How can I find cashflow properties under 100k

Jericho, NY · Member since 2016 · 143 posts · 49 votes

Hello, My name is Juan,

I am actually a mortgage broker in NY, i have experience obtaining mortgages even no-income-verification mortgages, but I do not have much experience at all in finding cashflow properties. I am looking to find some properties under $100,000 that are somewhat close to me, I guess New York, PA, NJ are reasonable since they are somewhat close to me, But obviously I need to go as far away from the city as possible if I want to make it work.

But where do you guys go on to find these properties ? any help is appreciated, i hope to one day be able to return the favor here.

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Jill DeWitPro Member

Investor · Scottsdale AZ · Member since 2015 · 1k+ posts · 423 votes

@Juan Reyes

Data. The best is from CoreLogic/RealQuestPro. Covers 98% of the counties in the U.S.

You can pick an area, intersection, county, etc. and sort by anything. For example, say you wanted a list of all the property owners & addresses for all the 3-5 bedroom homes, in x area, with no mortgage, with a lot size of x to y, with an assessed value of x to y, build after x year, with no pool but with a basement, and much more. That is about 1/10 of what you can access. Dream it up!

Then use that data to only contact the sellers that meet your criteria. Send them a sincere, actionable offer, and let the motivated ones reach back out to you! Much easier way to smoke out who is interested in selling, who is in your price range, and who can make the decision (since no mortgage). Of course if you are okay working with a bank, you can add in all the loan info and sort with that criteria in addition.

Hope that helps!

Jill

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Jeff B.
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
9y
Prices are regional - - in Calif you would starve to death waiting for the sale of a property at 100k with OR without cash flow. Anything within a commuting distance of NYC will be expensive. (we were in Danbury, CT in the 70's). I think you would need to be outside 100miles of NYC to find properties in your target 100k
0 Reply
Dan D.
Investor · Shakopee, MN · Member since 2014 · 219 posts · 88 votes
9y
Upstate NY probably has some deals. Pick a town with an increasing population though.
1 Reply
Mark UpdegraffBusiness Member
Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 706 votes
9y
Rochester NY is poised for appreciation and has incredible cash flow. We rank in the top cities nation wide year after year for cash flow investors. It is a bit of a hike from NYC, but if you have a solid team on the ground, you never have to be here anyway.
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1 Reply
Ivan Shao
UNION CITY , NJ · Member since 2016 · 59 posts · 3 votes
9y
@Dan D. any recommended tool or web site to track population growth?
0 Reply
Dan D.
Investor · Shakopee, MN · Member since 2014 · 219 posts · 88 votes
9y
@Ivan Shao Good question. I actually do. http://www.city-data.com/
Can sort by growth, income, etc. It can be a little dated, etc., but it's better than just guessing.
3 Reply
Steven Mitchell
Investor · san antonio, TX · Member since 2016 · 133 posts · 43 votes
9y
@Mark Updegraff we just looked at your website, it looks like its for retail homebuyers? Many of the properties dont have rents listed.
0 Reply
Stefen Lee
Lender · Cleveland, OH · Member since 2016 · 33 posts · 23 votes
9y
the midwest have a few different cities that offer multi unit deals that cash flow for sub 100k
2 Reply
Account Closed
New Jersey, NJ · Member since 2015 · 327 posts · 137 votes
9y
Juan Reyes seen you and me are in the same market and actually live in the same town, your best bet for high cash flow properties are in New Jersey but more on the class C areas. I see potentials in Elizabeth City and jersey City because of the path train and easy travel to NYC. Newark and Irvington you would need more experience to take such task. Union county is more on a balance level but some areas are high on property taxes to even cash flow well but overall NJ is a better place to cash flow than NY. If you want to stay in the NY market then more upstate NY will work pass Yonkers. I find my properties at auctions and got lucky with deals there. If you have more self control and don't get emotional on over bidding then you should try auctions as well.
1 Reply
Buck Joffrey
WINNETKA, IL · Member since 2016 · 10 posts · 5 votes
9y
Birmingham, Alabama.
0 Reply
Darwin Crawford
Rental Property Investor · Scottsdale, AZ · Member since 2016 · 296 posts · 243 votes
9y
PA has some good deals, but like others have said, check and make sure the city isn't dying before you buy. Pittsburgh would be a decent choice, smaller towns can be tougher. Stay the H out of drug areas, those tenants are the worst.
0 Reply
Lane Kawaoka
Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
9y
Birmingham Kansas City Memphis Atlanta Indianapolis Chicago to name a few. Stick with secondary markets.
1 Reply
Dennis King
Lenexa, KS · Member since 2016 · 58 posts · 14 votes
9y
I was from NY, but live in Kansas City. Great community, great employers (Federal Reserve Bank, IRS, GM Fairfax auto factory, Ford Claycomo auto factory, Garmin, Cerner, Hallmark Cards, etc.) and you can get good cash flowing homes for under $100K. I buy in B+ neighborhoods for $90 - $110K with a price to rent of over 1%.
0 Reply
Jovanni Bermudez
Mount Holly, NJ · Member since 2016 · 17 posts · 7 votes
9y
Trenton NJ has good cash flow properties.
1 Reply
Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
9y
These properties are everywhere. I am not sure about in New York City but almost all cities and surrounding areas in the country will have properties under 100k.
1 Reply
James WachobBusiness Member
Real Estate Broker · Memphis, TN · Member since 2015 · 1k+ posts · 890 votes
9y
@Lane Kawaoka you are correct to stay out of the bad areas of town. However, Memphis has some great opportunities. In East Memphis, where I live, we are tearing down homes and building brand new luxury single family homes - starting at $700,000
0 Reply
Nathan Gornto
Investor · Athens, GA · Member since 2016 · 31 posts · 12 votes
9y
@Juan Reyes I'm no expert by any means but I agree with what someone said about NJ. Jersey City, Bayonne, Down Neck (Ironbound) in Newark are all starting to swing in my opinion. Passaic is also pretty inexpensive but like others said watch out for the 'drug areas' but you living in south queens (not knocking it-I for one love the OZP/HB area) I think you would have a pretty good instinct when it comes to whether a block is safe or not.
0 Reply
Kedian Jimenez
Specialist · New York City, NY · Member since 2016 · 97 posts · 24 votes
9y
You can find deals in the city but it's not something I would rely on. You have to be willing to decrease margins in that case and go into the higher units, commercial market. There's less comp there which makes it easier to compete. however growing areas upstate like Rochester & Port Jervis are areas where you coul potentially get that kind of value and definitely don't forget about New Jersey. You just have to be prepared for the highest taxes and laws but that's leveled with the kind of rents that are put up here. I was wholesaling in Newark, New Jersey and its on a swing. Ultimately just pick your market and as things change you'll start seeing the niche area you naturally do better in. Just be ready for the ups and downs and expect them
1 Reply
Jill DeWitPro Member
Investor · Scottsdale AZ · Member since 2015 · 1k+ posts · 423 votes
9y
@Juan Reyes
Data. The best is from CoreLogic/RealQuestPro. Covers 98% of the counties in the U.S.
You can pick an area, intersection, county, etc. and sort by anything. For example, say you wanted a list of all the property owners & addresses for all the 3-5 bedroom homes, in x area, with no mortgage, with a lot size of x to y, with an assessed value of x to y, build after x year, with no pool but with a basement, and much more. That is about 1/10 of what you can access. Dream it up!
Then use that data to only contact the sellers that meet your criteria. Send them a sincere, actionable offer, and let the motivated ones reach back out to you! Much easier way to smoke out who is interested in selling, who is in your price range, and who can make the decision (since no mortgage). Of course if you are okay working with a bank, you can add in all the loan info and sort with that criteria in addition.
Hope that helps!
Jill
6 Reply

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