Yorba Linda, CA · Member since 2016 · 2 posts · 0 votes
Hey BiggerPockets community. I'm looking for some veterans in the game of buying residential multi family properties for cash flow and I need some advice. I currently live in Orange County, CA where the returns on buying and renting out multi family properties is minimal if any, which got me thinking about out of state properties. I have a decent paying job but real estate investing is where I want to end up at and I know SoCal isn't as profitable as I'd like. My main question is this, is moving out state to make this all happen profitable? And what kind of cash reserve would be ideal to make this transition safe and wise? Thanks in advance to all responses.
There are a lot of moving parts there, so I will try to address them the best I can.
First, being an investor in Columbus Ohio, I can tell you that we certainly have excellent cash flow here compared to California. I would imagine it would be much more cost-effective to invest in another market rather than uprooting and moving.
Another reason you may want to identify an out-of-state investing partner is because although you move, you still won't understand the market. I can tell you first hand, that my returns are dramatically higher because of the fact not only is this a great market, I also understand it like the back of my hand because I grew up here.
So in a nutshell, I think you need to find a trusted partner that can help you deploy your capital and perhaps show you the ropes in a more economically viable market.
Hi Kyle Welcome to Bigger Pockets agree with Alex Ohio is a wonderful place to invest with great returns.. Am out of state with a great team on the ground that does everything needed from setting up entities to property management including a 5 year wanantee on all renovations consider myself lucky to have met such wonderful talented people and am willing to share if desired