Investing in the midwest

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Investing in the midwest

Courtnye Nicole
Chicago, IL · Member since 2019 · 36 posts · 13 votes

Hi all, Im fairly new to investing although i’ve been reading/watching podcasts for a while. I became a landlord by default when i inherited property but am looking to expand. I have been looking at Detroit but have also been heavily discouraged and told not to start there by many people...But, I’m currently in the midwest and wanted your opinion on where a good place for a newbie would be to begin?

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Aaron DiCaprio
Rental Property Investor · Philadelphia, PA · Member since 2019 · 89 posts · 27 votes
7y

Hi Courtnye,

My wife and I became accidental landlords several years ago.  We were in Denver and that market wasn't booming like it is now.  Owning investment properties can be lucrative if done the right way.  Joining Bigger Pockets is a good start as the community here is very insightful.

With respect to location, you might want to look into Cleveland, Columbus and Dayton.  I heard good things about those areas...others may disagree but doesn't hurt to do some homework.

Here's a map that shows which states in the US are either tenant or landlord friendly: 
https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters/.  It can help you choose where you want to invest.

At some point, you may want to consider buying rent default insurance.  That coverage will reimburse you a portion of your lost rent and legal expenses when a tenant defaults.  And it's tax deductible.

That's my 2 cents.

Good luck,

Aaron

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  • Courtnye Nicole
    OP
    Chicago, IL · Member since 2019 · 36 posts · 13 votes
    6y

    @Marc Hanson that’s so true i really hadn’t considered it from that perspective!

    0Reply
  • Jill F.
    Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
    6y

    @Courtnye Nicole lol you should start getting messages now. Send me your email and I'll send it to the owner of the one that does Indiana props

    1Reply
  • Courtnye Nicole
    OP
    Chicago, IL · Member since 2019 · 36 posts · 13 votes
    6y

    @Crystal Smith thank you, I will continue looking in my area as well, it’s just i find the taxes to be astronomical compared to some other places!

    0Reply
  • Courtnye Nicole
    OP
    Chicago, IL · Member since 2019 · 36 posts · 13 votes
    6y

    @Jill F. lol okay will do

    0Reply
  • Courtnye Nicole
    OP
    Chicago, IL · Member since 2019 · 36 posts · 13 votes
    6y

    @Scot Howat thank you, I’m definitely leaning that way to start

    0Reply
  • Tate Fackrell
    Sacramento, CA · Member since 2013 · 6 posts · 3 votes
    6y

    Hey there @Mark Dreher! I noticed your post about having rentals in Ohio but living in California. I live in California as well and because of the way the California housing market is I have been highly considering buying some properties in the Midwest, specifically in Ohio. What would you recommend to get started if I wanted to pay cash for a property or two? Also the ROI seems to be pretty good out there! I would love to hear how you got started and why you chose Ohio. Do you manage the properties on your own?

    Thanks,

    Tate F.

    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Tate Fackrell:

    Hey there @Mark Dreher! I noticed your post about having rentals in Ohio but living in California. I live in California as well and because of the way the California housing market is I have been highly considering buying some properties in the Midwest, specifically in Ohio. What would you recommend to get started if I wanted to pay cash for a property or two? Also the ROI seems to be pretty good out there! I would love to hear how you got started and why you chose Ohio. Do you manage the properties on your own?

    Thanks,

    Tate F.

    Which market are you looking at? Here in Columbus prices vary drastically depending on the neighborhood and asset type you are going after 

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Twana RasoulBusiness Member
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    6y

    @Courtnye Nicole A great fictional character once said, "there's no place like home".  Definitely should start in your area or nearby.

    Best of luck!

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