Properties selling for around $100,000 or under

Multi-Family and Apartment Investing
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Properties selling for around $100,000 or under

Alicia Kuluris
Member since 2022 · 29 posts · 40 votes

Happy Saturday Bigger Pocket's Fam, 

Hope you are all well. I am new to this platform and real estate investing. I have been reading and doing research and now I am ready to start looking for locations to possibly invest. I am looking for multifamily homes at the moment but I am open to single as well. What cities & states do you guys recommend? 

Appreciate your time and thank you in advance! 

Kind regards, 

Alicia Kuluris 

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y

Virtually every mid west rust belt state and big city has sub 100k housing.  as the markets have moved though

in value.. sub 100k is going to be high touch rental properties  to down right war zones.. 

Unless you can really scale these for what purpose would you leave CA just to buy a rental that maybe makes you 100 to 200 a month and ties up your credit and capital..???   think that through.

if you do this you want to have a plan to scale to 10 doors asap so its worth your time and risk.

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  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    4y

    Hey Alicia, depending on your return/location criteria, we could potentially find you something in the Dayton OH market that meets your under 100K price requirement. I'd be happy to talk in more detail about the market itself if you are interested, feel free to reach out.  

    Cheers, 

    [email protected]614-362-2231
    2Reply
  • Zachary Inman
    Specialist · Indianapolis, IN · Member since 2021 · 312 posts · 282 votes
    4y

    Hi Alicia,

    Indianapolis usually has some multifamily homes in that price range. Are you looking for heavy or light value-add?

    0Reply
  • Matt Slease
    Canton, OH · Member since 2017 · 75 posts · 40 votes
    4y

    You have to be careful in this price range.

    Depending on location you could be getting a decent C class property, or a warzone nightmare...

    1Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    I really recommend investing where you have an edge on the market. This could be the city you grew up in, where you went to college, where your network is, AND/OR where you have a great local team on the ground such as an investor friendly agent, property manager, lender, and contractor.

    The midwest is nice because it has low price points so you can learn in a lot more easier way if you choose to invest out of state compared to the highly expensive markets where you need to start with putting $100-200k down on a multi-family. 

    It really depends on your goals too - single family is great and have been going up steadily and are nice when tenants stay 5+ years. Multi-family is also great and allows you to scale more quickly and hedge against vacancy.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    4Reply
  • Philip HernandezPro Member
    Rental Property Investor · Member since 2021 · 38 posts · 20 votes
    4y

    I invest in the Cleveland area, and second the comments about using it as a great opportunity to learn. I've done BRRRR deals, conventional financed deals, and seller financed deals all out there, and am working on my first multifamily deals in the same market. The dangerous neighborhood potential is real though, and the importance of having boots on the ground goes up exponentially. All in all I'm so grateful for the contacts I've made out there, and the opportunities to learn, although I do plan on moving into a higher end market in the future, as my skills at team building, underwriting and raising capital improve.

    Podcast Guest on Show What to Do TODAY to Instantly Find More Real Estate Deals
    2Reply
  • Nicholas MischPro Member
    Investor · Broadview Hts, OH · Member since 2016 · 310 posts · 280 votes
    4y

    Cleveland, Akron and burbs definitely for the win! ;)

    5Reply
  • Alexander M.
    Rental Property Investor · Chelmsford, MA · Member since 2017 · 7 posts · 0 votes
    4y

    @Marc - great advice! I agree about finding the edge in the market. In particular, could you please elaborate on how to get a great local team? Once a team is up and running, I think it's easy to identify gaps and strengths, but starting from square one: any pointers?

    0Reply
  • Lucia Rushton
    Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
    4y

    @Alicia Kuluris sorry what is your specific question ? Where to invest where you can buy homes under $100K?

    Are these move-in ready or do you want to do a gut job ?

    Are you ping cash or getting a conventional loan?

    Are you moving to that city or hiring a team to be your boots on the ground ?

    2Reply
  • Ozzy SmithPro Member
    Specialist · Dayton, OH · Member since 2014 · 352 posts · 265 votes
    4y

    there are lots of great answers here.  I personally invest in Dayton OH and specialize in the types of properties you listed.  If you want to talk strategy let me know and I'd be happy to share what I do personally

    2Reply
  • Alicia Kuluris
    OP
    Member since 2022 · 29 posts · 40 votes
    4y

    @Michael K Gallagher Hi Michael, appreciate the reply. I will reach out tomorrow to talk some more. Thank you. 

    0Reply
  • Alicia Kuluris
    OP
    Member since 2022 · 29 posts · 40 votes
    4y

    @Zachary Inman Hello Zachary,  thank you for responding. I am open to either, the numbers will just need to make sense. Currently, I am open to locations as long as it's in the B range cities. I don't know if this is even possible yet as I am just starting to search areas to invest. I am open to chat further to hear more about Indianapolis. 

    0Reply
  • Alicia Kuluris
    OP
    Member since 2022 · 29 posts · 40 votes
    4y

    @Jason Andler Thank you so much! 

    I would love to join the meeting to learn more and will reach out. I will look for the other thread as well. 

    0Reply
  • Alicia Kuluris
    OP
    Member since 2022 · 29 posts · 40 votes
    4y

    @Matt Slease Thank you for reminding me of that. I just started looking to see what I am even able to find in that price range but I definitely would not want a war zone. 

    0Reply
  • Alicia Kuluris
    OP
    Member since 2022 · 29 posts · 40 votes
    4y

    @Marc Rice I would love to invest in any of the areas you mentioned as I know great contractors, and lenders in California but it's like you said, I will need to start with putting $100-200K down. It's just not something I am able to do at the moment. 

    Appreciate the feedback, it was very useful. Do you recommend any specific areas in the midwest to start researching more? 

    0Reply
  • Alicia Kuluris
    OP
    Member since 2022 · 29 posts · 40 votes
    4y

    @Philip Hernandez Appreciate all the feedback and congratulation on working on so many different types of deals. So impressive. Look forward to creating my own resume in real estate investing. 

    0Reply
  • Alicia Kuluris
    OP
    Member since 2022 · 29 posts · 40 votes
    4y

    @Nicholas Misch Appreciate the directions, I will definitely start looking into these areas. Thank you!

    1Reply
  • Alicia Kuluris
    OP
    Member since 2022 · 29 posts · 40 votes
    4y

    @Lucia Rushton Great questions. Appreciate it. My specific question was, what cities/states would people suggest I start looking into further for that price point? When I was looking on my own there were a lot of places outside of California that fit the price range so I was looking to narrow down my search. 

    These would be homes that need work, being bought with a loan and I will be hiring a team. 

    0Reply
  • Alicia Kuluris
    OP
    Member since 2022 · 29 posts · 40 votes
    4y

    @Ozzy Smith I would love to chat more and hear more about your journey. 

    0Reply
  • Evan Polaski
    Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
    4y

    @Alicia Kuluris, understanding you are just wanting ideas, but you have to assess the risks, too.  

    But, more importantly: is your $100k budget all in, or just acquisition cost?

    For reference, I live in and invest directly in Cincinnati. There areas that I can buy property for $100k or less, but I would not personally invest in. High crime, low quality tenants, typically major Capex and repair items coming in near term, and frequent and high turnover costs. You are also limited in your appreciation due the high crime in many of those areas. But you are also in a major city that will survive the good times and bad. Lower likelihood of property losing value. Due to size, there are more property managers available.

    I also have family in Mt. Vernon, OH.  Small town with a university.  A couple stable employers, and houses are much, much cheaper for a decent pocket and pretty well maintained property.  Risks here include job market outlook, particularly if one of the major employers leaves, little to no population growth, ample land for the potential of new construction, and fewer property managers to choose from.

    Whenever I talk to people that are out of state, I would factor in cost and ease to travel to these areas.  Cincinnati, for instance, has one direct flight to LAX per day, one to SFO per day, maybe one to San Diego.  Everything else is connecting.  Dayton, OH is a 45 minute drive from Cincinnati.  While you will not be traveling to your properties every month, I would imagine you will be making one or two trips per year to meet with your PM and get eyes on your property.  After all, it is your money at risk.  Therefore, hub cities will likely be easier, but back to first list of risks, you are likely buying in C-D areas.  Secondly, I would suggest you buy in a place that you have a connection to.  Extended family, corporate offices for work, something that brings you to the market anyways.

    6Reply
  • Lucia Rushton
    Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
    4y
    Originally posted by @Alicia Kuluris:

    @Lucia Rushton Great questions. Appreciate it. My specific question was, what cities/states would people suggest I start looking into further for that price point? When I was looking on my own there were a lot of places outside of California that fit the price range so I was looking to narrow down my search. 

    These would be homes that need work, being bought with a loan and I will be hiring a team. 

     Best wishes!!! Keep us posted as you decide to narrow down your search.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    4y

    Virtually every mid west rust belt state and big city has sub 100k housing.  as the markets have moved though

    in value.. sub 100k is going to be high touch rental properties  to down right war zones.. 

    Unless you can really scale these for what purpose would you leave CA just to buy a rental that maybe makes you 100 to 200 a month and ties up your credit and capital..???   think that through.

    if you do this you want to have a plan to scale to 10 doors asap so its worth your time and risk.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    9Reply
  • Wesley B WilliamsPro Member
    Rental Property Investor · Louisville, KY · Member since 2017 · 107 posts · 77 votes
    4y

    Hey @Alicia Kuluris! the best market to invest in is the one you can get an unfair advantage in. Often times that starts out being the one you live in with your advantage being knowledge of the market. but don't limit yourself with a certain price range get creative and think how can I make this great deal work, utilize partners, seller finance, hard money, wholesaling or a number of other strategies to take it down if it's a great deal. Plus if you partner with an experienced investor you will increase your knowledgebase much faster.

    0Reply
  • Wesley B WilliamsPro Member
    Rental Property Investor · Louisville, KY · Member since 2017 · 107 posts · 77 votes
    4y

    @Alicia Kuluris also if you are looking to test out different markets join some virtual meetups in different markets you think might be good and network. good luck!

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    4y
    Originally posted by @Alexander M.:

    @Marc - great advice! I agree about finding the edge in the market. In particular, could you please elaborate on how to get a great local team? Once a team is up and running, I think it's easy to identify gaps and strengths, but starting from square one: any pointers?

    A great local team usually starts with finding a rockstar investor friendly real estate agent or property manager who can then put you in touch with other rockstars. I feel these 2 tend to have a great network.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    0Reply
  • Cody Cross
    Realtor · Lake Charles, LA · Member since 2019 · 39 posts · 25 votes
    4y

    @Alicia Kuluris I’d recommend buying somewhere close to home for your first one

    0Reply
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