Hello BP community! I have been creeping this site for some time now and finally decided to bite the bullet and get started with an account here. I'm so glad I did. My husband and I have 2 rental properties in the GTA,ON, Canada. Though, after many years of being inundated with US flipping and property development shows I've been doing more and more research on buy and hold rental business and we'd like to take the next steps and explore this oppportunity. 

We've focused on Buffalo, Rochester and Columbus markets for a variety of factors but mainly due to proximity to CAN, purchase price for cash deals or using LOC, CAP Rate, steady rental markets for cash flow and ROI down the line. We're in the process to finalize details of our budget (will be $60K or less for distress properties where equity can be added), finding agents and the right professionals for taxes and property management. I know the US market is very different from that off CAN but it is getting more challenging to do deals in GTA area due to buying price vs rental target and lending restrictions. If anyone would be willing to share some feedback/advice/trends for these areas I'd be very grateful. Info like but not limited too, "good" neighbourhoods and ones to avoid, REI groups, resources, how to get a better understanding of crime rates, schools and family areas, how to manage out of town/state contractors, growth markets, landlord/tenant regulations.

Thank you in advance!

Stephanie

Hi Stephanie, welcome! - is your budget $60k total all in, or is that what you are looking to purchase for or is that your remodeling budget? I think you will have a hard time finding something in what would be considered a "good" neighborhood in that price range in Buffalo or Rochester. Prices in these areas have doubled in the past 5 years. Best of luck to you!

Welcome to the site @Stephanie Niles ! Columbus, OH is a great place to invest! 

Stephanie,

I agree with Kyle for the most part. 60k is a tough budget for what you’re looking for. However, I live and invest in Black Rock. Here depending on your rehab budget, you could make it work. Especially with single fam properties. 

Originally posted by @Stephanie Niles :

Hello BP community! I have been creeping this site for some time now and finally decided to bite the bullet and get started with an account here. I'm so glad I did. My husband and I have 2 rental properties in the GTA,ON, Canada. Though, after many years of being inundated with US flipping and property development shows I've been doing more and more research on buy and hold rental business and we'd like to take the next steps and explore this oppportunity. 

We've focused on Buffalo, Rochester and Columbus markets for a variety of factors but mainly due to proximity to CAN, purchase price for cash deals or using LOC, CAP Rate, steady rental markets for cash flow and ROI down the line. We're in the process to finalize details of our budget (will be $60K or less for distress properties where equity can be added), finding agents and the right professionals for taxes and property management. I know the US market is very different from that off CAN but it is getting more challenging to do deals in GTA area due to buying price vs rental target and lending restrictions. If anyone would be willing to share some feedback/advice/trends for these areas I'd be very grateful. Info like but not limited too, "good" neighbourhoods and ones to avoid, REI groups, resources, how to get a better understanding of crime rates, schools and family areas, how to manage out of town/state contractors, growth markets, landlord/tenant regulations.

Thank you in advance!

Stephanie

 There's plenty of these opportunities in Columbus. One of the key areas I'd look is in North Linden area and kind of surrounding. The target zips are 43224, 43211, 43219. I've personally done three flips in these areas and all sold in under 7 days. You are typically buying less than 50k and putting 20k into the properties. Most of the ones I've bought were very small and easy (under 600 sq ft) but there's still plenty of upside. It's funny, two of mine sold to investors out of state even at 90k so I think there is a really good market around there. Have you ever been to columbus? 

If you need help or financing in the Buffalo area Stephanie, I can help you I know the area very well!!!

@Stephanie Niles welcome to BP Stephanie. There are local meet ups for the ROCHESTER and the Buffalo market for BP people. I’m sure there is one for Columbus as well.

All three markets have some similarities. Make sure you understand the varying laws state by state.

@Stephanie Niles Have you looked at Franklinton in Columbus, OH? You can still find rehab properties in the budget and I believe the area will appreciate more than Linden, Hilltop or Whitehall.

@Kyle A. Thank you for the insights! $60K is the budget to purchase we are hoping to save/loan cost for reno. To get a better understanding of different areas/neighbourhood, we are hoping to make some weekend trips across the border in the Spring to get a better understanding of what I see online. Scouting in person so to speak. 

@Matthew Irish-Jones Thank you! I've notice a few groups listed under the Events section of BP. Any good? Do you have a recommendation? :)

@Zeke Liston Thank you! I'm really hoping my hubby and I persevere and do this! 

@Dwayne Devaughn Great and thanks. I will certainly keep this in mind. 

@Khaled Morad Thank you for the feedback! I know with this budget it will be challenging for sure...from my research so far I know some markets/areas are very challenged/depressed and we are not in the market for a full on gut job...hopefully cosmetic reno only to add value and attract good tenants for the long term. I will certainly take you up on that DM offer soon. Thanks! :)

@Robert Ellis Thank you for your insight,I really appreciate the info. No, I haven't been to Columbus but spent some time in Toledo/Cleveland over the years. North Linden has come up in my research as well as German Village and Clintonville. I'm going to be giving the zip codes you mentioned a closer look. Also really good to know it's an active market given your recent investments and client activity! Best of luck with your continued projects! 

@Remington Lyman Thank you sir! I will take a look at this area more. I know once I'm working with an agent it will help to filter through the fluff and weed out more specific criteria...hopefully. It's pretty hard trying to narrow down specific areas of interest now, I feel like I have to get out there and really explore the areas in person to have a better understanding of the neighbourhoods. Looking forward to spring so I can make a few road trips. 

Originally posted by @Stephanie Niles :

@Khaled Morad Thank you for the feedback! I know with this budget it will be challenging for sure...from my research so far I know some markets/areas are very challenged/depressed and we are not in the market for a full on gut job...hopefully cosmetic reno only to add value and attract good tenants for the long term. I will certainly take you up on that DM offer soon. Thanks! :)

@Robert Ellis Thank you for your insight,I really appreciate the info. No, I haven't been to Columbus but spent some time in Toledo/Cleveland over the years. North Linden has come up in my research as well as German Village and Clintonville. I'm going to be giving the zip codes you mentioned a closer look. Also really good to know it's an active market given your recent investments and client activity! Best of luck with your continued projects! 

German Village and Clintonville are going to be $$$ (over $200 a square foot on average) with low inventory. You are competing with home owners. Definilty class A+++ for both but very competitive. I like North of Hudson St in Linden but it's all based on the comps. It's changed a lot in the last two years as inventory problems continue to be there 

If your in Ontario or Toronto looking for great deals with high rent to value ratio's, lo entry cost, appreciation and positive cash flow why wouldn't you look into the Detroit Market as well. You can join thousands upon thousands of other Canadians and invest in upcoming and desirable Detroit area's like Morningside, Warrendale, Fitzgerald, Aviation-Sub (8 mile area also super hot as of late) etc etc comfortably for 60K. Wether that's your all in number or your purchase price for a flip. For example we have 2 fantastic SFR's we are selling for 45K each. Ones rented at $950 the other at $1000. One's a brick the other a frame. One's a long term all cash tenant and the other a long term Section 8 tenant. We were even able to just purchase a beautiful 3BED 1.5 BATH in the renowned East English Village for $33,000. Rehab estimate is $11,000. ARV $90,000-$110,000. Now these deals are rare but they do exist. I'm just saying for the time being $60,000 in Detroit can still get you a good investment/rental property or a buy and flip. Mind you with properties sales increasing rather than decreasing this winter for the first time in a decade these deals and price points are sure not to last much longer. Heck don't take my word for it just call any Detroit Title and Escrow company and they will confirm just how ridiculously busy the Detroit market is right now. Also, you are very welcome to reach out to me to discuss further. DM me and we can take it from there. Happy Hunting :)

Plenty of inventory, the issue is property management, dont get this right and you go backwards

So true about the property management, we are working with a few winners. One in particular specializes in Section 8 .. She’s so Amazing! Same goes for contractors for the flips. Without a good one , forget about it, it’s like walking in quicksand.

@Stephanie Niles  Getting out here and checking out the area definitely helps! I do know some OOS investors that purchase properties without ever stepping foot in Columbus, Ohio. Regardless, setting up a solid team (Realtor, Property Manager, and General Contractor) is a must when OOS investing.

Originally posted by @Stephanie Niles :

Hello BP community! I have been creeping this site for some time now and finally decided to bite the bullet and get started with an account here. I'm so glad I did. My husband and I have 2 rental properties in the GTA,ON, Canada. Though, after many years of being inundated with US flipping and property development shows I've been doing more and more research on buy and hold rental business and we'd like to take the next steps and explore this oppportunity. 

We've focused on Buffalo, Rochester and Columbus markets for a variety of factors but mainly due to proximity to CAN, purchase price for cash deals or using LOC, CAP Rate, steady rental markets for cash flow and ROI down the line. We're in the process to finalize details of our budget (will be $60K or less for distress properties where equity can be added), finding agents and the right professionals for taxes and property management. I know the US market is very different from that off CAN but it is getting more challenging to do deals in GTA area due to buying price vs rental target and lending restrictions. If anyone would be willing to share some feedback/advice/trends for these areas I'd be very grateful. Info like but not limited too, "good" neighbourhoods and ones to avoid, REI groups, resources, how to get a better understanding of crime rates, schools and family areas, how to manage out of town/state contractors, growth markets, landlord/tenant regulations.

Thank you in advance!

Stephanie

I am from Toronto and have multis in both Buffalo and Columbus OH markets. PM me

@Isaura Orellana Very true about the Detroit market and I have thought about it but for now I just narrowed down my areas to NY & OH....absolutely would consider Detroit area,MI especially with the growth happening there later on. We're hoping to get something going in the US  with a formula and strategy that works and replicate again and again! lol Also, what you mentioned is initially was I was hoping to look into Section 8 renting. Maybe I can DM you in the near future for more insight. Thanks for the feedback and recommends much appreciated! 

@Hai Loc Great and thank you, I will very soon! 

Wow, I'm so blow away by the feedback and responses! Much appreciated. :)

Um quick question though...what are votes??? should I be voting for everyone who responds? are they like "likes" lol sorry I'm not sure.

@Stephanie Niles You should definitely be upvoting my posts

got it! 

Originally posted by @Remington Lyman :

@Stephanie Niles You should definitely be upvoting my posts

 Thirsty?

@Kyle A. Hungry

Originally posted by @Stephanie Niles :

Wow, I'm so blow away by the feedback and responses! Much appreciated. :)

Um quick question though...what are votes??? should I be voting for everyone who responds? are they like "likes" lol sorry I'm not sure.

Its similar to a like but its more of a thanks/sign of appreciation for helpful information.