Finding my intro to real estate investing
Member since 2021 · 8 posts · 4 votes
Finding my intro to real estate investing
Most Popular Reply
Real Estate Agent · Columbus | Toledo · Member since 2019 · 607 posts · 768 votes
3yQuote from @Zihan Huang:
Hello,
I am currently trying to find my intro to real estate investing. I make about 89k a year and I have about 20k saved (~10k in bank and ~10k in ETFs). The main issue for me right now is that I live in NYC and if I want to invest in a property here, I do not have enough saved up, and I do not make enough. I have also considered purchasing a property in another state (Texas) and hiring a property manager, but I am not totally sure how that works. What is your advice on how I should get started with investing in real estate? Thanks in advance :)
If you are looking for affordability, appreciation, and cash flow Ohio has some great markets. Columbus, Toledo, & Cleveland have been some of the hottest markets for investors for one or more of the reasons I mentioned.
22 Replies
- Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes3y
Purchase here in Austin Texas, I'll help manage the property
- 3yWale LawalBusiness MemberReal Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
I am a real estate agent and investor in the Houston market.
Katy, Cypress, Spring, some parts of Houston, Conroe, Tomball, Pearland are great markets.
Rent growth and appreciation is steady.
These cities tend to command quality tenants, and they have great schools.If you're intent on buying out-of-state, be sure to heed these additional warnings. Do not buy sight unseen. Online information on a property can be out-of-date or incomplete. A local real estate agent or property owner might lie to close a sale.
Buy in an area with some similarities to the area where you live, such as climate, demographics, or property age so that you have some idea of what you're dealing with. If you have lived in a 1960s suburb of California your entire life, don't buy a Victorian in Boston.
Don't buy a high-risk property. Buy in a primarily owner-occupied neighborhood to attract tenants who are a lower economic risk, says Ryan L. Hinricher, a founding partner of the investment home sales company Investor Nation. A high-quality property will typically have less maintenance and upkeep, he notes. "These properties also rent more quickly, as they usually have modern layouts and an adequate count of bedrooms and bathrooms."
Finally, as mentioned earlier, it's crucial to build a great network of professionals to help you and to occasionally visit your property yourself.Good luck!
NETWORTH BUILDERS5236 Reviews - Real Estate Agent · Member since 2019 · 143 posts · 74 votes3y
Hello Zihan! Take guidance from the following tips as you open the door to starting a real estate business:
- Think Through Professional Goals
- Conduct In-Depth Research
- Organize Your Finances
- Craft Your Business Strategy
- Form An LLC
- Plan Your Marketing
- Build A Website
- Launch Campaigns
- Stay On Top Of Leads
- Build A Support Network
Hope these helps you :D
- Member since 2021 · 8 posts · 4 votes3yHello Eliott, I will reach out if I end up getting a property there. Thank you
Quote from @Eliott Elias:
Purchase here in Austin Texas, I'll help manage the property
- Member since 2021 · 8 posts · 4 votes3yHello Wale,
Quote from @Wale Lawal:
I am a real estate agent and investor in the Houston market.
Katy, Cypress, Spring, some parts of Houston, Conroe, Tomball, Pearland are great markets.
Rent growth and appreciation is steady.
These cities tend to command quality tenants, and they have great schools.If you're intent on buying out-of-state, be sure to heed these additional warnings. Do not buy sight unseen. Online information on a property can be out-of-date or incomplete. A local real estate agent or property owner might lie to close a sale.
Buy in an area with some similarities to the area where you live, such as climate, demographics, or property age so that you have some idea of what you're dealing with. If you have lived in a 1960s suburb of California your entire life, don't buy a Victorian in Boston.
Don't buy a high-risk property. Buy in a primarily owner-occupied neighborhood to attract tenants who are a lower economic risk, says Ryan L. Hinricher, a founding partner of the investment home sales company Investor Nation. A high-quality property will typically have less maintenance and upkeep, he notes. "These properties also rent more quickly, as they usually have modern layouts and an adequate count of bedrooms and bathrooms."
Finally, as mentioned earlier, it's crucial to build a great network of professionals to help you and to occasionally visit your property yourself.Good luck!
Thank you for the great advice! What are you opinion on the markets at Austin and Dallas? - Member since 2021 · 8 posts · 4 votes3y
Quote from @John Mathew:
Hello Zihan! Take guidance from the following tips as you open the door to starting a real estate business:
- Think Through Professional Goals
- Conduct In-Depth Research
- Organize Your Finances
- Craft Your Business Strategy
- Form An LLC
- Plan Your Marketing
- Build A Website
- Launch Campaigns
- Stay On Top Of Leads
- Build A Support Network
Hope these helps you :D
Hi John,
I appreciate the tips that you have given me!
- 3yWale LawalBusiness MemberReal Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
Quote from @Zihan Huang:
Hello Wale,Quote from @Wale Lawal:
I am a real estate agent and investor in the Houston market.
Katy, Cypress, Spring, some parts of Houston, Conroe, Tomball, Pearland are great markets.
Rent growth and appreciation is steady.
These cities tend to command quality tenants, and they have great schools.If you're intent on buying out-of-state, be sure to heed these additional warnings. Do not buy sight unseen. Online information on a property can be out-of-date or incomplete. A local real estate agent or property owner might lie to close a sale.
Buy in an area with some similarities to the area where you live, such as climate, demographics, or property age so that you have some idea of what you're dealing with. If you have lived in a 1960s suburb of California your entire life, don't buy a Victorian in Boston.
Don't buy a high-risk property. Buy in a primarily owner-occupied neighborhood to attract tenants who are a lower economic risk, says Ryan L. Hinricher, a founding partner of the investment home sales company Investor Nation. A high-quality property will typically have less maintenance and upkeep, he notes. "These properties also rent more quickly, as they usually have modern layouts and an adequate count of bedrooms and bathrooms."
Finally, as mentioned earlier, it's crucial to build a great network of professionals to help you and to occasionally visit your property yourself.Good luck!
Thank you for the great advice! What are you opinion on the markets at Austin and Dallas?
I am a real estate agent and investor in the Austin and Dallas market.
Rent growth and appreciation is steady.
These cities tend to command quality tenants, and they have great schools.
Good luck!NETWORTH BUILDERS5236 Reviews - Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes3y
Quote from @Zihan Huang:
Hello,
I am currently trying to find my intro to real estate investing. I make about 89k a year and I have about 20k saved (~10k in bank and ~10k in ETFs). The main issue for me right now is that I live in NYC and if I want to invest in a property here, I do not have enough saved up, and I do not make enough. I have also considered purchasing a property in another state (Texas) and hiring a property manager, but I am not totally sure how that works. What is your advice on how I should get started with investing in real estate? Thanks in advance :)
You may want to consider how I started over 20 years ago and am still doing today. I now own a nice portfolio of income producing real estate – virtually all of it purchased with cash by flipping mobile homes in mobile home parks. Why this unusual business model?
High profit margins! Consistently between 50% and 200%. Examples: 1) $8,000 total investment, sold for $24,000. 2) $20,000 total investment, sold for $40,000. 3) $60,000 total investment, sold for $95,000. 4) $100,000 total investment, sold for $160,000.
Most investors have no understanding of how or why this unique housing niche works the way it does. There are several unusual factors that make this possible. Mobile homes are considered personal property, not real estate. They are bought and sold quickly and easily - just like a car. Misconceptions and myths keep competition almost non-existent. The business model works the same way in 49 states (no mobiles in Hawaii).
I’m a big fan of real estate and BiggerPockets. I’m also a big fan of having a method to accumulate nice chunks of cash, rapidly, without borrowing (especially hard money).
May you have Great Fortune in your Endeavors!
- Member since 2021 · 8 posts · 4 votes3y
Quote from @Wale Lawal:
Quote from @Zihan Huang:
Hello Wale,Quote from @Wale Lawal:
I am a real estate agent and investor in the Houston market.
Katy, Cypress, Spring, some parts of Houston, Conroe, Tomball, Pearland are great markets.
Rent growth and appreciation is steady.
These cities tend to command quality tenants, and they have great schools.If you're intent on buying out-of-state, be sure to heed these additional warnings. Do not buy sight unseen. Online information on a property can be out-of-date or incomplete. A local real estate agent or property owner might lie to close a sale.
Buy in an area with some similarities to the area where you live, such as climate, demographics, or property age so that you have some idea of what you're dealing with. If you have lived in a 1960s suburb of California your entire life, don't buy a Victorian in Boston.
Don't buy a high-risk property. Buy in a primarily owner-occupied neighborhood to attract tenants who are a lower economic risk, says Ryan L. Hinricher, a founding partner of the investment home sales company Investor Nation. A high-quality property will typically have less maintenance and upkeep, he notes. "These properties also rent more quickly, as they usually have modern layouts and an adequate count of bedrooms and bathrooms."
Finally, as mentioned earlier, it's crucial to build a great network of professionals to help you and to occasionally visit your property yourself.Good luck!
Thank you for the great advice! What are you opinion on the markets at Austin and Dallas?
I am a real estate agent and investor in the Austin and Dallas market.
Rent growth and appreciation is steady.
These cities tend to command quality tenants, and they have great schools.
Good luck!Okay, I will probably start taking a look into those markets then. Thank you!
- Member since 2021 · 8 posts · 4 votes3yHello Jerry, I have actually a little about the mobile home market. I did not know it was that profitable! I will probably do some research on it, but I don't think a lot of mobile homes are sold here in NYC.
Quote from @Jerry Lucker:
Quote from @Zihan Huang:
Hello,
I am currently trying to find my intro to real estate investing. I make about 89k a year and I have about 20k saved (~10k in bank and ~10k in ETFs). The main issue for me right now is that I live in NYC and if I want to invest in a property here, I do not have enough saved up, and I do not make enough. I have also considered purchasing a property in another state (Texas) and hiring a property manager, but I am not totally sure how that works. What is your advice on how I should get started with investing in real estate? Thanks in advance :)
You may want to consider how I started over 20 years ago and am still doing today. I now own a nice portfolio of income producing real estate – virtually all of it purchased with cash by flipping mobile homes in mobile home parks. Why this unusual business model?
High profit margins! Consistently between 50% and 200%. Examples: 1) $8,000 total investment, sold for $24,000. 2) $20,000 total investment, sold for $40,000. 3) $60,000 total investment, sold for $95,000. 4) $100,000 total investment, sold for $160,000.
Most investors have no understanding of how or why this unique housing niche works the way it does. There are several unusual factors that make this possible. Mobile homes are considered personal property, not real estate. They are bought and sold quickly and easily - just like a car. Misconceptions and myths keep competition almost non-existent. The business model works the same way in 49 states (no mobiles in Hawaii).
I’m a big fan of real estate and BiggerPockets. I’m also a big fan of having a method to accumulate nice chunks of cash, rapidly, without borrowing (especially hard money).
May you have Great Fortune in your Endeavors!
- Investor · Member since 2021 · 591 posts · 695 votes3y
@Zihan Huang this type of question ("how should I start?") gets asked a lot, so here's my response pasted from a different thread:
There are a lot of ways to get started in RE investing, but all other things being equal, a house hack is a better strategy for a beginning investor who doesn't have much real estate experience.Why? Because, house hacking is comparatively simple and beginner-friendly (and therefore has the highest likelihood of success), but strategies like BRRR'ing, flipping, wholesaling, out of state investing, etc. are far more complicated, and have a far higher chance of failure because they involve so many "moving pieces".
I always use this analogy: would you tell a beginner skier who has zero experience to ski a double black diamond (the most advanced terrain) for their first run? (obviously, no; a beginner could easily get themselves killed on double black diamond terrain!). Beginners should start off on beginner terrain, where they actually have a chance to learn and succeed. A house hack is like that beginner run (but BRRR'ing, wholesaling, and out-of-state investing are more like double black diamonds).
With a house hack, you can make money while learning the essential skills you'll need to succeed in RE investing (e.g.; how to analyze properties, how to find an investor-friendly agent, how to engage in a strong due diligence process, how to screen tenants, how to manage the property, how to build a network of contractors, plumbers, electricians and other pros, how to manage the book keeping of the property, etc., etc., etc. If you want to succeed in RE investing, getting this experience will be critical). So, you can make money and learn invaluable lessons with a HH, but it's typically a much lower risk strategy than BRRR'ing, flipping, out of state investing, or wholesaling--which are strategies that (when executed poorly) can easily bankrupt a beginner.
Moreover, house hacking can be very lucrative, and there are multi-millionaires who built their fortunes on repetitive house hacking! Although it's a strategy that's good for beginners, there are plenty of very experienced RE investors who continue to HH.
Plus, if you do decide to do one of the other strategies in the future (such as out of state investing), you'll be much more prepared to do it if you have a HH or two under your belt--a ton of the lessons you'll learn from a HH can be used to successfully execute an out of state investment/BRRR/etc.! ...in fact, I'd say that a HH should be a necessary prerequisite to the more advanced strategies for most folks!
Now, having said all that, house hacking isn't necessarily easy (if it were, everyone would do it)...it's just easier than the more advanced strategies...House hacking still takes significant due diligence, skill in analyzing the market and the property, time and effort to learn about tenant screening and property management, the ability to anticipate appreciation/depreciation trends, etc., etc., etc....and even with lots of skill and preparation, things will still go wrong (vacancy, plumbing leaks, bad tenants, etc.)--but that's the nature of the game. As James Brown sang: you gotta pay the cost to be the boss.
Good luck out there!
- 3yPatrick DruryBusiness MemberReal Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
@Zihan Huang
In terms of investing out of state as long as you build a team or your core 4 as David Green calls it which is a lender, agent, property manager, and contractor you'll be good. Here is the article an article to learn more https://www.biggerpockets.com/... - Member since 2021 · 8 posts · 4 votes3y
Quote from @Leo R.:
@Zihan Huang this type of question ("how should I start?") gets asked a lot, so here's my response pasted from a different thread:
There are a lot of ways to get started in RE investing, but all other things being equal, a house hack is a better strategy for a beginning investor who doesn't have much real estate experience.Why? Because, house hacking is comparatively simple and beginner-friendly (and therefore has the highest likelihood of success), but strategies like BRRR'ing, flipping, wholesaling, out of state investing, etc. are far more complicated, and have a far higher chance of failure because they involve so many "moving pieces".
I always use this analogy: would you tell a beginner skier who has zero experience to ski a double black diamond (the most advanced terrain) for their first run? (obviously, no; a beginner could easily get themselves killed on double black diamond terrain!). Beginners should start off on beginner terrain, where they actually have a chance to learn and succeed. A house hack is like that beginner run (but BRRR'ing, wholesaling, and out-of-state investing are more like double black diamonds).
With a house hack, you can make money while learning the essential skills you'll need to succeed in RE investing (e.g.; how to analyze properties, how to find an investor-friendly agent, how to engage in a strong due diligence process, how to screen tenants, how to manage the property, how to build a network of contractors, plumbers, electricians and other pros, how to manage the book keeping of the property, etc., etc., etc. If you want to succeed in RE investing, getting this experience will be critical). So, you can make money and learn invaluable lessons with a HH, but it's typically a much lower risk strategy than BRRR'ing, flipping, out of state investing, or wholesaling--which are strategies that (when executed poorly) can easily bankrupt a beginner.
Moreover, house hacking can be very lucrative, and there are multi-millionaires who built their fortunes on repetitive house hacking! Although it's a strategy that's good for beginners, there are plenty of very experienced RE investors who continue to HH.
Plus, if you do decide to do one of the other strategies in the future (such as out of state investing), you'll be much more prepared to do it if you have a HH or two under your belt--a ton of the lessons you'll learn from a HH can be used to successfully execute an out of state investment/BRRR/etc.! ...in fact, I'd say that a HH should be a necessary prerequisite to the more advanced strategies for most folks!
Now, having said all that, house hacking isn't necessarily easy (if it were, everyone would do it)...it's just easier than the more advanced strategies...House hacking still takes significant due diligence, skill in analyzing the market and the property, time and effort to learn about tenant screening and property management, the ability to anticipate appreciation/depreciation trends, etc., etc., etc....and even with lots of skill and preparation, things will still go wrong (vacancy, plumbing leaks, bad tenants, etc.)--but that's the nature of the game. As James Brown sang: you gotta pay the cost to be the boss.
Good luck out there!
Hello Leo, thank you for the great advice! I would actually love to start with HH, but the issue is that houses here in NYC are way too expensive and it would take 5+ years in order for me to save enough for a downpayment with my current salary. If I were to invest in another state, I probably would be able to get ready to get my first start in about 1-2 years. What is your opinion on this situation? Would it be smarter to have a later start in NYC or take the riskier route and invest out of state?
- Member since 2021 · 8 posts · 4 votes3y
Quote from @Patrick Drury:
@Zihan Huang
In terms of investing out of state as long as you build a team or your core 4 as David Green calls it which is a lender, agent, property manager, and contractor you'll be good. Here is the article an article to learn more https://www.biggerpockets.com/...Hi Patrick, thank you for the article. I will take a read when I get the chance.
- Investor · Member since 2021 · 591 posts · 695 votes3y
Quote from @Zihan Huang:
Quote from @Leo R.:
@Zihan Huang this type of question ("how should I start?") gets asked a lot, so here's my response pasted from a different thread:
There are a lot of ways to get started in RE investing, but all other things being equal, a house hack is a better strategy for a beginning investor who doesn't have much real estate experience.Why? Because, house hacking is comparatively simple and beginner-friendly (and therefore has the highest likelihood of success), but strategies like BRRR'ing, flipping, wholesaling, out of state investing, etc. are far more complicated, and have a far higher chance of failure because they involve so many "moving pieces".
I always use this analogy: would you tell a beginner skier who has zero experience to ski a double black diamond (the most advanced terrain) for their first run? (obviously, no; a beginner could easily get themselves killed on double black diamond terrain!). Beginners should start off on beginner terrain, where they actually have a chance to learn and succeed. A house hack is like that beginner run (but BRRR'ing, wholesaling, and out-of-state investing are more like double black diamonds).
With a house hack, you can make money while learning the essential skills you'll need to succeed in RE investing (e.g.; how to analyze properties, how to find an investor-friendly agent, how to engage in a strong due diligence process, how to screen tenants, how to manage the property, how to build a network of contractors, plumbers, electricians and other pros, how to manage the book keeping of the property, etc., etc., etc. If you want to succeed in RE investing, getting this experience will be critical). So, you can make money and learn invaluable lessons with a HH, but it's typically a much lower risk strategy than BRRR'ing, flipping, out of state investing, or wholesaling--which are strategies that (when executed poorly) can easily bankrupt a beginner.
Moreover, house hacking can be very lucrative, and there are multi-millionaires who built their fortunes on repetitive house hacking! Although it's a strategy that's good for beginners, there are plenty of very experienced RE investors who continue to HH.
Plus, if you do decide to do one of the other strategies in the future (such as out of state investing), you'll be much more prepared to do it if you have a HH or two under your belt--a ton of the lessons you'll learn from a HH can be used to successfully execute an out of state investment/BRRR/etc.! ...in fact, I'd say that a HH should be a necessary prerequisite to the more advanced strategies for most folks!
Now, having said all that, house hacking isn't necessarily easy (if it were, everyone would do it)...it's just easier than the more advanced strategies...House hacking still takes significant due diligence, skill in analyzing the market and the property, time and effort to learn about tenant screening and property management, the ability to anticipate appreciation/depreciation trends, etc., etc., etc....and even with lots of skill and preparation, things will still go wrong (vacancy, plumbing leaks, bad tenants, etc.)--but that's the nature of the game. As James Brown sang: you gotta pay the cost to be the boss.
Good luck out there!
Hello Leo, thank you for the great advice! I would actually love to start with HH, but the issue is that houses here in NYC are way too expensive and it would take 5+ years in order for me to save enough for a downpayment with my current salary. If I were to invest in another state, I probably would be able to get ready to get my first start in about 1-2 years. What is your opinion on this situation? Would it be smarter to have a later start in NYC or take the riskier route and invest out of state?
Great question, but it's not a question that I can answer for you...it just depends on what you're willing to sacrifice, what your goals are, what resources you have at your disposal, etc., etc.
Obviously, NYC real estate is its own beast, and what works in many other markets isn't feasible in NYC. ...NYC is a notoriously difficult market to operate in, particularly for a beginner (and even for a pro)...I have quite a bit of real estate investing experience, but I'd be pretty intimidated to try to break into the NYC market (that doesn't mean it's impossible, just that it's probably a lot more challenging than many other markets).
One thing I've found is that success in real estate investing often requires sacrifices (especially when you're starting out). For instance, you might have to sacrifice by living in a city you don't like for a year or two to get started, or maybe you have to sacrifice by having housemates in a house hack, or living in a neighborhood that isn't your favorite...or, you might have to sacrifice a lot of time doing things like building a team, analyzing properties, etc., etc.
...in general, these types of sacrifices tend to be easier when you're younger (especially before marriage/kids) ...as the Great Warren Miller said about becoming a ski bum: "every year you wait to do it, you're just one year older when you finally do do it" --the same thing applies to real estate; the sacrifices necessary for success often become harder to make the older you get... it's a whole lot easier to live in a house hack with 7 housemates when you're in your 20s than when you're in your 40s!
...also, you mentioned that investing out of state could be riskier...maybe, but maybe not--it depends on a million different factors (like how much money you have, whether you have a good team in place, your willingness/ability to temporarily move out of state or at least travel out of state, etc., etc.)... there is no "perfect" strategy in real estate, everything is a tradeoff, and every strategy has its own pros and cons. When I'm trying to make a tricky decision, I'll often write down the various pros and cons of the different options--this helps me get a better idea of what decision works best for me--I'd suggest trying that.
Good luck!
- 3yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
We think the Midwest is a GREAT place for OOS investors to consider!
YES, we may be a little biased, but check out our blog here on BP comparing Detroit to other cities and Deep Dives on Metro Detroit cities & neighborhoods: https://www.biggerpockets.com/... (links also available @ our website)
Your biggest question shouldn't be WHERE to invest, but HOW you will invest!
Many OOS investors set themselves up for failure because they don't truly take the time to understand:
1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.
2) The Class of the PROPERTY they are buying - which is relative to the overall area.
3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.
4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.
5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.
6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.
7) That OOS property Class rankings are often different than the Class ranking of the local market they live.
8) Class A is relatively easy to manage, can even be DIY remote managed from another state. Can usually allot 5-10% vacancy factor and same for maintenance.
9) Class B usually also okay, but needs more attention from owner and/or PMC. Vacancy and maintenance factors should be higher than for Class A as homes will be older, have more deferred maintenance and tenants will be harder on them.
10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!), but very difficult to DIY remote manage. Vacancy and maintenance factors should be higher than for Class A or B. Homes will have even more deferred maintenance and tenants will be even harder on them.
11) Class D pretty much requires an OWNER to be on location and at the property 3-4 times/week. Most quality PMCs will not manage these properties as they understand most owners won’t pay them enough for the time required and even then it’s too difficult successfully manage them.
***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.Also, SERIOUSLY consider - do you really have the time to be a DIY landlord or should you hire a PMC?
Good luck with whatever you decide😊
Logical Property Management4.9459 Reviews - Real Estate Agent · Columbus | Toledo · Member since 2019 · 607 posts · 768 votes3y
Quote from @Zihan Huang:
Hello,
I am currently trying to find my intro to real estate investing. I make about 89k a year and I have about 20k saved (~10k in bank and ~10k in ETFs). The main issue for me right now is that I live in NYC and if I want to invest in a property here, I do not have enough saved up, and I do not make enough. I have also considered purchasing a property in another state (Texas) and hiring a property manager, but I am not totally sure how that works. What is your advice on how I should get started with investing in real estate? Thanks in advance :)
If you are looking for affordability, appreciation, and cash flow Ohio has some great markets. Columbus, Toledo, & Cleveland have been some of the hottest markets for investors for one or more of the reasons I mentioned.
- Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes3y
Hi Zihan, One of the easiest ways of scaling in real estate today is to invest in turnkey properties out of state. If you have a busy 9-5 routine but have the money to get started and don't have enough time, turnkey companies provide some of the best resources to scale your portfolio. I have used that strategy so feel free to reach out if you want to discuss.
- Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes3y
Quote from @Zihan Huang:
Hello,
I am currently trying to find my intro to real estate investing. I make about 89k a year and I have about 20k saved (~10k in bank and ~10k in ETFs). The main issue for me right now is that I live in NYC and if I want to invest in a property here, I do not have enough saved up, and I do not make enough. I have also considered purchasing a property in another state (Texas) and hiring a property manager, but I am not totally sure how that works. What is your advice on how I should get started with investing in real estate? Thanks in advance :)
Definitely read the article Patrick linked. I recommend starting with the agent, as a good investor-friendly agent should be able to provide you with the other three. As for markets, take a look at Cleveland OH, it cashflows very well and is really affordable.
- Fort Collins, CO · Member since 2017 · 110 posts · 69 votes3y
@Eliott Elias
Shootin the shot 😂👍
- Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes3y
Quote from @Account Closed:
@Eliott Elias
Shootin the shot 😂👍
You miss 100% of the shots you don't take yo.
- Investor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes3y
Just keep in mind you don’t have $20k to spend. You’ve got $10-15k and need a MINIMUM of 5-10k for reserves.
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