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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  • Account Closed
    Rental Property Investor 路 Brooke Park Drive 路 Member since 2018 路 1k+ posts 路 2k+ votes
    2y

     Can you post an example of a recent one? Just curious what numbers on a deal in the DMV look like.

    1Reply
  • James WachobBusiness Member
    Real Estate Broker 路 Memphis, TN 路 Member since 2015 路 1k+ posts 路 890 votes
    2y

    Memphis holds unlimited opportunities. If you need any contacts we would be happy to help.

    0Reply
  • Robert EllisBusiness Member
    Developer 路 Miami, FL 路 Member since 2014 路 3k+ posts 路 1k+ 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.


     Funny I'm a developer from columbus down here to make higher returns than we can make in columbus. we build multifamily for investors. maybe w can connect while I'm down here and I can give you some info on the ground up we do in columbus. we are looking at midrise condos and multifamily developments with T6 zoning. miami allows incredible density which allows you to make a lot of money and the new construction values are almost 3-4x what we get in columbus urban core. 

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  • Monica Bynum
    Real Estate Agent 路 Memphis, TN 路 Member since 2019 路 76 posts 路 39 votes
    2y

    Hello @Jake Posner! Memphis is a great rental city! My team members and I have assisted many investors all over the world get started. I would be happy to chat with you! 

    0Reply
  • Jordan RayBusiness Member
    Real Estate Agent 路 Memphis, TN 路 Member since 2023 路 642 posts 路 333 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.


    Hello Jake & welcome to BiggerPockets! I am a featured agent on here, please check out my page and let me know if I can help with anything at all.

    [email protected]662-642-1458
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  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor 路 Kansas City, MO 路 Member since 2014 路 10k+ posts 路 5k+ votes
    2y

    Welcome aboard Jake, you've definitely come to the right place to learn

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    0Reply
  • Sam McCormackBusiness Member
    Real Estate Agent 路 Cincinnati, OH/NKY 路 Member since 2021 路 1k+ posts 路 833 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, have you considered Cincy at all in there? Very popular and growing market! Super busy for homebuyers as well!

    [email protected]859-443-4952
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  • Dean HarrisBusiness Member
    Real Estate Agent 路 Memphis, TN 路 Member since 2015 路 1k+ posts 路 1k+ votes
    2y

    I own a large portfolio here in Memphis. I am happy to share my exoierences with you. We have several reliable optins including the BRRRR & 1% Rule houses. I typically BRRRR!!

    Good Luck!

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

     $700 pupm is not Class A for the Toledo area. It's Class C and you'll have C grade tenants in there. Not that there's anything wrong with that, just so long as you're prepared to do the work. 

    @Bob Stevens - I consider this markets I listed to have workable numbers for cash flow (provided you have enough of your own capital in the deal) and well positioned for appreciation. Most of the OOS markets investors target do not have much appreciation potential, are lower end properties that will have ongoing issues and will not give the OP the opportunity to self manage his units to gain true real estate experience and understanding. Local is almost always better if you can swing it.

    1Reply
  • Nadeem Alamgir
    Real Estate Agent 路 Member since 2023 路 831 posts 路 577 votes
    2y

    Welcome Jake, Cleveland, Ohio is a great market to focus on for cash flow. Low barrier to entry as well!

    1Reply
  • Engelo RumoraBusiness Member
    Investor 路 Toledo, OH 路 Member since 2013 路 4k+ posts 路 2k+ votes
    2y
    Quote from @Melanie P.:
    Quote from @Engelo Rumora:
    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

     $700 pupm is not Class A for the Toledo area. It's Class C and you'll have C grade tenants in there. Not that there's anything wrong with that, just so long as you're prepared to do the work. 

    @Bob Stevens - I consider this markets I listed to have workable numbers for cash flow (provided you have enough of your own capital in the deal) and well positioned for appreciation. Most of the OOS markets investors target do not have much appreciation potential, are lower end properties that will have ongoing issues and will not give the OP the opportunity to self manage his units to gain true real estate experience and understanding. Local is almost always better if you can swing it.


    I'm just "starting" my investment journey in Toledo so still learning about the different asset classes haha 馃檲

    It all depends how people are born and bread IMO.

    Some with a silver spoon and others with a Makita cordless drill 馃榿

    I'm sure many folks on the East and West Coast would consider all of Toledo as "Z Class".

    Current rents are under market.

    6 unit is located in Point Place which in my "blue collar working class guy" opinion is a solid A class area for Toledo standards.

    I'm sure the humble folk in Toledo consider what you will find in the images as "A class" due to heavy influx of homeowners.

    Much success 馃檹

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  • Melanie P.Pro Member
    Rental Property Investor 路 Member since 2023 路 1k+ posts 路 922 votes
    2y

    It's undoubtedly an A investment located in a D building in a C neighborhood. Nothing wrong with that as long as you are not gonna lose your mind when people are irresponsible, have to be coddled. move in the middle of the night, etc.

    I would consider Sylvania, Ottawa Park, Perrysburg to be the A class neighborhoods in that area, but it is not a market I know well. 

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent 路 Columbus Cleveland Dayton, OH 路 Member since 2018 路 2k+ posts 路 1k+ 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.


     Columbus and Dayton are great markets. I like surrounding Columbus/Dayton for raw cash flow and Columbus metro for appreciation/cash flow hybrid.

    [email protected]614-363-2787
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    3Reply
  • Ethan Smith
    Investor 路 San Diego, CA 路 Member since 2024 路 3 posts 路 2 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,

    I鈥檓 eyeing the same spots for a rental property! Have you checked out Dayton, Ohio, as well? I found it on PRPGT.com and it looks promising too. Worth a glance for sure.

    Would be cool to swap notes on these places. Hit me up if you鈥檙e interested!

    1Reply
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