Buy single family home investment in Ohio?

Question

I'm looking at purchasing my first investment and I've got $100k cash. I'm originally from Ohio but have lived in Utah for twenty years. Doing my research I have seen several homes in the Cincinnati Columbus and Dayton area that I could buy outright and then Burrr. I guess the question I'm asking is pros and cons to the Ohio real estate market. I've already noticed that their property taxes are quite high. And a lot of the homes I'm looking at are older foreclosures that would need updating. I would appreciate any input from anyone who has properties in these areas.

Remington Lyman · Answer

I believe the pros and cons in Ohio are similar to any Midwest market. Pro - get rich, Con - it takes work

Zachary Elliott · Answer

@Chad Moye As a suburb of Cincinnati, Northern Kentucky provides a lot of the same benefits as Ohio but tends to have lower property taxes. There is a lot of growth going on in NKY, including re-development of riverfront areas in Covington and Newport as well as Amazon's new distribution center at the Cincinnati/Northern Kentucky airport. I'd love to talk real estate with you if you're interested.

Stephen Brown · Answer

Hello Chad,

I'd say before you count us out, take a look at the Toledo market. We've got some areas where numbers work with high taxes. I just got a duplex in Maumee, which is one of the suburbs here. I'm renting is for $2300 and the monthly expenses are $1000. The taxes are very high but it's doable because people love to live in a good school district. We also have many people doing BRRR's. DM me if you're interested and if not, good luck in the other great markets of Ohio!

Brianne Leichliter · Answer

@Chad Moye I invest in Cincinnati. I love the market here. There is a wide variety of properties that are still affordable and cash flow well. Property taxes are high, I agree. Depending on what you buy and what type of rehab you do, there is the option for tax abatement to try to keep the property taxes down. Cincinnati provides that incentive.

In terms of single family, there is still a good amount of inventory that you can snatch up. I can recommend a few neighborhoods in Cincinnati if you're interested.

Tanvir Sattar · Answer

@Chad Moye I agree with Account Closed$100K will go along way in Toledo.

Account Closed · Answer

That’s one of the major perks of real estate investing is the buying power you get with leverage so I’m not sure why you only want to buy cash. But if that’s the case the Toledo market has plenty of good brrrrr opportunities under 100,000.

Brandon Sturgill · Answer

@Chad Moye Columbus is likely not your best option for buying cheap properties...$100k puts you square in the ghetto...Cincy and Cleveland are much smaller cities and hold a wider range of available properties at that price point. If you are ok with the risk, your price appreciation in Columbus is far better than anything you can find in Cleveland or Cincy...the market you would be in here is called "Hilltop"...it's appreciating at roughly 60% annually...you won't find that anywhere else in the country.

Michael Magno · Answer

Hey Chad, Welcome to BP. Not sure where you're originally from in Ohio, but as an agent and investor myself, I would encourage you to look into the Akron and Cleveland markets.

Chad M. · Answer

@Michael P. Thanks, I think I need to wrap my head around the leverage concept better. I live in a very expensive market. If I crack the levege nut I might be able to invest closer to home. Useful comment. Thanks

Mitch Huffman · Answer

@Chad Moye

Cincinnati is great! With 100k cash you can get some great properties as long as you’re willing to do some work. The area is super important. If you would like to chat please let me know!

Thanks!

Buy single family home investment in Ohio?

Buy single family home investment in Ohio?

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