Looking to buy first rental property

Miami, Florida
First-Time Home Buyer
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Looking to buy first rental property

Jake Posner
Member since 2020 路 1 post 路 12 votes

Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.

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Remington LymanBusiness Member
Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
2y
Quote from @Jake Posner:

Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.


Welcome to BiggerPockets! BP helped me a lot in 2017 when I first started buying rentals in Ohio. Happy to connect to chat about Columbus
[email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Melanie P.Pro Member
    Rental Property Investor 路 Member since 2023 路 1k+ posts 路 922 votes
    2y

    Why not Florida? There is plenty of affordable real estate within driving distance of your location.. 

    2Reply
  • Samuel DioufBusiness Member
    Real Estate Agent 路 Columbus & Cleveland, OH 路 Member since 2023 路 1k+ posts 路 1k+ votes
    2y

    Columbus is a great market to consider. I moved here from Florida after seeing the projected growth. Multiple, billion dollar companies are investing substantial amounts of money into our area, such as Intel, Google, and Amazon. Which in turn will bring plenty of other investors and general business to the market.

    [email protected]614-662-1652
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  • Bob S.
    Real Estate Consultant 路 Cleveland 路 Member since 2020 路 6k+ posts 路 3k+ votes
    2y
    Quote from @Melanie P.:

    Why not Florida? There is plenty of affordable real estate within driving distance of your location.. 


     really where ? 

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
    2y
    Quote from @Jake Posner:

    Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

    Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.


    Welcome to BiggerPockets! BP helped me a lot in 2017 when I first started buying rentals in Ohio. Happy to connect to chat about Columbus
    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    5Reply
  • Taz Zettergren
    Real Estate Agent 路 Memphis, TN 路 Member since 2019 路 365 posts 路 264 votes
    2y

    @Jake Posner welcome to the forums! Memphis is a great place for cash flowing properties, the price points are very favorable as well as the landlord laws. There are several turnkey providers in town or investor friendly agents like myself. Feel free to reach out if any questions arise. Best of luck on the investment journey! 

    0Reply
  • Peter Dorinsky
    Real Estate Agent 路 Columbus, OH 路 Member since 2020 路 149 posts 路 193 votes
    2y
    Quote from @Jake Posner:

    Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

    Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.


     Hey Jake, welcome to BP! Would be happy to connect and chat about the Columbus market if you're looking to do further research. Columbus has been experiencing a lot of growth from major companies in the tech sector expanding their presence in the market. 

    3Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2019 路 3k+ posts 路 2k+ votes
    2y
    Quote from @Jake Posner:

    Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

    Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.

    Hi Jake, I personally love Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9120 Reviews
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  • Nicholas L.Pro Member
    Flipper/Rehabber 路 Pittsburgh 路 Member since 2018 路 6k+ posts 路 5k+ votes
    2y

    @Jake Posner

    strongly recommend looking closer to home - OOS investing is more difficult than it's made out to be. 

    and

    with rates where they are, there's just about no cash flow right now unless you employ a creative strategy or a combination of creative strategies.

    if you just buy any old property in any old market, you're not going to cash flow.

    0Reply
  • Melanie P.Pro Member
    Rental Property Investor 路 Member since 2023 路 1k+ posts 路 922 votes
    2y
    Quote from @Bob S.:
    Quote from @Melanie P.:

    Why not Florida? There is plenty of affordable real estate within driving distance of your location.. 


     really where ? 

    Lauderhill, West Park.
    1Reply
  • Stephen Akindona
    Investor 路 Memphis, TN 路 Member since 2013 路 741 posts 路 845 votes
    2y

    @Jake Posner Welcome to BP! This is an excellent community of like minded individuals that can greatly help you achieve success in your investing pursuit! Don't be afraid to post questions and reach out to folks. I of course love Memphis! I live here, invest here and help OOS investors invest here so hit me up if you ever need anything! Also we created a free Memphis zip code guide that I can send you if you DM me. 

    Happy Investing!

    0Reply
  • Anthony Angotti
    Real Estate Agent 路 Pittsburgh, PA 路 Member since 2015 路 1k+ posts 路 846 votes
    2y
    Quote from @Jake Posner:

    Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

    Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.


    Pittsburgh is a good market with good cash flow however the buildings are older so there will be a decent amount of maintenance over time. The more you spend up front on renovation will help you to reduce your expenses later. 

    Do you have any specific questions about the market? 

    There aren鈥檛 many awful neighborhoods, but if you hear anyone talking big cashflow it鈥檚 usually a D/c- type neighborhood, though there are still a few places with decent opportunities.  

    1Reply
  • Bob S.
    Real Estate Consultant 路 Cleveland 路 Member since 2020 路 6k+ posts 路 3k+ votes
    2y
    Quote from @Melanie P.:
    Quote from @Bob S.:
    Quote from @Melanie P.:

    Why not Florida? There is plenty of affordable real estate within driving distance of your location.. 


     really where ? 

    Lauderhill, West Park.

     So what do you consider a good deal , numbers ? 

    0Reply
  • David Yamamoto
    Member since 2022 路 20 posts 路 26 votes
    2y

    If your open to Tennessee, check northern Alabama as well.  My (soon to be ex) wife and I bought a 3/2 in Hazel Green, just north of Huntsville.  It cashflows and is a fairly new house - if memory serves, it's about 10 years old or so.  Sadly, in the divorce settlement, I'm giving up that property, my ex will retain it. But, I suppose my point is Huntsville is growing like crazy - lots and lots of jobs.  
    Best of luck to you!

    0Reply
  • Minie Quilala
    Banker 路 Member since 2024 路 4 posts 路 1 vote
    2y
    Quote from @Remington Lyman:
    Quote from @Jake Posner:

    Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

    Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.


    Welcome to BiggerPockets! BP helped me a lot in 2017 when I first started buying rentals in Ohio. Happy to connect to chat about Columbus
    What part of Ohio would be a good place to start investing in? I'm also a newbie and not sure where to start. I'd like to go out of State, I'm in California and it's expensive here. Thank you.
    1Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber 路 Pittsburgh 路 Member since 2018 路 6k+ posts 路 5k+ votes
    2y

    @Minie Quilala

    required reading for the CA based investor:

    https://www.biggerpockets.com/forums/48/topics/1159104-overl...

    1Reply
  • Dave Skow
    Lender 路 Seattle, WA 路 Member since 2014 路 2k+ posts 路 899 votes
    2y

    @Jake Posner- thanks for the post ...if you plan on needing financing for the rental proeprty - make sure to get  fully pre approved  for the hypotehtical  scenario you are planning ...use a loan officer or lender that is licensed is all the states  you are looking at . thanks 

    0Reply
  • Eric Tullius
    Real Estate Agent 路 Philadelphia, PA 路 Member since 2022 路 58 posts 路 40 votes
    2y

    @Jake Posner if you pick up interest in the Philly market I am always available to connect. 

    0Reply
  • Min ZhangBusiness Member
    Real Estate Agent 路 Member since 2022 路 1k+ posts 路 1k+ votes
    2y

    Hi Jake, great to know that you are considering the Columbus, Ohio market. Columbus has seen significant growth, especially with tech giants like Intel, Meta, Amazon, and Google setting up operations, driving up property prices and job opportunities. I also invest in Cleveland and Dayton. Let me know how I can help.

    [email protected]614-412-2912
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  • Patrick DruryBusiness Member
    Real Estate Agent 路 Columbus, OH & Cleveland OH 路 Member since 2021 路 1k+ posts 路 2k+ votes
    2y

    @Jake Posner
    If you are looking in Columbus, I recommend areas like Hilltop, Linden, Eastmoor/ Whitehall, and Franklinton. These are areas where you can cash flow in Columbus because the rent-to-price ratio is favorable. Out of these areas, Franklinton and Linden are seeing some of the most developments. With things like the ONE Linden plan in Linden, which is a 50M plan to improve the neighborhood. Of that 50M, 25M was allocated for the construction of a new recreational faculty that has since been completed. Franklinton has been seeing lots of developments like the completion of Gravity Phase 1 and phases 2 and 3 on the way. As well as coffee shops like Bottoms Up Coffee are moving in and small microbreweries like brew dog and land grant.

    [email protected]614-412-4565
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    2Reply
  • Brittany MinocchiBusiness Member
    Lender 路 Massillon, OH 路 Member since 2022 路 1k+ posts 路 486 votes
    2y
    Quote from @Minie Quilala:
    Quote from @Remington Lyman:
    Quote from @Jake Posner:

    Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

    Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.


    Welcome to BiggerPockets! BP helped me a lot in 2017 when I first started buying rentals in Ohio. Happy to connect to chat about Columbus
    What part of Ohio would be a good place to start investing in? I'm also a newbie and not sure where to start. I'd like to go out of State, I'm in California and it's expensive here. Thank you.

     Hi Minie, 

    Many folks are choosing to invest in areas like Cleveland, Columbus Cincinnati, Dayton, Toledo, Akron and Canton. It depends on what you're looking for (cash flow, appreciation, price point, turn key, rehab needed, etc). I personally am local to and invest in Canton. Happy to talk if you'd like to connect. 

    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
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    0Reply
  • Brittany MinocchiBusiness Member
    Lender 路 Massillon, OH 路 Member since 2022 路 1k+ posts 路 486 votes
    2y

    Hey Jake - 

    Many folks are choosing to invest in areas like Cleveland, Columbus Cincinnati, Dayton, Toledo, Akron and Canton. Are you looking for turn key properties to properties in need of rehab? What class of neighborhood? Single family or multi? I personally am local to and invest in Canton, primarily small multifamily in C/D class neighborhoods with good cash flow. You've really gotta screen your tenants, though. Section 8 is another avenue you could explore. Happy to talk if you'd like to connect. 

    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
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    1Reply
  • Engelo RumoraBusiness Member
    Investor 路 Toledo, OH 路 Member since 2013 路 4k+ posts 路 2k+ votes
    2y
    Quote from @Bob S.:
    Quote from @Melanie P.:
    Quote from @Bob S.:
    Quote from @Melanie P.:

    Why not Florida? There is plenty of affordable real estate within driving distance of your location.. 


     really where ? 

    Lauderhill, West Park.

     So what do you consider a good deal , numbers ? 


    15-20% cashflow ROI when buying for myself.

    Turnkey offered at 8% or higher depending on volume for solid B class is good buying IMO

    As you know, for us like yourself on the ground the deals can get incredible.

    Just trying to get a 6 unit across the line for $160,000.

    A class area in Toledo and needs around $50,000 rehab.

    Current rent's are below market at $3,250 and will fix and increase to $4,500pm

    Stupid good numbers lol

    Podcast Guest on Show #89
    Oz Realty4.5369 Reviews
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    0Reply
  • Engelo RumoraBusiness Member
    Investor 路 Toledo, OH 路 Member since 2013 路 4k+ posts 路 2k+ votes
    2y
    Quote from @Brittany Minocchi:
    Quote from @Minie Quilala:
    Quote from @Remington Lyman:
    Quote from @Jake Posner:

    Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

    Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.


    Welcome to BiggerPockets! BP helped me a lot in 2017 when I first started buying rentals in Ohio. Happy to connect to chat about Columbus
    What part of Ohio would be a good place to start investing in? I'm also a newbie and not sure where to start. I'd like to go out of State, I'm in California and it's expensive here. Thank you.

     Hi Minie, 

    Many folks are choosing to invest in areas like Cleveland, Columbus Cincinnati, Dayton, Toledo, Akron and Canton. It depends on what you're looking for (cash flow, appreciation, price point, turn key, rehab needed, etc). I personally am local to and invest in Canton. Happy to talk if you'd like to connect. 


    I don't like Toledo.

    I love it hehe 馃檲

    Podcast Guest on Show #89
    Oz Realty4.5369 Reviews
    WebsiteView Page
    0Reply
  • Savannah Yingling
    Realtor 路 Chevy Chase, MD 路 Member since 2023 路 74 posts 路 51 votes
    2y
    Quote from @Jake Posner:

    Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

    Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.


    Hi Jake, welcome to BP! The DC, Maryland, and Virginia areas are also good markets to consider on the east coast. Happy to chat with you if you're interested in learning more. Goodluck!

    1Reply
  • Account Closed
    Real Estate Agent 路 Chattanooga, TN 路 Member since 2021 路 29 posts 路 22 votes
    2y
    Quote from @Jake Posner:

    Hi, I am based in South Florida -- looking to buy first rental property, looking out of state at Markets like Columbus, Memphis, Pittsburgh.

    Targeting cash flowing properties on the east coast. Looking to connect with folks familiar with these areas or similar.


    Hi Jake,

    Welcome to BP! If Memphis turns out to be a bust, then check out Chattanooga, TN instead. Feel free to message me if you want to connect.

    Good luck and have a great week!

    Spencer

    0Reply
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