Need Help On My 1 St Rental Property

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Need Help On My 1 St Rental Property

Pham duc Tai
Member since 2024 · 1 post · 8 votes

Hello.

I'd like to do out of state investing and quite interested in turnkey investment. I have a few questions needed expert help (sorry if my english is bad).

I'm on quite tight budget (max 110k home). I scanned through zillow and found upstate ny and Ohio state are  affordable and more options to choose from. So

1. Should I buy vacant property or tenants occupied property ?

2. Anyone familiar with upstate ny market (Rochester and Syracuse to be specific).

3. Any other strategy would you recommend on that budget. 

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Austin McClainBusiness Member
Real Estate Agent · OH · Member since 2021 · 348 posts · 602 votes
2y

1. Not a big deal either way. If vacant have a property manager ready to et a tenant in for you. 

2. I invest in Ohio

3. For your first one, get something turnkey that cash flows to start building your team/experince 

[email protected]614-710-4827
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  • Preston Garcia
    Real Estate Agent · Rochester, NY · Member since 2020 · 148 posts · 28 votes
    2y

    1. It is up to you, but if the tenant is current, just keep them in place. If not, having it vacant isn't bad.

    2. I am an agent and investor in Rochester, feel free to reach out.

    3. You can find a single family or multi-family for that price, up to you which you'd rather do.

    0Reply
  • Austin McClainBusiness Member
    Real Estate Agent · OH · Member since 2021 · 348 posts · 602 votes
    2y

    1. Not a big deal either way. If vacant have a property manager ready to et a tenant in for you. 

    2. I invest in Ohio

    3. For your first one, get something turnkey that cash flows to start building your team/experince 

    [email protected]614-710-4827
    2Reply
  • Travis Biziorek
    Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    2y

    Hi Pham, definitely add Detroit to your list. If you need some resources on that market I can send you some great ones.

    Your budget is healthy for single family homes in Detroit in solid areas. You just have to be smart about where you're buying and work with the right people.

    If you get lucky you may even be able to find the right duplex deal under $110k (if you're open to those).

    I have 14-doors in Detroit and have been investing there since 2019. 

    I generally prefer empty properties because, no matter how much legwork you do, you can't be 100% sure about the tenant in the property. Tenant occupied properties are often under market rent as well. Buying vacant allows you to choose your own tenant and make sure you're getting market rents.

    1Reply
  • Izzy Izquierdo
    Member since 2023 · 4 posts · 1 vote
    2y

    Hi Pham because the budget is tight I recommend buying a property with tenants already living in there. 

    Also, if you want good deals go to wholesellers

    0Reply
  • Henry Matthews
    Detroit MI · Member since 2015 · 81 posts · 4 votes
    2y
    Quote from @Travis Biziorek:

    Hi Pham, definitely add Detroit to your list. If you need some resources on that market I can send you some great ones.

    Your budget is healthy for single family homes in Detroit in solid areas. You just have to be smart about where you're buying and work with the right people.

    If you get lucky you may even be able to find the right duplex deal under $110k (if you're open to those).

    I have 14-doors in Detroit and have been investing there since 2019. 

    I generally prefer empty properties because, no matter how much legwork you do, you can't be 100% sure about the tenant in the property. Tenant occupied properties are often under market rent as well. Buying vacant allows you to choose your own tenant and make sure you're getting market rents.


    0Reply
  • Henry Matthews
    Detroit MI · Member since 2015 · 81 posts · 4 votes
    2y

    I invest in Detroit @Travis Biziorek. I would love to connect with you. In looking for information on DSCR loans, for properties in the 40k-75k range..

    0Reply
  • Travis Biziorek
    Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    2y
    Quote from @Henry Matthews:

    I invest in Detroit @Travis Biziorek. I would love to connect with you. In looking for information on DSCR loans, for properties in the 40k-75k range..


    There are very few options for DSCR lenders in that range. I think I know one. And it's expensive. I also know a conventional lender that will do loans on properties down to about $67,000 ($50k loan amount).

    I always make sure clients are investing in stuff that's going to be worth $75k+ to keep their options open for conventional financing. If you're going to be required to do DSCR I'd try to stay above $100k.

    0Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    @Henry Matthews what Detroit Neighborhoods are you buying in at that low of a price?

    Most Class C SFR properties are now at least $75k.

    Logical Property Management4.9455 Reviews
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    1Reply
  • Henry Matthews
    Detroit MI · Member since 2015 · 81 posts · 4 votes
    2y
    Quote from @Michael Smythe:

    @Henry Matthews what Detroit Neighborhoods are you buying in at that low of a price?

    Most Class C SFR properties are now at least $75k.


    There are homes on the west and east side of Detroit. It may be challenging to find DSCR at my price point. I come across properties as low as 25K.

    0Reply
  • Taz Zettergren
    Real Estate Agent · Memphis, TN · Member since 2019 · 365 posts · 264 votes
    2y

    @Pham duc Tai Welcome to the forums and congrats on the first post! If the property has recently been renovated I would definitely buy occupied because it reduces your risk and increases your cash flow right out of the gate. Now if it's been awhile since the renovation was completed then it's likely quite a few things will come up on a inspection so be prepared for that. 

    I work with hundreds of out of state investors here in the southern/middle part of the country and there are ample of opportunities in that price range in places like Memphis, TN or Little Rock, AR. If you have 110k in cash to work with then there will be is a high probability you'd be able to BRRR properties here. Of course you have to have a team built out but if you have a reliable contact that has experience then they'll have renovation crews as well as property management. Would be happy to discuss the ins and outs of those markets if you were interested in something like that so don't hesitate to reach out. Best of luck on the journey!

    0Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    @Henry Matthews pretty cryptic response, "There are homes on the west and east side of Detroit".

    Wow, you don't say...

    Detroit has a 173 Neighborhoods, let us know if you need help figuring out where to buy with a bit more specifics.

    Logical Property Management4.9455 Reviews
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    0Reply
  • Elealeh Fulmaran
    Specialist · Member since 2025 · 483 posts · 270 votes
    11mo

    Good plan going out of state on a tight budget: buy occupied if the tenant pays and the lease is clean so you cash flow day one, but verify rent is near market and bake any deferred maintenance into your price; buy vacant if you need to renovate to your standard or reset rent quicker, just budget for turns and time. I don't specialize in Rochester/Syracuse, so lean on an investor‑savvy agent and PM for rent comps, crime maps, taxes, and landlord rules, and lock a simple buy box so you don't drift. At ~110k, consider C/C+ SFH or small duplexes in landlord‑friendly Midwest/Southeast markets with stable rent demand; turnkey can work if you vet the provider, inspect sewer/roof/HVAC, and confirm a real rent roll. Next step: pick one market, interview two PMs, and underwrite five listings to your criteria this week.

    0Reply
  • Allie McAlister
    Memphis, TN · Member since 2024 · 180 posts · 223 votes
    11mo

    Hey Tai! 

    Congrats on getting started -that first property is always the toughest to figure out.

    If you’re working with a $110k budget, you’ll definitely want to keep your numbers tight and your management simple. Buying a tenant-occupied property can be a plus if the tenant’s paying on time and there’s a solid lease in place, but it can also limit your flexibility if you want to make upgrades or raise rent to market later. Vacant properties can give you more control up front but make sure to factor in a few months of carrying costs while you get it rent-ready.

    As for markets, upstate NY may or may not work for you, but there are other affordable areas where your dollar stretches a lot further and you can find solid cash flow. For example, here in Memphis, you can still find turnkey or light rehab properties under that budget with property management already in place. It’s been a great fit for a lot of out-of-state investors I work with.

    If you’d like, I’m happy to share what that looks like so you can compare options side-by-side.

    Best of luck!

    1Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    11mo
    Quote from @Pham duc Tai:

    Hello.

    I'd like to do out of state investing and quite interested in turnkey investment. I have a few questions needed expert help (sorry if my english is bad).

    I'm on quite tight budget (max 110k home). I scanned through zillow and found upstate ny and Ohio state are  affordable and more options to choose from. So

    1. Should I buy vacant property or tenants occupied property ?

    2. Anyone familiar with upstate ny market (Rochester and Syracuse to be specific).

    3. Any other strategy would you recommend on that budget. 

    Hey Pham, welcome to BP and your English is totally fine! With a budget around 110K, you’re thinking in the right direction by looking at affordable Midwest markets. Between the two you mentioned, I’d personally lean toward Ohio—specifically the Columbus area—because the macroeconomics here are really strong. Population is growing fast, job growth is booming, and big companies like Intel, Amazon, Google, Honda, Microsoft, and Facebook are developing here, which is driving both rent demand and appreciation. You can still find solid single-family homes or small multis around your price range that hit the 1% rule and cash flow well, which is tough to find in a lot of markets right now. As for vacant vs. tenant-occupied, vacant gives you more flexibility to screen your own tenants and update the unit as needed, but occupied can mean instant income if the tenants are reliable and paying market rent. With your budget, buying in a strong market that’s landlord-friendly like Columbus can set you up with fewer headaches and better long-term returns. Happy to connect and answer any questions you have!

    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9120 Reviews
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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    11mo

    @Elealeh Fulmaran, @Allie McAlister, @Jimmy Lieu

    You guys realize this post is over a year old?

    Are you just trying to boost your posts count?

    [email protected]248-209-6824
    Logical Property Management4.9460 Reviews
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    1Reply
  • Adam BartomeoBusiness Member
    Real Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
    11mo

    First, NEVER BUY IN NY, unless there is CRAZY margin to be made. Most areas of Upstate NY are difficult rentals.

    1. Normally, when you buy with a tenant, that tenant is not paying enough to cash flow and you are on a tight budget. We buy them both ways but I prefer with the tenant as I can raise rents and defer the large rehab projects.

    2. Not that far up

    3. Partner with someone that has more money.

    [email protected]239-339-3969
    Bartomeo Property Management4.7150 Reviews
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    0Reply
  • Samuel DioufBusiness Member
    Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
    11mo

    Hey you can pick up a solid SFH for around that price in submarkets of Cleveland... Areas like Lorain, Elyria, or Akron.

    To answer your questions--

    1. It could go either way. If you inherit a tenant, make sure to look at proof of payments to make sure you're not buying a problem.

    2. Not familiar

    3. If you can, picking up a house-hack is a great way to start. 

    [email protected]614-662-1652
    Reafco - Samuel Diouf528 Reviews
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  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 957 votes
    11mo

    @Pham duc Tai

    Hi Pham,  great energy!

    1. Vacant vs tenant‑occupied: Vacant gives control to rehab and set rent, but you cover carrying costs; tenant‑occupied gives immediate income but check leases and condition.
    2. Rochester/Syracuse: Not too familiar, I’d suggest researching neighborhoods or consider Midwest markets with clearer data.
    3. $110k budget: Focus on small, cash‑flowing properties you can manage and scale from, like single-family or small multi-units.

    I can also point you to a few markets where your budget gets solid deals and help analyze listings if you want.

    [email protected]614-418-6081
    0Reply
  • Jordan RayBusiness Member
    Real Estate Agent · Memphis, TN · Member since 2023 · 642 posts · 333 votes
    11mo
    Quote from @Pham duc Tai:

    Hello.

    I'd like to do out of state investing and quite interested in turnkey investment. I have a few questions needed expert help (sorry if my english is bad).

    I'm on quite tight budget (max 110k home). I scanned through zillow and found upstate ny and Ohio state are  affordable and more options to choose from. So

    1. Should I buy vacant property or tenants occupied property ?

    2. Anyone familiar with upstate ny market (Rochester and Syracuse to be specific).

    3. Any other strategy would you recommend on that budget. 


    Welcome to BiggerPockets! You’re asking great questions, and your English is perfectly fine—you’re already thinking like an investor by looking at affordable markets and exploring your options early. With a budget around $110K, you’re in a solid position to get started, and I’d definitely suggest taking a close look at Memphis. It’s a landlord-friendly market with strong rental demand, and you can still find properties that hit the 1% rule and cash flow from day one. When deciding between a vacant or occupied property, it really comes down to your goals—buying a vacant property gives you more flexibility to make updates, increase rents, and potentially run a BRRRR strategy, while a tenant-occupied property can generate income immediately and reduce downtime between closing and cash flow. In Memphis, a lot of investors use hard money lenders who fund 100% of the purchase and 100% of the rehab, which usually puts them at around $10K out of pocket per deal, allowing them to scale quickly without tying up too much capital. The key is having local expertise on your side—an investor-friendly agent who also owns rentals and partners closely with property managers and contractors so you’ve got real eyes on the ground to protect your investment. In the meantime, start practicing by looking at properties online, analyzing ARVs, rents, and market trends, and getting familiar with different neighborhoods and the overall Memphis layout so you understand what you’re buying. You’ll also want to start connecting with an investor-friendly agent like myself and building relationships with property managers, hard money lenders, and financing partners so when you’re ready to pull the trigger, your full team is in place and you’re completely confident in your next step. Feel free to reach out, talk soon!

    [email protected]662-642-1458
    Jordan Ray - eXp Realty5112 Reviews
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