You should reach out to rent to retirement. I know some of their new build are sold well below market value that have a lot of equity. A friend of mine who did a new build with them in FL that was all in under $260k and the home is projected to sell above $400k. It would rent out for $2500 a month producing double digit ROI and over $600/month cash flow. Might be worth looking into as those returns are hard to beat from what I have seen so far. @Adam Sieg is another person doing new consruction with them that may be able to expand on the numbers more.
Aside from Florida I know they also have inventory in some of the other areas you are talking about as well. Hope that helps!
4 Reply
Shane Kelly
Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes
4y
Depends on what your goals are, but I can say that Ohio is a place to check. Cleveland for cashflow-focused properties, Columbus for a mix of cashflow and appreciation.
1 Reply
Lauren Stark
Real Estate Agent · Madison, WI · Member since 2021 · 60 posts · 33 votes
4y
@Ryan Santelises very exciting! If you are looking for equity gains I would consider Madison, WI. Due to many economical advantages the city has, home prices continue to rise and is not slowing down. If you are looking to cashflow I would suggest Janesville, WI and those surrounding areas. Home prices are going up but there are still many great deals to be had if you know the right areas to look. Good luck!
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Brad Brammer
Rental Property Investor · Mansfield/Ashland, OH · Member since 2018 · 2 posts · 0 votes
4y
@Ryan Santelises I have a couple deals listed for sale in Barberton, OH. Message if interested in discussing.
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Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
4y
Do you want value-add MFRs or rent-ready/turnkey?
Do you want 2-4 unit residential MFRs or 5+ commercial MFRs?
What's your price range?

All of those matter in terms of recommendations for areas and properties.
1 Reply
Adam Sieg
Member since 2022 · 48 posts · 119 votes
4y
Quote from @Joshua Mason:

@Ryan Santelises You should reach out to rent to retirement. I know some of their new build are sold well below market value that have a lot of equity. A friend of mine who did a new build with them in FL that was all in under $260k and the home is projected to sell above $400k. It would rent out for $2500 a month producing double digit ROI and over $600/month cash flow. Might be worth looking into as those returns are hard to beat from what I have seen so far. @Adam Sieg is another person doing new consruction with them that may be able to expand on the numbers more.
Aside from Florida I know they also have inventory in some of the other areas you are talking about as well. Hope that helps!

Hey @Ryan Santelises - as @Joshua Mason mentioned we purchased a property through R2R as a new build. We got in early when they were going for $220k initially (but have also bought at the beginning of 2022 when they were near $270k). Last I talked to the broker, they are selling for nearly $420-425k for the specific model we went with. We actually decided to sell the property after long discussion with @zach lemaster based on the equity we would gain. It ended up that we could buy additional properties and cash flow more than the florida property so it made sense for us. I think it is still a great time to purchase in florida and if we had the cash - we would.
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