Looking to purchase our first investment property
Member since 2022 · 8 posts · 6 votes
Looking to purchase our first investment property
Most Popular Reply
Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votessome tips
-start local
-be patient
-don't buy a deal just to buy a deal
-go to all the REIAs - join all the FB groups - go to all the events - talk to all the people
-build your network
-look at lots of properties
-educate yourself on different types of purchases - conventional, DSCR, seller finance, etc.
16 Replies
- Real Estate Agent · Portland, OR · Member since 2020 · 278 posts · 136 votes3y
Congratulations on taking the first step toward achieving your investment goals! Focusing on buy-and-hold properties and networking through REIA groups are great strategies. Keep learning and taking action, and you'll be on your way to financial freedom. If you are looking to do MTRs then I highly recommend looking at https://www.furnishedfinder.co... if you are looking to target business/medical professionals. Hope that helps and reach out if you need anything else!
- Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes3y
Quote from @Kelsie Buth:
Hi all! My husband and I have lived in LV for ~6 years now and are looking to purchase our first investment property. Our overall goal is to achieve stable passive income and develop a long term portfolio that provides us with more financial freedom as well as a long-term retirement plan (that isn't tied to the stock market). Our current planned strategy is to buy-and-hold and we are going to focus our efforts on properties that we can utilize as MTRs or LTRs. We're still learning (a LOT) but are ready to dive in and we're on a mission to close on two properties by the end of 2023. We're absolutely looking to grow our network and have recently joined the local REIA group and plan to attend our first event at the end of May. We'll be as active as possible on here as well. Looking forward to connecting!
If you are open to it then you should check out the Ohio markets. I recommend the major cities in Ohio:
Columbus is great for appreciation, purchase price is a bit higher around $220k for multifamily https://learn.roofstock.com/blog/columbus-oh-real-estate-market
Cincinnati has a mix of cash flow and appreciation, average multifamily around $180k. https://www.noradarealestate.com/blog/cincinnati-real-estate-market/
Cleveland has a lot of cash flow potential, average multifamily is around $140k. https://learn.roofstock.com/blog/cleveland-real-estate-market
There are other smaller markets like Dayton, Akron, and Newark, which we're starting to see a boom due to huge investors and corporations like Intel choosing to set up shop in these kinds of areas.
- 3ySam McCormackBusiness MemberReal Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
Like I am sure you have seen with others, OH is a good place to start. The 3 big C's is what I am sure you have heard as well. I am confident about all 3 of these areas as well. I am in Cincinnati, well known for a mix between cash flow and appreciation, really depends where you invest here. Let me know if you have any questions or are interested in Cincinnati!
Sam McCormack Realtor - Real Estate Agent · Austin, TX · Member since 2022 · 121 posts · 67 votes3y
Quote from @Kelsie Buth:
Hi all! My husband and I have lived in LV for ~6 years now and are looking to purchase our first investment property. Our overall goal is to achieve stable passive income and develop a long term portfolio that provides us with more financial freedom as well as a long-term retirement plan (that isn't tied to the stock market). Our current planned strategy is to buy-and-hold and we are going to focus our efforts on properties that we can utilize as MTRs or LTRs. We're still learning (a LOT) but are ready to dive in and we're on a mission to close on two properties by the end of 2023. We're absolutely looking to grow our network and have recently joined the local REIA group and plan to attend our first event at the end of May. We'll be as active as possible on here as well. Looking forward to connecting!
Look at you go! That's awesome, and you both seem like you're starting out in the right place and doing the right things. Those are great goals and I would encourage you both to focus on your "Whys" of investing, I believe with proper focus, motivation, and willingness to learn and grow will absolutely allow you to achieve your goals! If you are ever interested in Texas, it is a great place to invest... I may be a bit biased but I truly believe that LOL!
- Member since 2022 · 8 posts · 6 votes3y
Quote from @William Sing:
Congratulations on taking the first step toward achieving your investment goals! Focusing on buy-and-hold properties and networking through REIA groups are great strategies. Keep learning and taking action, and you'll be on your way to financial freedom. If you are looking to do MTRs then I highly recommend looking at https://www.furnishedfinder.co... if you are looking to target business/medical professionals. Hope that helps and reach out if you need anything else!
Thanks so much @William Sing! I see you're from PDX - I was born and raised in Oregon City! Looking forward to traveling out there to visit family in just a couple of weeks.
I appreciate the message and resource. We've definitely considered targeting medical professionals and travelling nurses. There seems to be a lot of opportunity to run successful MTRs in general in Vegas across multiple industries. We both work in the healthcare industry as it is too, which is helpful.
- Member since 2022 · 8 posts · 6 votes3y
Quote from @Steven Foster Wilson:
Quote from @Kelsie Buth:
Hi all! My husband and I have lived in LV for ~6 years now and are looking to purchase our first investment property. Our overall goal is to achieve stable passive income and develop a long term portfolio that provides us with more financial freedom as well as a long-term retirement plan (that isn't tied to the stock market). Our current planned strategy is to buy-and-hold and we are going to focus our efforts on properties that we can utilize as MTRs or LTRs. We're still learning (a LOT) but are ready to dive in and we're on a mission to close on two properties by the end of 2023. We're absolutely looking to grow our network and have recently joined the local REIA group and plan to attend our first event at the end of May. We'll be as active as possible on here as well. Looking forward to connecting!
If you are open to it then you should check out the Ohio markets. I recommend the major cities in Ohio:
Columbus is great for appreciation, purchase price is a bit higher around $220k for multifamily https://learn.roofstock.com/blog/columbus-oh-real-estate-market
Cincinnati has a mix of cash flow and appreciation, average multifamily around $180k. https://www.noradarealestate.com/blog/cincinnati-real-estate-market/
Cleveland has a lot of cash flow potential, average multifamily is around $140k. https://learn.roofstock.com/blog/cleveland-real-estate-market
There are other smaller markets like Dayton, Akron, and Newark, which we're starting to see a boom due to huge investors and corporations like Intel choosing to set up shop in these kinds of areas.
Thanks so much for this info @Steven Foster Wilson! Awesome to learn more about the investing environment in OH - it's not an area we've done much research on.
- Member since 2022 · 8 posts · 6 votes3y
Quote from @Sam McCormack:
Like I am sure you have seen with others, OH is a good place to start. The 3 big C's is what I am sure you have heard as well. I am confident about all 3 of these areas as well. I am in Cincinnati, well known for a mix between cash flow and appreciation, really depends where you invest here. Let me know if you have any questions or are interested in Cincinnati!
Thank you, @Sam McCormack, that's great to know!! I appreciate the message.
- Member since 2022 · 8 posts · 6 votes3y
Quote from @Tatum Littleton:
Quote from @Kelsie Buth:
Hi all! My husband and I have lived in LV for ~6 years now and are looking to purchase our first investment property. Our overall goal is to achieve stable passive income and develop a long term portfolio that provides us with more financial freedom as well as a long-term retirement plan (that isn't tied to the stock market). Our current planned strategy is to buy-and-hold and we are going to focus our efforts on properties that we can utilize as MTRs or LTRs. We're still learning (a LOT) but are ready to dive in and we're on a mission to close on two properties by the end of 2023. We're absolutely looking to grow our network and have recently joined the local REIA group and plan to attend our first event at the end of May. We'll be as active as possible on here as well. Looking forward to connecting!
Look at you go! That's awesome, and you both seem like you're starting out in the right place and doing the right things. Those are great goals and I would encourage you both to focus on your "Whys" of investing, I believe with proper focus, motivation, and willingness to learn and grow will absolutely allow you to achieve your goals! If you are ever interested in Texas, it is a great place to invest... I may be a bit biased but I truly believe that LOL!
Thank you for the kind words @Tatum Littleton! Totally agree with you - we've been extremely focused on our "why" and are practicing gratitude & discipline daily as we dive in.
Although we are currently focusing our efforts on the Las Vegas valley, we have done some research on Conroe - are you familiar with the market in that area?
- Real Estate Agent · Las Vegas, NV · Member since 2020 · 459 posts · 305 votes3y
MTRs in Las Vegas have done well. We have the small hospitals around the city, as you know. We also have casino employees who move to town and need a place to stay. There are also opportunities for higher rents for working around the schedule of a new home build.
Plenty of ways and ideas to increase rent above LTR prices.
- 3yNicholas L.Pro MemberFlipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
some tips
-start local
-be patient
-don't buy a deal just to buy a deal
-go to all the REIAs - join all the FB groups - go to all the events - talk to all the people
-build your network
-look at lots of properties
-educate yourself on different types of purchases - conventional, DSCR, seller finance, etc.
- Rental Property Investor · KY · Member since 2023 · 5 posts · 5 votes3y
I agree with @Nicholas L.
Make sure you don’t rush and have patience for the right deal. After you run a property analysis you can always have some more eyes on it because honestly the more the better. You never know what someone else might see that you aren’t. Good luck I think your going to do great! - Real Estate Agent · Austin, TX · Member since 2022 · 121 posts · 67 votes3y
Quote from @Kelsie Buth:
Quote from @Tatum Littleton:
Quote from @Kelsie Buth:
Hi all! My husband and I have lived in LV for ~6 years now and are looking to purchase our first investment property. Our overall goal is to achieve stable passive income and develop a long term portfolio that provides us with more financial freedom as well as a long-term retirement plan (that isn't tied to the stock market). Our current planned strategy is to buy-and-hold and we are going to focus our efforts on properties that we can utilize as MTRs or LTRs. We're still learning (a LOT) but are ready to dive in and we're on a mission to close on two properties by the end of 2023. We're absolutely looking to grow our network and have recently joined the local REIA group and plan to attend our first event at the end of May. We'll be as active as possible on here as well. Looking forward to connecting!
Look at you go! That's awesome, and you both seem like you're starting out in the right place and doing the right things. Those are great goals and I would encourage you both to focus on your "Whys" of investing, I believe with proper focus, motivation, and willingness to learn and grow will absolutely allow you to achieve your goals! If you are ever interested in Texas, it is a great place to invest... I may be a bit biased but I truly believe that LOL!
Thank you for the kind words @Tatum Littleton! Totally agree with you - we've been extremely focused on our "why" and are practicing gratitude & discipline daily as we dive in.
Although we are currently focusing our efforts on the Las Vegas valley, we have done some research on Conroe - are you familiar with the market in that area?
Right on, that's great! I understand investing where you are most familiar. I am somewhat familiar with Conroe however I mainly know Austin and the surrounding areas as well as Bryan/College Station.
- Member since 2022 · 8 posts · 6 votes3y
Quote from @Nicholas L.:
some tips
-start local
-be patient
-don't buy a deal just to buy a deal
-go to all the REIAs - join all the FB groups - go to all the events - talk to all the people
-build your network
-look at lots of properties
-educate yourself on different types of purchases - conventional, DSCR, seller finance, etc.
This is awesome!! Doing our best to do all of the above, especially learning more about creative financing strategies. Currently driving neighborhoods and looking at as many properties as we can right now to build a lead list and learn more about different neighborhoods in our area. Going to practice running analyses on a bunch of them this week including on our own home to get more comfy with the process. We plan to use out own property as a rental in the future too, when it makes sense. It should do well provided it's location and 2.95% locked in rate.
- Member since 2022 · 8 posts · 6 votes3y
Quote from @Jonathon Howell:
I agree with @Nicholas L.
Make sure you don’t rush and have patience for the right deal. After you run a property analysis you can always have some more eyes on it because honestly the more the better. You never know what someone else might see that you aren’t. Good luck I think your going to do great!Thank you for that advice & encouragement, @Jonathon Howell I agree completely with you both! This week is going to be heavy with property analysis practice on leads that we've identified so far. I'm planning to throw one or two in here in the forum to learn what others might pick up on that I missed.
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