Investor · Otay Ranch-Chula Vista, CA · Member since 2013 · 32 posts · 41 votes
Hello Everyone,
I hope you are all finding success. I now have a few SFR long term rentals in south Dallas. I have them on 15 year loans, positive cash flow on each one (not much but I am in it for retirement income), so I am loving my current strategy of keeping them forever.
I initially paid $88k, and the last one $117k, at this price increase it will tough to get to my goal of 10 houses.
As much as I don’t want to I am considering another market.
My perfect property is $60-$90k, with 20% down, rent covers mortgage, tax, insurance, and 10% prop mgt, with a minimum rent of $1,000. B- or better property/neighborhood.
With that said, any other markets you local experts could recommend that meet my criteria?
Thank you in advance.
Real Estate Agent · Cleveland, OH · Member since 2017 · 184 posts · 253 votes
8y
I think Cleveland, Ohio is a great place to invest! The 2 SFR rentals I have on the west side of town I purchased for 20k, put 10-15k into them and they rent for $950 & $800. They are both in B- neighborhoods. There are many homes that can be bought in the 60-90k price range. In fact, almost every house I have listed in my profile was purchased in that price range, or less. It's not too difficult to find homes that cash flow here. Reach out to me if I can be of further assistance. Best of luck!
Real Estate Agent · Cleveland, OH · Member since 2017 · 184 posts · 253 votes
8y
I think Cleveland, Ohio is a great place to invest! The 2 SFR rentals I have on the west side of town I purchased for 20k, put 10-15k into them and they rent for $950 & $800. They are both in B- neighborhoods. There are many homes that can be bought in the 60-90k price range. In fact, almost every house I have listed in my profile was purchased in that price range, or less. It's not too difficult to find homes that cash flow here. Reach out to me if I can be of further assistance. Best of luck!
I hope you are all finding success. I now have a few SFR long term rentals in south Dallas. I have them on 15 year loans, positive cash flow on each one (not much but I am in it for retirement income), so I am loving my current strategy of keeping them forever.
I initially paid $88k, and the last one $117k, at this price increase it will tough to get to my goal of 10 houses.
As much as I don’t want to I am considering another market.
My perfect property is $60-$90k, with 20% down, rent covers mortgage, tax, insurance, and 10% prop mgt, with a minimum rent of $1,000. B- or better property/neighborhood.
With that said, any other markets you local experts could recommend that meet my criteria?
Thank you in advance.
You'll be able to hit those numbers in pretty much all the Midwestern turnkey markets. Cleveland, Indy & others like them.
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 821 posts · 255 votes
8y
@Lawrence Ratliff Hi Lawrence, Pittsburgh is a great city for Investors as typically the buy-in is more conducive than other larger cities. Here in Pittsburgh new investments by Google, Apple, Facebook and Autodesk is a true testament to the growing infrastructure here. And many of these firms are hiring talent of all ages, but in the area of robotics, sciences and other technology fields, a lot of young urban professionals are coming from CMU and need places to live close to these businesses. Reach out to people in the city you are considering for advice on buying into, including what areas of the city are more inclined to generate positive income. Various neighborhoods are seeing a revitalization and the trick is to enter these areas before their growth explodes. Whatever city you choose, look for those that know that market well. And if investing out of state, ask them for referrals on property managers, lenders, contractors and other real estate professionals so you have them in place in that city, and feel comfortable investing OOS. Feel free to touch base if you want to talk further about Pittsburgh. I wish you much success in whatever market you ultimately choose....Gary
Investor · Fremont, CA · Member since 2014 · 20 posts · 6 votes
8y
Great post and replies. I am it similar situation as op. Looking into cleveland, ks and Pittsburgh area. Wondering which areas in Pittsburgh are good got this type of cash flow. 80k or below price . Rents 1000-1200k. B centers.
Investor · Sacramento, CA · Member since 2012 · 16 posts · 7 votes
8y
I am curious too the research is a little overwhelming. Looked at Pittsburgh but there is so much variation from neighborhood to neighborhood, in terms of taxes etc Considering looking at Ohio. Great info here thanks for sharing