Taking the leap...What cities are good to start in?

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Taking the leap...What cities are good to start in?

Ronald Coriolan
Real Estate Agent · New York City · Member since 2019 · 2 posts · 5 votes

Hi everyone, 


I'm looking to jump into purchasing my first rental property. The only thing I'm kind of over the place about is location. Does anyone have any recommendations as to some suggestions of any markets where one is able to get in? I'm mindful that there is more demand out there than supply but I'm hopeful that something is available somewhere out there. 

Any information one is able to provide would be greatly appreciated. 

Thanks in advance 


Best, 

Ron


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Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
6y
Originally posted by @Ronald Coriolan:

Hi everyone, 


I'm looking to jump into purchasing my first rental property. The only thing I'm kind of over the place about is location. Does anyone have any recommendations as to some suggestions of any markets where one is able to get in? I'm mindful that there is more demand out there than supply but I'm hopeful that something is available somewhere out there. 

Any information one is able to provide would be greatly appreciated. 

Thanks in advance 


Best, 

Ron


Congrats on making the leap! I live and invest in Columbus Oh and its been great so far! Great appreciation & Cash flow, and alot of large companies have started setting up shop here.

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  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    6y
    Originally posted by @Ronald Coriolan:

    Hi everyone, 


    I'm looking to jump into purchasing my first rental property. The only thing I'm kind of over the place about is location. Does anyone have any recommendations as to some suggestions of any markets where one is able to get in? I'm mindful that there is more demand out there than supply but I'm hopeful that something is available somewhere out there. 

    Any information one is able to provide would be greatly appreciated. 

    Thanks in advance 


    Best, 

    Ron


    Congrats on making the leap! I live and invest in Columbus Oh and its been great so far! Great appreciation & Cash flow, and alot of large companies have started setting up shop here.

    5Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Ronald Coriolan:

    Hi everyone, 


    I'm looking to jump into purchasing my first rental property. The only thing I'm kind of over the place about is location. Does anyone have any recommendations as to some suggestions of any markets where one is able to get in? I'm mindful that there is more demand out there than supply but I'm hopeful that something is available somewhere out there. 

    Any information one is able to provide would be greatly appreciated. 

    Thanks in advance 


    Best, 

    Ron


     I would recommend looking into Columbus, Ohio

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    1Reply
  • Adam Rothweiler
    Denver, CO · Member since 2016 · 78 posts · 14 votes
    6y

    Anyone have opinions on Dayton?  Off-Market portfolio just came to me in the Wilmington area (I live in Denver, CO) and I'm not sure of the market.  Any insights?  Obviously Columbus is the dominant market right now, just looking to know more about Dayton.  Thanks in advance!

    1Reply
  • Paul Gimmarro
    Real Estate Agent · Kansas City, MO · Member since 2019 · 23 posts · 10 votes
    6y

    @Ronald Coriolan Look into Kansas City, it’s had cash flow and steady appreciation for years. I’d be happy to answer some of your questions on the area!

    0Reply
  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    6y

    Check out Columbus Ohio. Still affordable while at the same time booming.

    2Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    That's great @Ronald Coriolan, I would agree that Columbus, OH would be a good place to look!

    2Reply
  • Nate Sanow
    I​nvestor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    @Ronald Coriolan

    I am sure you’re asking in part because your major city is harder for entry level investors to afford etc. I recall at least 1-2 BP episodes where investors did well in upstate New York. Before you go out of state, that could be an option.

    I am sure everyone saying Columbus has a good reason to say so however! I have thought of making Ohio my second state at some point with all the good things I hear.

    Is your primary goal for cash flow or appreciation? Brrrr or traditional buy and hold? Here in Tulsa and even Oklahoma City we don’t usually get rapid appreciation but we are full of affordable housing and decent cash flow. I am here for a conversation if you’re interested.

    1Reply
  • Jack LuzeckyPro Member
    Property Manager · Saint Louis, MO · Member since 2017 · 76 posts · 56 votes
    6y

    @Ronald Coriolan St. Louis, MO is a great market for both cash flow and appreciation, while also having a lower barrier of entry compared to most markets in the United States. St. Louis is home to all types of real estate and neighborhood classes. But, just like many other metropolitan areas, neighborhoods can change drastically after hopping a block or two over in the wrong direction. Whichever market you choose to begin your real estate investing career, be sure to connect with local property managers, realtors, and contractors to get a good lay of the land. 

    0Reply
  • Nathan FisherBusiness Member
    Property Manager · Cleveland, OH · Member since 2020 · 312 posts · 265 votes
    6y

    Don't Sleep on Cleveland. Columbus is great for flipping, but Cleveland offers the best cap rates. I've got a lot of investors from NYC. Straight shot on I 80 from NYC. Very Cheap to get your first property. 

    [email protected]216-245-2901
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    4Reply
  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    6y
    Originally posted by @Nate Sanow:

    @Ronald Coriolan

    I am sure you’re asking in part because your major city is harder for entry level investors to afford etc. I recall at least 1-2 BP episodes where investors did well in upstate New York. Before you go out of state, that could be an option.

    I am sure everyone saying Columbus has a good reason to say so however! I have thought of making Ohio my second state at some point with all the good things I hear.

    Is your primary goal for cash flow or appreciation? Brrrr or traditional buy and hold? Here in Tulsa and even Oklahoma City we don’t usually get rapid appreciation but we are full of affordable housing and decent cash flow. I am here for a conversation if you’re interested.

     OK is my 2nd state hehe

    0Reply
  • Nate Sanow
    I​nvestor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    @Account Closed  nice!  

    1Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    6y

    The one your live in and within 30minutes drive time if possible.  

    0Reply
  • Forrest Faulconer
    Real Estate Agent · Oklahoma City, OK · Member since 2020 · 471 posts · 462 votes
    6y

    Hey @Ronald Coriolan, thanks for you post! I too come from more expensive markets (Oregon, Colorado), but have found myself living in Oklahoma City starting my real estate and investing career. Like much of the midwest, the market is more resistant to down-turns and fairly linear. That means a great place for long-term buy and hold and some flipping in key neighborhoods. I am familiar with what this area can offer in terms of cash-flow, appreciation, etc. it just depends on what your goals are. I am here if you have any questions!

    Forrest

    0Reply
  • Will Fraser
    Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
    6y

    Well, I like to focus on the trees, not just the Forrest.  OKC is stinky.  Stay away.  It's nasty here.

    Whatever you need to read to take all the buyers to Ohio! 

    I joke, but for real . . . I just put in an offer for a client on a house listed at 1.5x what it would have sold for 5 months ago and it got 19 offers!  Full price, cash, closing in 10 days didn't get it done.  Woof!

    1Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    @Ronald Coriolan

    I’d look in your backyard where you have connections and an edge before you expand to other markets. You’d be surprised how many good markets are probably within 1 hr of your home.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
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    2Reply
  • Krystal MaldonadoPro Member
    Investor · Indianapolis, IN · Member since 2020 · 19 posts · 11 votes
    6y

    @Ronald Coriolan I would go listen to episode 402 of biggerpockets. They just gave a step guide on how to do this exact thing based on you. It depends on what your goal is (do you want to retire early, are you just looking for extra streams of income, etc) and then working out and they give great examples and highlight some markets.

    0Reply
  • Kevin Freeman
    Rental Property Investor · Montgomery, AL · Member since 2020 · 29 posts · 18 votes
    6y

    @Ronald Coriolan montgomery,al

    0Reply
  • Noah Chappell
    Investor · Minneapolis, MN · Member since 2016 · 254 posts · 228 votes
    6y

    @Ronald Coriolan I'd definitely look at finding a great city over going for cash flow, given over the medium to long term in the mid west the cash flow will likely come, but you can never change the location. Look at a city with strong growth potential, possibly a secondary market benefiting from the current exodus out of large metros, diverse economy that's strong in multiple sectors, travel there and makes sure it's got a good feel. Midwestern cities seem to be patchy.. go a few blocks in any direction and you could be in trouble, so important to experience the area first hand. Some cities that come to mind are of course Columbus, Milwaukee, some parts of Chicago or near Chicago on the Indiana side, Twin Cities of MN to which I'm partial though admit can be pricey, etc, etc. I heard Des Moines could be good. On the East Coast Baltimore and Philadelphia could be good. Even Detroit is looking up somewhat.. If you think and it's obvious the city will never go away, then you'll probably have success if you buy at a good price and in a decent area. 

    1Reply
  • Darson GranthamBusiness Member
    Realtor · Des Moines · Member since 2018 · 304 posts · 253 votes
    6y

    As an investor-friendly realtor and fellow investor myself, I'm a bit partial to the Des Moines metro market and happy to share what on market MLS deals look like from SFH, Duplex, small multi and up to 20 unit multis.

    Currently, I'm not aware of any hedge funds buying in the area but is getting a fair amount of OOS eyeballs just due to the stability and cash flow numbers. 

    Doesn't cashflow like some of the other mentioned cities, but if you have a local on the ground, you can find some deals around. 

    Happy to jump on a call and answer any questions you may have.

    [email protected]515-612-6013
    0Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    6y

    I know I'm probably beating a dead horse at this point but check out Columbus, OH one of the best markets in the USA

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
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    0Reply
  • Doug Spence
    Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
    6y

    Make sure you look at population growth statistics, to what degree the local government is investing in the infrastructure (businesses, community centers, parks, roads, etc), and if the government is more landlord or renter friendly!

    0Reply
  • Chris Freeburg
    Real Estate Agent · Denver, CO · Member since 2017 · 145 posts · 99 votes
    6y

    @Adam Rothweiler I wouldn't look past Denver:

     4 of the top 5 cities in the most recent US News 25 Best Places to Live in are in Colorado:

    1. Boulder

    2. Denver

    4. Colorado Springs

    5. Ft. Collins

    https://realestate.usnews.com/...

    0Reply
  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    6y

    @Ronald Coriolan in addition to cash flow, look for strong economic and demographic trends. Look for markets with growing populations, growing jobs and modern, diverse economies and industries. Personally, I like Indianapolis and Kansas City. We've been helping investors in those markets for 10 years with a lot of success. Feel free to contact me if you'd like some insight on either market.

    0Reply
  • Ronald Coriolan
    OP
    Real Estate Agent · New York City · Member since 2019 · 2 posts · 5 votes
    5y

    Thank you all for contributing your insight. I'm grateful for the help as it's providing me with direction. I def will be looking to Columbus, OH to start. I wouldn't mind coming to visit to get some sense of the city. Is there any particular area that would be a place of focus anyone would be able to recommend?

    Although prices in New York City have dropped, it's still high. Outside of the NYC option would be focusing on Places in New York State honestly would rather locations in the midwest as that's where I grew up and know the sense of the culture to weather many storms. 

    0Reply
  • Cory Cox
    Property Manager · Conway, AR · Member since 2020 · 29 posts · 4 votes
    5y

    @Ronald Coriolan - What are your goals?  

    I'm in the Central AR area and we have nice cash flow here but the appreciation just isn't the best.  If you are looking for appreciation in the state, I would look more NW AR near Fayetteville.  Walmart area up there is booming right now.

    Good luck!

    1Reply
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