First out of state investment

Cleveland, Ohio
Out of State Investing
11moFollow

First out of state investment

Matheus Souza
Member since 2025 · 8 posts · 22 votes

hey guys, so I just wanted to get some insight. I am a brand new real estate investor looking to purchase my first property. I am located in Massachusetts, but the markets over here are very expensive and way out of my budget. Therefore I came across Cleveland and Columbus, Ohio, and these two markets fit my budget. Is there anything I need to know about these markets? Do you guys have any advice or insight on these two markets do you think buying my first ever investment property in these markets would be a good idea? (looking for a long-term rental multifamily 2 to 4 units mostly turnkey Because it is my first rental, but I'm open to properties that need very little work so minor value add, got about 30K to cover down payment and closing costs)

10Reply
617 views

Most Popular Reply

Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
11mo

@Matheus Souza

hello.  quick reactions.

1. 30K isn't enough just about anywhere.  it's going to put you below the median / in more challenging areas.

2. when new investors buy in a random market solely based on price they get crushed.  see crushings:

https://www.biggerpockets.com/forums/48/topics/1242392-rough...

https://www.biggerpockets.com/forums/48/topics/1137397-balti...

https://www.biggerpockets.com/forums/432/topics/1231840-sell...

https://www.biggerpockets.com/forums/311/topics/840134-memph...

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

3. can you start with a house hack?  not everyone can.  but it's a great way to get started.

hope this helps.  i'm on here to help protect your capital, not to cheerlead and tell you to "go for it."

7Reply
See this reply in the discussion

32 Replies

Jump to latestLatest
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    11mo
    Quote from @Matheus Souza:

    hey guys, so I just wanted to get some insight. I am a brand new real estate investor looking to purchase my first property. I am located in Massachusetts, but the markets over here are very expensive and way out of my budget. Therefore I came across Cleveland and Columbus, Ohio, and these two markets fit my budget. Is there anything I need to know about these markets? Do you guys have any advice or insight on these two markets do you think buying my first ever investment property in these markets would be a good idea?

    Hey @Matheus Souza, welcome to the BP Forum! What type of properties most interests you, SFR, 2-4 MF, or 5+ MF? What is your price range/down payment amount? Are you looking for turn-key properties or something along the lines of a "fixer upper"?

    [email protected]
    0Reply
    • Matheus Souza
      OP
      Member since 2025 · 8 posts · 22 votes
      11mo

      @Jaycee Greene looking for a long-term rental multifamily 2 to 4 units mostly turnkey Because it is my first rental, but I'm open to properties that need very little work so minor value add got about 30K for downpayment and closing costs

      1Reply
    • Jaycee GreenePro Member
      Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
      11mo
      Quote from @Matheus Souza:

      @Jaycee Greene looking for a long-term rental multifamily 2 to 4 units mostly turnkey Because it is my first rental, but I'm open to properties that need very little work so minor value add got about 30K for downpayment and closing costs

      @Matheus Souza Are you going to "house hack"?

      [email protected]
      0Reply
    • Matheus Souza
      OP
      Member since 2025 · 8 posts · 22 votes
      11mo

      @Jaycee Greene no i am investing Out of state i am located in Massachusetts 

      0Reply
    • Jaycee GreenePro Member
      Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
      11mo
      Quote from @Matheus Souza:

      @Jaycee Greene no i am investing Out of state i am located in Massachusetts 

       @Matheus Souza Something like this duplex in CBus: 1273-1275 E 18th Ave, Columbus, OH 43211?

      [email protected]
      1Reply
  • Matheus Souza
    OP
    Member since 2025 · 8 posts · 22 votes
    11mo

    Yes!

    0Reply
    • Jaycee GreenePro Member
      Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
      11mo
      Quote from @Matheus Souza:

      Yes!

       @Matheus Souza Great. As @Nicholas L. alluded to, even for the property on E 18th Ave at $160k is probably going to require more than $30k in cash to buy (not counting any potential rehab costs), unless on the off chance there could be seller financing.

      [email protected]
      0Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 957 votes
    11mo

    @Matheus Souza
    Cleveland and Columbus are strong starter markets because prices are reasonable, rents stay consistent, and you can find cash-flowing duplexes in solid B and C class areas with steady tenant demand. Many new investors like these cities because they offer a mix of turnkey and light value-add options, plus good long-term hold potential as long as you buy in the right pocket and build a reliable local team.

    [email protected]614-418-6081
    2Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    11mo

    @Matheus Souza

    hello.  quick reactions.

    1. 30K isn't enough just about anywhere.  it's going to put you below the median / in more challenging areas.

    2. when new investors buy in a random market solely based on price they get crushed.  see crushings:

    https://www.biggerpockets.com/forums/48/topics/1242392-rough...

    https://www.biggerpockets.com/forums/48/topics/1137397-balti...

    https://www.biggerpockets.com/forums/432/topics/1231840-sell...

    https://www.biggerpockets.com/forums/311/topics/840134-memph...

    https://www.biggerpockets.com/forums/963/topics/1195280-expe...

    3. can you start with a house hack?  not everyone can.  but it's a great way to get started.

    hope this helps.  i'm on here to help protect your capital, not to cheerlead and tell you to "go for it."

    7Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    11mo

    @Jaycee Greene

    I don't know the Columbus market at all, but for the listing you posted, isn't the fact that it's been sitting for 200+ days a huge red flag?  That means every local investor has passed, either because of condition, price, neighborhood, or some combination.

    Maybe @Remington Lyman can tell us what's up with it

    2Reply
  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
    11mo
    Quote from @Matheus Souza:

    hey guys, so I just wanted to get some insight. I am a brand new real estate investor looking to purchase my first property. I am located in Massachusetts, but the markets over here are very expensive and way out of my budget. Therefore I came across Cleveland and Columbus, Ohio, and these two markets fit my budget. Is there anything I need to know about these markets? Do you guys have any advice or insight on these two markets do you think buying my first ever investment property in these markets would be a good idea? (looking for a long-term rental multifamily 2 to 4 units mostly turnkey Because it is my first rental, but I'm open to properties that need very little work so minor value add, got about 30K to cover down payment and closing costs)


    So for SMF, I recommend having at least 60k. 50k for 25% down on a 200k property, 5k for CC and 5k in reserves. This is a little tight still. I would recommend getting your funds up some. Or, househack. Househacking is great. I have done it for my first 2 properties and potentially a 3rd. I'm in Cincinnati, so not the areas you mentioned, but I believe this still applies. DO YOUR RESEARCH AND VISIT THESE CITIES

    [email protected]859-443-4952
    Sam McCormack Realtor
    View Page
    2Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    11mo

    @Remington Lyman

    got it.  great info.  probably not a property a random out of state investor would want to buy and plan on not spending anything on though, yes?  basement looks like it may need some work

    1Reply
    • Remington LymanBusiness Member
      Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
      11mo
      Quote from @Nicholas L.:

      @Remington Lyman

      got it.  great info.  probably not a property a random out of state investor would want to buy and plan on not spending anything on though, yes?  basement looks like it may need some work


       The basement looks like a standard basement in the area. It is hard for me to tell withought it but I see updated electrical and plumbing. Looks like asbestos tape on the HVAC that could be called out in an appraisal but unlikely. As long as the tenants do not eat it you will not have issues but you "should" encapsolate it. I would need to get down there to check for bowing in the walls which is typically one of the bigger issues.

      Deals like this is what most out of state investors start with to be honest.

      [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
      Reafco512 Reviews
      WebsiteView Page
      1Reply
  • Elealeh Fulmaran
    Specialist · Member since 2025 · 483 posts · 270 votes
    11mo

    Good move looking where the numbers work. For Cleveland and Columbus, pick a tight buy box (2–4 units, C to B areas, minimal rehab) and run a quick Noise-to-Numbers screen on every lead: confirm market rent with two PMs, stress-test taxes/insurance/utilities/vacancy/CapEx, and make sure it cash flows without rosy assumptions. In Cleveland, street-by-street matters more, so lean on an investor‑savvy agent and PM to avoid D pockets; in Columbus, watch older housing stock and factor roofs, foundations, and mechanicals into your offer. If you inherit tenants, demand a two‑year rent roll and payment history to price risk. With ~30K, plan for reserves, consider owner‑occ 2–4 or DSCR options, and analyze five deals a week—close one clean turnkey or light value‑add to plant your flag.

    1Reply
  • Matthew Thornton
    Member since 2025 · 104 posts · 37 votes
    11mo

    With 30k, if your looking Out Of State, I would start with a Single Family Property for a Rental..

    0Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    11mo
    Quote from @Matheus Souza:

    hey guys, so I just wanted to get some insight. I am a brand new real estate investor looking to purchase my first property. I am located in Massachusetts, but the markets over here are very expensive and way out of my budget. Therefore I came across Cleveland and Columbus, Ohio, and these two markets fit my budget. Is there anything I need to know about these markets? Do you guys have any advice or insight on these two markets do you think buying my first ever investment property in these markets would be a good idea? (looking for a long-term rental multifamily 2 to 4 units mostly turnkey Because it is my first rental, but I'm open to properties that need very little work so minor value add, got about 30K to cover down payment and closing costs)

    Welcome to the Ohio market! Columbus is a great market to invest in. I've invested here since 2019. It’s one of the fastest-growing cities in the Midwest, and with major companies like Meta, Google, Amazon, and Intel expanding in the area, the demand for housing and rentals has stayed consistently strong.
    0Reply
  • Alfath AhmedBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
    11mo
    Quote from @Matheus Souza:

    hey guys, so I just wanted to get some insight. I am a brand new real estate investor looking to purchase my first property. I am located in Massachusetts, but the markets over here are very expensive and way out of my budget. Therefore I came across Cleveland and Columbus, Ohio, and these two markets fit my budget. Is there anything I need to know about these markets? Do you guys have any advice or insight on these two markets do you think buying my first ever investment property in these markets would be a good idea? (looking for a long-term rental multifamily 2 to 4 units mostly turnkey Because it is my first rental, but I'm open to properties that need very little work so minor value add, got about 30K to cover down payment and closing costs)


     I would recommend sticking to Cleveland. That is a cashflow heavy market. You can achieve 1.2% to 1.5% rules in Cleveland very easily. You want stay away from certain parts of the city.

    I put together a neighborhood map that helps a lot of out of state investors. Let me know and I can send it over to you. 

    [email protected]614-802-5698
    ReafCo | Ahmed Group 539 Reviews
    WebsiteView Page
    0Reply
  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    11mo

    @Matheus Souza
    If looking in Cleveland, I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

    [email protected]614-412-4565
    Reafco-556 Reviews
    View Page
    1Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    11mo
    Quote from @Matheus Souza:

    hey guys, so I just wanted to get some insight. I am a brand new real estate investor looking to purchase my first property. I am located in Massachusetts, but the markets over here are very expensive and way out of my budget. Therefore I came across Cleveland and Columbus, Ohio, and these two markets fit my budget. Is there anything I need to know about these markets? Do you guys have any advice or insight on these two markets do you think buying my first ever investment property in these markets would be a good idea? (looking for a long-term rental multifamily 2 to 4 units mostly turnkey Because it is my first rental, but I'm open to properties that need very little work so minor value add, got about 30K to cover down payment and closing costs)

    Hey Matheus, welcome to BP! Both Cleveland and Columbus can fit your budget, but I’d personally lean toward Columbus if your goal is long-term cash flow and appreciation. The market here is still super affordable with 2–4 unit properties in the $120K–180K range that can hit the 1% rule, meaning your $30K down payment and closing costs could get you into a property that cash flows right away. Columbus is also experiencing strong population growth, job growth, and big corporate developments from Intel, Amazon, Google, Facebook, Honda, Microsoft, LG, and more, which keeps rental demand high and appreciation potential strong. For a first rental, starting with a turnkey or light rehab property makes sense so you can get comfortable with management without taking on too much risk, and the city is very landlord-friendly compared to many other metros. With a solid property manager, even investing from out of state can be very manageable, and you’d be setting yourself up for both immediate cash flow and long-term equity growth. Happy to connect and answer any questions you have!

    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9120 Reviews
    WebsiteView Page
    0Reply
    • Sam McCormackBusiness Member
      Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
      11mo
      Quote from @Jimmy Lieu:
      Quote from @Matheus Souza:

      hey guys, so I just wanted to get some insight. I am a brand new real estate investor looking to purchase my first property. I am located in Massachusetts, but the markets over here are very expensive and way out of my budget. Therefore I came across Cleveland and Columbus, Ohio, and these two markets fit my budget. Is there anything I need to know about these markets? Do you guys have any advice or insight on these two markets do you think buying my first ever investment property in these markets would be a good idea? (looking for a long-term rental multifamily 2 to 4 units mostly turnkey Because it is my first rental, but I'm open to properties that need very little work so minor value add, got about 30K to cover down payment and closing costs)

      Hey Matheus, welcome to BP! Both Cleveland and Columbus can fit your budget, but I’d personally lean toward Columbus if your goal is long-term cash flow and appreciation. The market here is still super affordable with 2–4 unit properties in the $120K–180K range that can hit the 1% rule, meaning your $30K down payment and closing costs could get you into a property that cash flows right away. Columbus is also experiencing strong population growth, job growth, and big corporate developments from Intel, Amazon, Google, Facebook, Honda, Microsoft, LG, and more, which keeps rental demand high and appreciation potential strong. For a first rental, starting with a turnkey or light rehab property makes sense so you can get comfortable with management without taking on too much risk, and the city is very landlord-friendly compared to many other metros. With a solid property manager, even investing from out of state can be very manageable, and you’d be setting yourself up for both immediate cash flow and long-term equity growth. Happy to connect and answer any questions you have!

       @Jimmy Lieu Please don't encourage this guy to buy something he can barely afford. As a realtor we aren't only here to assist buying and selling, we are here to not let people make bad decisions like you are pushing for. Be better.

      @Matheus Souza work on your savings first, get those funds up, learn more and build up that foundation, and then build your portfolio on top of that foundation you set while building your funds

      [email protected]859-443-4952
      Sam McCormack Realtor
      View Page
      4Reply
  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    11mo

    Hey @Matheus Souza, both cities can work; it just depends on what matters more to you. Cleveland usually gives stronger cash flow, but Columbus has better population growth and appreciation upside. With $30K you should be able to get into a decent duplex if you’re patient and stick to good-demand areas. The biggest thing I’d focus on before pulling the trigger is lining up a solid property manager and lender so you’re not flying blind from out of state.

    [email protected]614-490-1163
    Kerlous Tadres | Reafco Real Estate541 Reviews
    WebsiteView Page
    1Reply
  • Travis TimmonsPro Member
    Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
    11mo

    @Sam McCormack good on you, man, 

    @Jimmy Lieu please stop copying and pasting the same thing for the 714th time. This guy doesn't have enough money and you know it. Be better.

    @Matheus Souza You're on the right track but just don't have enough money saved. Slow and steady still wins the race.

    2Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    10mo
    Quote from @Matheus Souza:

    hey guys, so I just wanted to get some insight. I am a brand new real estate investor looking to purchase my first property. I am located in Massachusetts, but the markets over here are very expensive and way out of my budget. Therefore I came across Cleveland and Columbus, Ohio, and these two markets fit my budget. Is there anything I need to know about these markets? Do you guys have any advice or insight on these two markets do you think buying my first ever investment property in these markets would be a good idea? (looking for a long-term rental multifamily 2 to 4 units mostly turnkey Because it is my first rental, but I'm open to properties that need very little work so minor value add, got about 30K to cover down payment and closing costs)


     Hey Matheus, if you're looking for value-add properties and LTR's, you will need a team of a Lender, a GC and a PM and an agent who knows the neighborhoods better than anyone. I can help you with the connections I have in Columbus and Cleveland

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    0Reply
  • Jim Manning
    Saint Louis, MO · Member since 2017 · 14 posts · 3 votes
    10mo

    @Travis Timmons - on the surface you are possibly right.

    in 2010 I looked at my business partner and said we can't afford to buy any rentals right now.

    in hindsight it wasn't a lack of funds it was a lack of resourcefulness holding us bacK.

    We could have found someone to partner with and done many deals

    in this case if a quality deal takes 60K and you have 30K, do you have anyone you would partner with to cover the other 30K and get a deal under your belt?

    0Reply
  • Travis TimmonsPro Member
    Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
    10mo

    @Jim Manning I may be a little jaded because I have had a partner steal money from me before, but partnerships are FAR easier said than done. If the OP has a rich uncle that wants to help out, sure, that works. 

    Short of that, what sort of investor with options would partner with someone that is investing out of state with no experience, though? I'd throw that in the "I don't want to be a part of any club that would take me as a member" category. 

    2Reply
  • Jim Manning
    Saint Louis, MO · Member since 2017 · 14 posts · 3 votes
    10mo

    @Travis Timmons sorry to hear that happened to you.  That sucks man.   I'd be jaded too.  Yes partnerships can be difficult.  

    In 2008 I did my first investment deal, and split it with a partner as a way to diversify risk and learn with less downside risk.  Scared sh%^less would be a good description for where I was at mentally so it helped me get into the game.

    We ended up doing our first 2 deals together and then each did our own after that.  

    It helped me get momentum when I didn't have a whole lot. 

    1Reply
  • Dominic Marshall
    Investor · Member since 2025 · 17 posts · 4 votes
    10mo

    @Matheus Souza

    Investing in out-of-state markets like Cleveland and Columbus can offer accessible entry points for first-time investors seeking multifamily properties with your budget constraints.

    Insights on Cleveland: The multifamily market in Cleveland is showing signs of stabilization in 2025, with rebounding demand following a period of supply adjustments. Affordable entry prices support cap rates typically ranging from 7-10%, driven by solid rental demand in revitalizing neighborhoods. However, investors should note potential challenges such as varying economic recovery across submarkets and the need for thorough due diligence on property conditions, given the market's history of older inventory. For turnkey or minor value-add multifamily units (2-4 units), focus on areas with job growth to mitigate vacancy risks.

    Insights on Columbus:     Columbus demonstrates resilience in its multifamily sector amid increased supply deliveries in 2025, with vacancy rates reaching 8.9% but supported by strong absorption and occupancy averaging around 95%. Rent growth is projected near 4%, bolstered by diverse employment sectors including technology and logistics. While suitable for long-term rentals, the influx of new units may pressure short-term yields, making it essential to select properties in high-demand suburbs for manageable risk.

    Both markets can be viable for a first investment, particularly with your focus on turnkey or light rehab multifamily, as they align with budgets around $30,000 for down payments and closing costs on properties priced accessibly. Prioritize building a local team, including agents and managers experienced in investor deals, and conduct remote inspections to address long-distance management.

    As an alternative, consider North Carolina markets, which offer a compelling blend of affordability, population growth, and investor-friendly dynamics for single-family rentals in 2025. Areas like Charlotte, Raleigh, and Greensboro provide opportunities for turnkey investments with median home values around $332,000-$365,000 and stable rental returns, supported by robust job sectors in technology, healthcare, and education. With modest annual price growth of 3-4% and high demand for long-term rentals, these markets present lower entry barriers and potential for consistent cash flow compared to more saturated Midwest options.

    If you'd like to discuss further, we are happy to help.

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    10mo

    Cleveland often has some deferred maintenance work. However, with $30k for DP and CC - you should be able to get something in that market. Columbus, is a better option with cash flow and appreciation. For single families $30k would work, but for multi-families, you'll need around $50k for down payment and closing costs, in a decent neighborhood. Let me know if you need to discuss in details

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    0Reply
  • Linda LabbePro Member
    Investor · North Bay, Ontario · Member since 2015 · 709 posts · 263 votes
    10mo

    all our investing is out of state  and  we invest in the  Detroit  Toledo  area  where we can find  good properties in good solid  area for reasonable prices  with  great  returns.... with a  little  creative financing we are often to get deals with as low as 30 k... take  the right team on the ground... More then willing to chat with anyone and share what  we  do

    0Reply
  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    10mo

    @Matheus Souza
    With that budget in mind, probably looking at turnkey single-families. 2-4 units would be out of the price range in Cleveland 

    [email protected]614-412-4565
    Reafco-556 Reviews
    View Page
    1Reply
  • Travis Mercer
    Member since 2025 · 5 posts · 1 vote
    10mo

    Since you are open to out of state investment, Charlotte is another great area for investment. They have an investment program where the sell houses 90 days before completion at 30k discount. You as an investor share the profit after each sale or can refinance, pull initial capital out, and rent for long-term cash flow. You don't pay anything out of pocket as you get 30k discount and the down is in the equity.


    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free