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Buffalo,Rochester, NY and/or Columbus, OH BRRRR

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Stephanie Niles
Investor from Toronto ( GTA)

posted about 1 year ago

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

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Kyle A.
Rental Property Investor from Buffalo, NY

replied about 1 year ago

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!

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Zeke Liston
Real Estate Agent from Columbus, OH

replied about 1 year ago

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

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Khaled Morad
Real Estate Agent from Buffalo, NY

replied about 1 year ago

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. 

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Robert Ellis
Real Estate Agent from Columbus, OH

replied about 1 year ago
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? 

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Dwayne Devaughn

replied about 1 year ago

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

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Matthew Irish-Jones
Real Estate Agent from Buffalo, NY

replied about 1 year ago

@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.

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Remington Lyman
Real Estate Agent from Columbus, OH

replied about 1 year ago

@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.

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Stephanie Niles
Investor from Toronto ( GTA)

replied about 1 year ago

@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. 

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Stephanie Niles
Investor from Toronto ( GTA)

replied about 1 year ago

@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! 

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Stephanie Niles
Investor from Toronto ( GTA)

replied about 1 year ago

@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. 

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Robert Ellis
Real Estate Agent from Columbus, OH

replied about 1 year ago
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 

 

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Marisa R.
Developer from Atlanta and Detroit

replied almost 1 year ago

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

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Isaura Orellana
Specialist from DETROIT

replied almost 1 year ago

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.

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Remington Lyman
Real Estate Agent from Columbus, OH

replied almost 1 year ago

@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.

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Hai Loc
Specialist from Toronto, Ontario

replied almost 1 year ago
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

 

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Stephanie Niles
Investor from Toronto ( GTA)

replied 12 months ago

@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! 

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Stephanie Niles
Investor from Toronto ( GTA)

replied 12 months ago


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

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Stephanie Niles
Investor from Toronto ( GTA)

replied 12 months ago

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.

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Remington Lyman
Real Estate Agent from Columbus, OH

replied 12 months ago

@Stephanie Niles You should definitely be upvoting my posts

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Stephanie Niles
Investor from Toronto ( GTA)

replied 12 months ago

got it! 

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Kyle A.
Rental Property Investor from Buffalo, NY

replied 12 months ago
Originally posted by @Remington Lyman :

@Stephanie Niles You should definitely be upvoting my posts

 Thirsty?

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Remington Lyman
Real Estate Agent from Columbus, OH

replied 12 months ago

@Kyle A. Hungry

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Robert Ellis
Real Estate Agent from Columbus, OH

replied 12 months ago
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.

 

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