First Time Buying - Out of State?

Buying & Selling Real Estate
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First Time Buying - Out of State?

Cameron Nehrer
El Segundo, CA · Member since 2017 · 7 posts · 2 votes

I'm looking to get into real estate investing but I live in Los Angeles. 

Finding cashflow opportunities is next to impossible at this time, and even when you find decent looking numbers the sale price gets bid up way over asking to where the numbers aren't so decent.

My hopes are that things are topping out here, because I'm tied to LA for my full time job and I would love to purchase and do a "house hack" situation.

Recently I've been looking at opportunities outside of CA and Toledo, OH is looking very attractive. My step brother is going to med school out there and renting a place so he would potentially partner with me. 

I guess I'm looking for any generic tips, suggestions or warnings for a first time investor out of state - 

I'm looking to purchase something between 50k-85k and it looks like I would be able to find something that would adhere to the 1% rule pretty easily. 

Anybody on here done something similar? Would love any feedback, tips or suggestions. This is my first post here. 

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Rebecca G.
Real Estate Agent · Dayton OH (dayton, oh) · Member since 2016 · 194 posts · 123 votes
9y

@Mike F. I do know of a great property management company in Ohio but I must disclose I am affiliated with the owner @Engelo Rumora   He does property management heavily in Toledo, OH as well as southern Ohio around Dayton and Cincinnati. I do not have contacts with inspectors in southern Ohio as I live, work and invest in Toledo but I can PM you a great contact down south who may be able to assist.

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  • Account Closed
    Rental Property Investor · Dayton, OH · Member since 2014 · 57 posts · 34 votes
    9y

    As you are shopping for a PM remember that in OH they must have a real estate license.  Also make sure your values and the PM are going in the same direction.  If you decide to work the Dayton OH market area please contact me to see our property management company will work for you.

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  • Darrin CareyPro Member
    Lender · Dayton, OH · Member since 2008 · 1k+ posts · 705 votes
    9y

    @Cameron Nehrer If you're investing in Ohio, you should be putting a total smackdown on the 1% rule for properties in that price range. I see good houses in Dayton regularly hit these numbers.

    80k - 900-1050 mo

    65k - 800-900 mo

    50k - 700-750 mo

    The exact neighborhood and property condition will make a big difference regardless of price. I'm getting more and more calls from CA investors financing properties in the area. With the lack of cashflow in SoCal, it's no wonder investors are looking here.

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  • Vivek Khoche
    Investor · San Jose, CA · Member since 2017 · 343 posts · 102 votes
    9y

    @Rebecca G. -  I was considering OH but got following response from one of TK that was good enough to run away

    "I spoke to XYZ and found out that our inventory is sold out for the next four months. I apologize for any inconvenience this may have caused, but we likely won't be able to assist. "

    Good Luck Investing 

    Vivek

    PS: I get list of auction properties on daily basis.

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  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    9y
    Originally posted by @Vivek Khoche:

    @Rebecca G. -  I was considering OH but got following response from one of TK that was good enough to run away

    "I spoke to XYZ and found out that our inventory is sold out for the next four months. I apologize for any inconvenience this may have caused, but we likely won't be able to assist. "

    Good Luck Investing 

    Vivek

    PS: I get list of auction properties on daily basis.

    Hi Vivek,

    The XYZ was me :)

    I'm pretty easy to and I only run on the treadmill.

    My apologies we couldn't assist you on your endeavors and we truly are sold out at pretty much any given moment.

    There are many other turnkey companies that are better than Ohio Cashflow that could happily assist you.

    Thanks for your interest and much success

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