I have $100,000 I want to invest in real estate. I live in Los Angeles and I have family in Cleveland, Ohio. The last time I visited Cleveland I had the idea to start flipping houses out there. Since I have family there who can help oversee projects and provide a place for me to stay when I fly out it seems doable. Also, $100,000 seems like it could go a long way in that area.
Property Manager · Columbus, OH · Member since 2021 · 66 posts · 121 votes
5y
@Justin Gottuso, I try to walk people through the steps of investing when they are doing out of state investing for the first time. It's for sure scary but after you buy one property, you look back and go: "That wasn't too hard!" and want to do it again and again. It gets pretty addictive.
@Sara Booth, I saw you said you're from LA - I use to design part of the power grid for LADWP and lived in downtown Los Angeles for a year - I hated the traffic! No matter what time of the day I left at... 7am, 10am, 4pm, 1am, there was always traffic! I prefer Columbus Ohio! When it rains, all the freeways don't shut down... haha.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
5y
@Sara Booth you 100% canNOT do this remotely without having a team looking out for you Also it going to nearly impossible for you to find a deal, why would anyone give you a property to flip, I will not ? Also who is going to do the rehab. You cannot just hire someone you will 100% get ripped off, I am not speculating, Heck even finding a contractor is going to be a big time challenge. I am not trying to be doom an gloom, just telling you what you need to hear vs want.
I have done about 500 deals ( YES 500 ) out there, have about 20 guys that work for me plus admin staff, etc, so I am not speculating on my above comment , ,., but I flip to out of state investors that want rentals, I am NOT SOLICITING )
Congrats on getting started and best of luck as you approach the Cleveland area. As others said, boots on the ground are important and knowledge on of the area, upcoming developments and demo changes matter just as much. Best of luck.
Real Estate Agent · Los Angeles, CA · Member since 2021 · 215 posts · 103 votes
5y
Hi @Sara Booth, your post from a month ago just crossed my path. There is a lot of good information here, and I tried to skim all the comments, but didn't see any advice on starting your investment search here in Los Angeles. My first question is, do you own your place of residence currently? If not, $100,000 can get you started here in Los Angeles. If you currently own your residence, $100,000 can get you into an investment or "2nd home."
Don't get my wrong, I'm also on board with investing in Ohio, but while CA and LA might be hard to cash flow in the beginning, you'll see greater appreciation than in other states in the long run.