Ready to start my portfolio

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Ready to start my portfolio

Waneeshe De Hughes
Rental Property Investor · Moreno Valley, CA · Member since 2022 · 11 posts · 18 votes

Greetings All

I’m ready to start my portfolio with rental properties. I currently reside in California, so I’m I interested in oos investing. 

I’ve been looking in Austin TX, Cleveland OH and Detroit MI. What other cities do you recommend for cash flow. I’m only interested in multi family properties.

Ready to build my team, but unsure where to start.

Plans are  to purchase 2 duplex or 1 quadplex in the next 30 days.

Any advice or words of encouragement are greatly appreciated.

Thanks!

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Edward Adams
Investor · Houston, TX · Member since 2020 · 111 posts · 64 votes
3y

Congratulations on starting your real estate investing journey! As for other cities to consider for cash flow, some popular ones include:

- Indianapolis, IN

- Kansas City, MO/KS

- Birmingham, AL

- Memphis, TN

- Atlanta, GA

- Jacksonville, FL

- Columbus, OH

It's important to thoroughly research any city you're interested in to make sure it has strong economic fundamentals and a stable rental market. Networking and building a team is also key to success in real estate investing. You may want to connect with local real estate agents, property managers, and other investors in the cities you're considering. Best of luck to you!

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  • Mackaylee BeachPro Member
    Real Estate Agent · Kansas City, MO · Member since 2020 · 1k+ posts · 492 votes
    3y

    Hey Waneeshe,

    I'd love to connect and discuss available properties in Kansas City.

    [email protected]
    1Reply
  • Najma Osman
    Real Estate Agent · Columbus, OH · Member since 2023 · 161 posts · 217 votes
    3y

    Hi @Waneeshe De Hughes

    I would start with finding a RE agent in those markets. An investor-friendly agent can definitely be an asset for an oos investor by giving them experienced insight into the market's neighborhoods and providing them with important resources like good contractors and off-market deals. 

    If you're looking for the best cities for cash flow, take a look at this link... https://www.biggerpockets.com/...

    1Reply
  • Carlos Valencia
    Lender · 92703 · Member since 2022 · 326 posts · 538 votes
    3y

    Congratulations Waneeshe on taking the next step to begin your RE investing journey. First thing I recommend is to look for a lender thats also and investor to provide you with a high level consult and help you get started on the right foot. How do you exactly plan on attaining 2 duplexes or one quadplex? How to set your self up so you can continue to repeat the process with the least resistance as possible when buying your next property? Those are just some things to think about if your trying to grow your portfolio in a good timely manner. Happy to connect to learn more about your scenario. 

    @Albert Bui @Matthew Kwan

    2Reply
  • Scott AllenBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 449 posts · 471 votes
    3y

    @Waneeshe De Hughes Cleveland, OH is solid for cashflow. Columbus, OH if you want to spend a little more but have more stability/long-term growth. 

    [email protected]614-698-1227
    Reafco - Columbus, OH
    WebsiteView Page
    1Reply
  • Simon Ashbaugh
    Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes
    3y
    Quote from @Waneeshe De Hughes:

    Greetings All

    I’m ready to start my portfolio with rental properties. I currently reside in California, so I’m I interested in oos investing. 

    I’ve been looking in Austin TX, Cleveland OH and Detroit MI. What other cities do you recommend for cash flow. I’m only interested in multi family properties.

    Ready to build my team, but unsure where to start.

    Plans are  to purchase 2 duplex or 1 quadplex in the next 30 days.

    Any advice or words of encouragement are greatly appreciated.

    Thanks!


     I recommend reading this https://www.biggerpockets.com/... article on OOS investing. It talks about the importance of building your core 4. I think a good realtor should be able to provide you with the other 3 on there! Id be happy to send you a list of my contacts in cleveland



    0Reply
  • Vicki X.Pro Member
    Investor · Member since 2022 · 186 posts · 155 votes
    3y

    @Waneeshe De Hughes

    Here are the major considerations in evaluating different markets:

    • Your budget: are you looking to buy under $200K, $200-300K, $300-500K or higher? It can help you create a short list

    • Population growth, employment growth, wage growth, composition of business types are the most important factors in the health of the market. There are many analysis, charts out there. Specifically. places where the millennials are attracted to are interesting as they are becoming the biggest renter and homebuyer group

      (Note: Be careful with 'historical' data. The top growing markets in the last 2 years are unlikely the most sound choices. Good examples are Austin and Vegas. Try to add the futuristic lenses into your analysis whenever you can. In the ideal case, there be a "new California" emerging somewhere in the next 10 years. But to be frank, CA's trajectory is impossible to replicate as working remote has become more prevalent, companies more “decentralized”, and more people think about not just professions, but also lifestyles these days).

    • Are you able to find trustworthy realtors/PMs or even service providers? Do not get into a market before you know whom to work with. Many investors interview many to find the best one. In my case, I started in the Houston area as my friend had very good recommendations for me. So use your network to get more ideas!

    • Run the numbers to understand the cash flow, and pay attention to the major cost such as the effective property tax rates. It typically range from 0.5%-2%+

    • Rental regulations as some States are more friendly to renters while some more friendly to investors

    • Distance to you. If you find a good area 2-5 hours drive from you, it’ll be easier to meet your team and check out the properties in person

    • Certain hazards or costs that you want to avoid. Drought, flooding, snowstorms, tornados, just to name a few

    Some other considerations:

    • Form an opinion about where you'd like to live in the future, and factor that in. Even if you work with PMs, being close to your properties will still be a plus.
    • Also decide whether cash flow is most important for you, or good enough cash flow with less hassle, higher quality tenants, or even appreciation potential. That will determine the type of properties and the price range you want to focus on.

      Hope it helps!
    1Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    3y
    Quote from @Waneeshe De Hughes:

    Greetings All

    I’m ready to start my portfolio with rental properties. I currently reside in California, so I’m I interested in oos investing. 

    I’ve been looking in Austin TX, Cleveland OH and Detroit MI. What other cities do you recommend for cash flow. I’m only interested in multi family properties.

    Ready to build my team, but unsure where to start.

    Plans are  to purchase 2 duplex or 1 quadplex in the next 30 days.

    Any advice or words of encouragement are greatly appreciated.

    Thanks!


     Cleveland is a solid cash flow market, just be careful in some of the worse areas where entire streets are empty.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    1Reply
  • Sharona Barbara
    Member since 2023 · 3 posts · 1 vote
    2y

    Hello

    I'm also new to BP but I'm not definitely a new real estate investor. I live in Florida but I can still invest in condos in Phoenix and Miami and Greenwood.

    Here you can only follow personal advice, not brokers, because everyone wants to make money instead of giving you good advice. If you are also interested in out-of-state investing then find me.

    1Reply
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