Buy Box Complete now what?

Question

Really looking forward to guidance for next steps. After discussing with my we have agreed on what we think is the correct buy box for us. Now what I see is the next step would be select the market. This is where I seem to struggle. Totally open to out of state investing. I currently live in Winchester, Va region (BP doesn't have that as an option in the drop down) but open to investing in WV, PA, MD, and Ohio. Reading the books and listening to the podcasts makes it seem easy to identify the market. Looking to learn from experienced investors on how they track each market once identified, along with selecting the primary markets to invest in.

Any and all help is greatly appreciated!!

Remington Lyman · Answer

Ohio and West Virginia will be the cheaper options

Min Zhang · Answer

Hey Scott! Since you already have your buy box in place, you can narrow down your market based on your budget. For example, when I was in the same position, I knew I wanted to buy a duplex, and my budget was around $250k. So, I focused on markets where I could actually find properties within that price range. It helped me avoid wasting time on areas that were too expensive or not a good fit.

I also recommend to look for markets with strong, diverse economies and job growth. I found that cities with expanding industries tend to have a steady demand for rentals and potential for property appreciation down the road. Wishing you the best on your investment journey!

Gregory Schwartz · Answer

if you share your buy box with us, we'll have a better point of reference to help point out the market. Are you looking for retirement in 10 years and an appreciating market or are you looking for a cash flow now maybe a short term rental or inexpensive cash flow market

Sam McCormack · Answer

Hey Scott. It just depends on your buy box itself and your primary goal of REI. If you can stay closer to your current location, that is probably best because you know it. But if your boy box doesn't allow that, then build a trusted team OOS. Easier said than done of course. Let me know if I can help anymore

Nicholas L. · Answer

@Scott Costello

stay local.  immediately local if possible, within 1-2 hours if not.  no reason to go further away than that - just makes it harder to get started and makes you more reliant on your team, which is harder when you're starting out.

Ben Fernandez · Answer

You are on track! Great job!

Using zip code analysis is a good way to identify the micro market once you know the metro you want to invest in.

I'm a licensed PA realtor and investor and would be happy to assist in finding deals or helping you critique potential markets. (717)945-7040

Jimmy Lieu · Answer

Hi Scott! Next step is working with a great investor agent who specializes in working with out of state clients! Your realtor should be the backbone of your business and be able to help with sending you personalized deal flow, building the rest of your real estate team (PMs, GCs, lenders, etc), showing you the good/bad neighborhoods, developing scope of work and estimating renovations, and so much more! Additionally, they should have access to on-market, off-market, and pocket listing investment deals just for you! After you find a great realtor, I do recommend getting pre-approved asap so you can be qualified for financing and know exactly how much you can afford for a property. Then the last step is finding the right investment property that meets your buying criteria! With that being said, I would recommend taking a look at Columbus Ohio - you can still find the 1% rule and amazing appreciation here! There's so much population, job growth, and companies moving and developing here (Intel, FB, Google, Microsoft, Honda, LG, Anduril, etc). Happy to connect and answer any questions you have!

Patrick Drury · Answer

@Scott CostelloYou need to narrow in more on the markets in those states not just the states themselves. In ohio alone you could be looking at Columbus, Cleveland or Cincinnati. You could also look at more tertiary markets like Akron, Dayton, and Toledo if you want more cashflow

Samuel Diouf · Answer

In Ohio, Columbus is popular for appreciation, while investors are attracted to Cleveland for the great cash-flow.

Buy Box Complete now what?

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