Updated about 6 years ago on . Most recent reply
Flipping in Cleveland
Hello, I am new to Real Estate and am looking to start investing in Cleveland due to the proximity of where I am located (Toronto) and the affordable pricing.
I am 19 years old and have capital of around 50-60 thousand that I am willing to spend.
My questions that would be greatly appreciated if answered is "what are some areas that I should maybe avoid,what areas are hot right now, and should I be looking to maybe invest in other cities such as Columbus or Cincinnati?"
Also if you have experience in real estate in the state of Ohio I would love it if you can maybe give me some tips and valuable information about this city (Im not expecting this but it worth a shot :) )
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#5 Out of State Investing Contributor
- Real Estate Agent
- Columbus, OH
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#5 Out of State Investing Contributor
- Real Estate Agent
- Columbus, OH
@Blaze Pavars Flipping can be hard as an out-of-state investor. I would suggest the buy and hold strategy with multifamily properties in Columbus, OH. This is how I got started.
If you have sufficient debt to income, you can take that cash and finance a $150,000 duplex with a 25% down payment. You can then hire a property manager to manage your property while you sit back and collect the rent checks.
The returns are not as high as if you were to manage yourself, but it allows you to focus on making more money at your day job. If you repeat this process enough, then in 10-20 years you might not need your day job.
- Remington Lyman
