New member looking for best advice from experienced investors

Investor · Member since 2020 · 18 posts · 18 votes

My partner and I are looking to start out with a SFH or duplex under the 150k price point as a long term rental. Would love and appreciate anyones best advice or things to make sure to look for when buying our first deal. We haven't completely narrowed down what market we want to buy in yet so any advice or insight for your best option as a new long term rental investor is also greatly appreciated.

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Steven Foster Wilson

Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes

Quote from @Johnnie Schneider:

Hey Johnnie, what are you after? Looking for cashflow? I'd suggest to go into Cleveland, its got good cashflow potential with appreciation happening as well. Looking for appreciation come to Columbus, corporations like Intel and Honda are choosing to set up shop in these kind of areas. There are still 1% deals, but the more attractive part is the population growth and other economic drivers!

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Bob S.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
3y
Quote from @Johnnie Schneider:

My partner and I are looking to start out with a SFH or duplex under the 150k price point as a long term rental. Would love and appreciate anyones best advice or things to make sure to look for when buying our first deal. We haven't completely narrowed down what market we want to buy in yet so any advice or insight for your best option as a new long term rental investor is also greatly appreciated.

Yes very simple, Just connect with those that provide rentals 100% hands off im the market you are looking at. 10% net caps or more ( cash purchase ) are to be had. Its ALL about your team and knowledge
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Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
3y
Quote from @Johnnie Schneider:

My partner and I are looking to start out with a SFH or duplex under the 150k price point as a long term rental. Would love and appreciate anyones best advice or things to make sure to look for when buying our first deal. We haven't completely narrowed down what market we want to buy in yet so any advice or insight for your best option as a new long term rental investor is also greatly appreciated.

Hey Johnnie, what are you after? Looking for cashflow? I'd suggest to go into Cleveland, its got good cashflow potential with appreciation happening as well. Looking for appreciation come to Columbus, corporations like Intel and Honda are choosing to set up shop in these kind of areas. There are still 1% deals, but the more attractive part is the population growth and other economic drivers!
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Patrick DruryBusiness Member
Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
3y
@Johnnie Schneider
With the 150k price range in mind, I would recommend checking out Cleveland OH. It's a solid market for cashflow.
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Bryan MartinBusiness Member
Accountant · Springfield, IL · Member since 2022 · 189 posts · 100 votes
3y
Quote from @Johnnie Schneider:

My partner and I are looking to start out with a SFH or duplex under the 150k price point as a long term rental. Would love and appreciate anyones best advice or things to make sure to look for when buying our first deal. We haven't completely narrowed down what market we want to buy in yet so any advice or insight for your best option as a new long term rental investor is also greatly appreciated.
Welcome to the forums. At that price point, I'd focus on the Midwest and areas with at least 75,000 people minimum so there's many potential renters.
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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
Look for cash flow, with that low of a entry point I can't imagine it being a good quality asset. Don't waste your time looking for the cheapest property, look for quality assets that will make both of you money.
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Johnnie Schneider
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Investor · Member since 2020 · 18 posts · 18 votes
3y
Quote from @Eliott Elias:

Look for cash flow, with that low of a entry point I can't imagine it being a good quality asset. Don't waste your time looking for the cheapest property, look for quality assets that will make both of you money.

Are you saying theres no quality assets under 150k? From my understanding thats not the case in the mid west, Id be interested to see what others think about this.
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