Advice For an Out of State Investor Buying in Ohio

10 Replies

I've been studying real estate opportunities for a little over a year now. I understand the vocabulary, but I'm looking to dive in. Currently looking for a triplex or small apartment building around the Dayton area in Ohio, preferably closer to Wright Patterson AFB. I am however, open to comparable comps. I am a first time investor and I would be an out of state investor. I know this is a rookie post, but any advice or guidance is greatly appreciated.

Welcome Cameron!  Sounds just like how I got started last year.  Talk to @Roger Smart , he can hook you up with the local MLS and start finding you deals. If you are ever back home, networking at the local BP meetups run by @Darrin Carey is awesome.  

@Charlie Cameron , thanks for the mention! @Cameron Silva , I am a Dayton Local Agent and Investor. I help local and out of state investors purchase and sell profitable properties in the Greater Dayton Area. I would love to have the chance to talk to you. I will send you a direct message with my contact information. I look forward to speaking with you soon. 

Thanks for the compliment @Charlie Cameron

@Cameron Silva The number one, most important thing you have to get right is Property Management. Being out-of-state makes that absolutely critical.

@Cameron Silva I’m working on a 17 units there and it’s a little frustrating how you just are not able to push the rents up.

@Lane Kawaoka  Overall, this is a stable rental market with slow rent increases (lots of supply). I've generally pushed rents up about 5% to 7% from last year, but didn't get much increase for a couple years before that. if I do appearance and energy upgrades I get superior rent for the neighborhood.

The precise location of your building will impact your ability to increase rent.

@Darrin Carey , Thanks for reaching out. I know the safe and common advice is to rent where you know. In my case the California market is a little too hot right now. I chose Dayton for a few reasons, I went to school there so I have some familiarity with the area as well as a network to work with. I believe the city officials and local businesses are heavily promoting growth, i.e. G.E. recently established a facility there, coupled with the track record of being an industrious city. Also, the stability of WPAFB is a nice bonus. Some of my assumptions may be just that, assumptions, but I'd love to learn more from you about the REI climate around the Dayton area.

@Cameron Silva

I’ve worked with oos investors in the past on similar type deals. I have a good working knowledge of the area so if you ever want to chat I’d be happy to help anyway that I can. Good luck and happy hunting in Dayton. I believe this to be a great place to invest 

@Cameron Silva Those are all good reasons to be in Dayton, and they are among the reasons I stay here. It's also why I didn't stay in California.

If you want to chat sometime, PM me, and we'll set up a call.

On large buildings 50 units an above anything over 3% rent increases per year is crazy. I use 2% in a stable growing market.

Are you going through a turnkey company or just looking at deals on the MLS?

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