Out of State Rental Property

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Out of State Rental Property

Mike Oz
Member since 2021 · 1 post · 2 votes

I'm a 21 year old college student who lives in New York. I have about $25,000 to invest but home prices in New York exceed my budget. Therefore, I am searching for potential rental properties that can bring in some cash flow in Ohio, where home prices are significantly cheaper than New York. An average 3 bedroom 1-2 bathroom single family house in the city I'm looking in Ohio rents out for $800-$950. These sorts of houses over there usually cost between $60,000-$80,000. I also know an investor in the area who is willing to help me buy and manage the house. 

Does this sound like a good plan? Any advice will be much appreciated. Thank you!

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Zeke Liston
Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
5y
Originally posted by @Mike Oz:

I'm a 21 year old college student who lives in New York. I have about $25,000 to invest but home prices in New York exceed my budget. Therefore, I am searching for potential rental properties that can bring in some cash flow in Ohio, where home prices are significantly cheaper than New York. An average 3 bedroom 1-2 bathroom single family house in the city I'm looking in Ohio rents out for $800-$950. These sorts of houses over there usually cost between $60,000-$80,000. I also know an investor in the area who is willing to help me buy and manage the house. 

Does this sound like a good plan? Any advice will be much appreciated. Thank you!

 Hi Mike, I know someone in Hawaii who purchased a single-family in Columbus, OH for under $80K and is renting it out for the 1% rule. I think that this goal is 100% attainable. I would just make sure you get connected with the right team, as that will make or break your success as an OOS investor. 

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  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Mike Oz

    I think you can find something in the $75-100k range in a C class neighborhood that can rent for around $800-900/mo. Happy to help you on your search and connect you to local lenders.

    What’s your timeline? Have you already received preapproval from a lender?

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  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Mike Oz:

    I'm a 21 year old college student who lives in New York. I have about $25,000 to invest but home prices in New York exceed my budget. Therefore, I am searching for potential rental properties that can bring in some cash flow in Ohio, where home prices are significantly cheaper than New York. An average 3 bedroom 1-2 bathroom single family house in the city I'm looking in Ohio rents out for $800-$950. These sorts of houses over there usually cost between $60,000-$80,000. I also know an investor in the area who is willing to help me buy and manage the house. 

    Does this sound like a good plan? Any advice will be much appreciated. Thank you!

     Hi Mike, I know someone in Hawaii who purchased a single-family in Columbus, OH for under $80K and is renting it out for the 1% rule. I think that this goal is 100% attainable. I would just make sure you get connected with the right team, as that will make or break your success as an OOS investor. 

    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Mike Oz:

    I'm a 21 year old college student who lives in New York. I have about $25,000 to invest but home prices in New York exceed my budget. Therefore, I am searching for potential rental properties that can bring in some cash flow in Ohio, where home prices are significantly cheaper than New York. An average 3 bedroom 1-2 bathroom single family house in the city I'm looking in Ohio rents out for $800-$950. These sorts of houses over there usually cost between $60,000-$80,000. I also know an investor in the area who is willing to help me buy and manage the house. 

    Does this sound like a good plan? Any advice will be much appreciated. Thank you!

     This is very doable in Columbus, Ohio

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