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