Multiunit of out of state (CA) cashflow deals

Out of State Investing
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Multiunit of out of state (CA) cashflow deals

Alex Khan
Member since 2021 · 5 posts · 16 votes

Hey all


I’m based in California and currently researching out-of-state multi-unit properties that make sense from a cash-flow perspective. I’m eager to connect with others who are already investing in these markets and exchange insights on deal analysis, property management, and financing strategies. Always open to networking and collaboration.

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
9mo
Quote from @Alex Khan:

Hey all


I’m based in California and currently researching out-of-state multi-unit properties that make sense from a cash-flow perspective. I’m eager to connect with others who are already investing in these markets and exchange insights on deal analysis, property management, and financing strategies. Always open to networking and collaboration.


Please define "MFR"!

Is it:

2-4 units
5-20 units
20+ units?
More?

[email protected]248-209-6824
Logical Property Management4.9462 Reviews
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2Reply
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  • Kiernan LaFaver
    Real Estate Agent · Central New York · Member since 2023 · 207 posts · 96 votes
    9mo

    A lot of people I've noticed key in on the Midwest areas like Ohio, Indiana/Illinois, or Kansas. I'm in the Syracuse NY area, and believe its under appreciated compared to other markets. Cash flow is the name of the game here, with appreciation running 8-12% YoY. Multifamily homes are extremely prevalent, ranging from 2 units to small scale commercial apartment buildings. Out of area investing definitely has its nuances and absolutely requires a trusted team. I would be happy to share any insights about the area and what potential opportunities are out there. Happy investing!

    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    9mo
    Quote from @Alex Khan:

    Hey all


    I’m based in California and currently researching out-of-state multi-unit properties that make sense from a cash-flow perspective. I’m eager to connect with others who are already investing in these markets and exchange insights on deal analysis, property management, and financing strategies. Always open to networking and collaboration.


     Ohio has a lot of cash-flowing opportunity and is a popular market amongst OOS investors

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    9mo
    Quote from @Alex Khan:

    Hey all


    I’m based in California and currently researching out-of-state multi-unit properties that make sense from a cash-flow perspective. I’m eager to connect with others who are already investing in these markets and exchange insights on deal analysis, property management, and financing strategies. Always open to networking and collaboration.


    Please define "MFR"!

    Is it:

    2-4 units
    5-20 units
    20+ units?
    More?

    [email protected]248-209-6824
    Logical Property Management4.9462 Reviews
    WebsiteView Page
    2Reply
  • Garret Rumbea
    Inland Empire, CA · Member since 2017 · 151 posts · 80 votes
    9mo

    Hey@Alex Khan, good to meet you. I'm based out of SoCal along with my partners. We invest in larger multifamily out of state. Happy to connect if you'd like

    1Reply
  • Peter Dorinsky
    Real Estate Agent · Columbus, OH · Member since 2020 · 149 posts · 193 votes
    9mo
    Quote from @Alex Khan:

    Hey all


    I’m based in California and currently researching out-of-state multi-unit properties that make sense from a cash-flow perspective. I’m eager to connect with others who are already investing in these markets and exchange insights on deal analysis, property management, and financing strategies. Always open to networking and collaboration.


    Hey Alex, happy to connect and share my insights/experience in Ohio.

    1Reply
  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    9mo

    I’d recommand pick 2–3 areas and only buy a deal that still makes money after real rent, taxes/insurance, a property manager, and repairs. Also, talk to a local manager and lender first.

    [email protected]614-490-1163
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  • Jeff Roth
    Real Estate Consultant · Ann Arbor, MI · Member since 2022 · 475 posts · 262 votes
    9mo

    Hi Alex from California-

    Great question! You are researching out-of-state multifamily properties with good cashflow in sound markets.

    We work with many clients from California that find us or are referred to us as well as from the rest of the country.

    There are many markets in Michigan where you can buy cash flowing multifamily properties. The Midwest and Michigan have seen strong demand for rental housing with decent rent increases and property appreciation as it was not overbuilt like other areas of the country. Plus, people are chasing affordability and the Midwest and Michigan is affordable relative to many other places in the country.

    One of our favorite markets is Lansing, MI. You can buy a duplex with 2 bed/1bath units for around $140,000 plus or minus with rents of around $1,100 per unit. Many have value-add potential as well. It is the State capital, there is a lot of economic development, economic development creates jobs, jobs drive demand for housing, demand for housing supports increasing rents and property values. The cost of labor is also less in Lansing compared to other areas in Michigan.

    We also have the local partners you will need in these markets like property managers, property inspectors, insurance, investor friendly lenders, and asset protection attorneys.

    To Your Success!

    2Reply
  • Samuel DioufBusiness Member
    Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
    9mo

    If you’re looking for cash flowing markets.. a lot of investors, including myself, are looking in cities like Cleveland.

    Cleveland currently has one of the lowest price/rent ratios in the Nation, with the average home price being $107k and the average rent being $1,416/Mo.

    When investing in high cash-flow markets, I always recommend working with an investor friendly agent so you're able to gain the right insight into the different areas and the risks involved.

    [email protected]614-662-1652
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  • Alfath AhmedBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
    9mo
    Quote from @Alex Khan:

    Hey all


    I’m based in California and currently researching out-of-state multi-unit properties that make sense from a cash-flow perspective. I’m eager to connect with others who are already investing in these markets and exchange insights on deal analysis, property management, and financing strategies. Always open to networking and collaboration.

    Hi Alex - You need to buy in an out of state market. Your money will go much further. Choose a good cash flowing market in the Midwest like Columbus or Cleveland where you can put down 15% down and buy a cash flowing property.

    Tons of tech companies are investing there like intel, google, amazon. Good market for cashflow and strong appreciation.

    I've got 28 units here and sold over 120 properties this year to OOS investors in my market.





    [email protected]614-802-5698
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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    9mo
    Quote from @Alex Khan:

    Hey all


    I’m based in California and currently researching out-of-state multi-unit properties that make sense from a cash-flow perspective. I’m eager to connect with others who are already investing in these markets and exchange insights on deal analysis, property management, and financing strategies. Always open to networking and collaboration.

    Hey Alex, welcome to BP! If you’re coming from California and focused on multi-units that actually cash flow, you’re already thinking in the right direction, and connecting with folks active in those markets is huge. One market that keeps popping up for a reason is Columbus, Ohio, especially for small multis like duplexes and triplexes. The macroeconomics here are on fire with strong population growth, steady job growth, and massive employers expanding like Intel, Amazon, Google, Honda, Microsoft, LG, and more, which drives consistent rental demand. What really separates Columbus from a lot of other metros is that you can still find multi-units in the $120–180k per door range that hit the 1% rule and produce real cash flow, not just appreciation stories. It’s also very landlord friendly, which helps a lot when you’re managing out of state and relying on solid property managers and systems. A lot of out-of-state investors like yourself are building portfolios here because it checks both boxes: cash flow today and strong long-term appreciation upside. Happy to connect and answer any questions you have!


    [email protected]614-300-7535
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  • Shane Rock
    Member since 2025 · 4 posts · 3 votes
    9mo

    Hello everyone, I'd be happy to connect. I'm in Phx and am interested in working areas outside az. Feel free to let me know if you'd like to discuss further details. 

    2Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 970 votes
    9mo

    @Alex Khan

    Alex, approaching out-of-state investing with a focus on real cash flow and strong operations is what usually separates sustainable portfolios from short-term wins. Many investors shifting from CA are finding that in stable Midwest markets you can still buy small multi-units where rents, expenses, and financing line up conservatively from day one, especially when you have the right local property management and lending relationships in place. The key is disciplined underwriting, realistic rent comps, and avoiding deals that rely purely on appreciation. Happy to connect and share insights as you continue researching and building your buy box.

    [email protected]614-418-6081
    1Reply
    • Shaheen AhmedPro Member
      Contractor · Los Angeles · Member since 2023 · 80 posts · 55 votes
      8mo
      Quote from @Arman Ahmed:

      @Alex Khan

      Alex, approaching out-of-state investing with a focus on real cash flow and strong operations is what usually separates sustainable portfolios from short-term wins. Many investors shifting from CA are finding that in stable Midwest markets you can still buy small multi-units where rents, expenses, and financing line up conservatively from day one, especially when you have the right local property management and lending relationships in place. The key is disciplined underwriting, realistic rent comps, and avoiding deals that rely purely on appreciation. Happy to connect and share insights as you continue researching and building your buy box.


      1Reply
  • Gary HarrellPro Member
    New to Real Estate · Carmel, IN · Member since 2018 · 26 posts · 15 votes
    9mo

    I’ve got a portfolio of 4 properties I’d like to unload. Being an over the road truck driver is not conducive to owning rental properties.

    Properties are in eastern Indiana. I have a quad, a duplex, two single-family properties. Looking to sell all as a package.

    All currently occupied and performing. $6500 monthly rent. Owner pays taxes, insurance, garbage (for the quad only), gas (for the quad only). Portfolio will beat the 1% rule.

    1Reply
  • Mario Benavidez
    Property Manager · Cleveland · Member since 2025 · 52 posts · 28 votes
    9mo

    Hi Alex, I sent you a message.  Happy to conect and provide some feedback.

    0Reply
  • Ben FernandezBusiness Member
    Realtor · Lancaster, PA · Member since 2025 · 169 posts · 97 votes
    9mo

    Us here in the Lancaster Pennsylvania area have a unique market that has very low unemployment and is close to many major metros - but yet still out of the way of the big city hustle and bustle…

    It’s known for stable appreciation, better than average employment, new employment as of recent, high desire for retirees, and can provide ideal investments for owner occupants and investors alike.

    Lancaster is a highly attractive location as well as the York, Harrisburg, Lebanon, Hershey and Carlisle markets. Each having their own unique (and some similar) characteristics.

    Many entertainers use a local location in Lititz to practice their tour sets before hitting the many nearby metros - like Baltimore, Philadelphia, Washington DC, New Jersey, New York, Virginia, etc…

    Feel free to connect to discuss current opportunities and what we have to offer. I am a realtor/investor(18 yrs)/PM with experience in many diverse investment strategies.

    [email protected]717-945-7040
    0Reply
  • Sandy Hu
    Rental Property Investor · CA|AZ|MI · Member since 2018 · 59 posts · 22 votes
    8mo
    Quote from @Alex Khan:

    Hey all


    I’m based in California and currently researching out-of-state multi-unit properties that make sense from a cash-flow perspective. I’m eager to connect with others who are already investing in these markets and exchange insights on deal analysis, property management, and financing strategies. Always open to networking and collaboration.


     Alex — one thing I’ve found helpful when evaluating out-of-state multifamily is separating headline cash flow from execution risk.

    A lot of deals pencil well until you layer in:

    • property management quality (especially on small multis),

    • local rent enforcement norms,

    • and refinance or exit liquidity in secondary markets.

    Before comparing markets, I usually ask two questions:

    1. Are you optimizing for near-term cash flow or longer-term equity + stability?

    2. Are you planning to self-manage via a local partner, or fully outsource from day one?

    Those answers tend to narrow the “right” markets pretty quickly.

    1Reply
  • Seth McGatheyBusiness Member
    Real Estate Agent · Milwaukee WI · Member since 2024 · 321 posts · 255 votes
    8mo

    Personally I am in Milwaukee WI and I am very happy with my market. Cashflow is not easy to find, but you will find it if you search consistently. Especially in the small multifamily market, which there is a lot of here. If you would like to dig into Milwaukees market, I would be happy to connect and talk it over with you. 

    [email protected]708-297-0996
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  • Ebonie Beaco
    Lender · Chicago, IL · Member since 2025 · 204 posts · 101 votes
    8mo

    Hi Alex!

    Great to see you thinking beyond your backyard. A lot of California investors reach a point where out of state investing becomes the only way to find stronger cash flow and better rent to price ratios.

    With 25 plus years in mortgage and real estate and as an active investor, I work with many California based buyers doing exactly this. The ones who do well usually focus on three things first: numbers, team, and financing.

    On the numbers side, conservative underwriting is key. I always tell investors to stress test deals for vacancies, realistic maintenance, and professional management even if they plan to self manage. A deal that only works on optimistic assumptions is not a strong cash flow deal.

    Your team in the local market matters just as much as the property. A solid property manager, investor friendly realtor, and responsive contractor base can make or break your experience. Boots on the ground relationships reduce surprises.

    Financing strategy is another big piece. Many out of state investors use DSCR loans, conventional investment loans, or portfolio products depending on their goals. The right structure can help preserve liquidity and scale faster instead of tying up too much cash in one deal.

    I’m always a fan of collaboration and knowledge sharing in this space. Investors who network and compare real world data tend to avoid costly mistakes.

    I’m a Sr. Mortgage Loan Officer and real estate investor, and I regularly help investors structure financing for out of state rentals and small multifamily. Happy to connect and share insights.

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    8mo
    Quote from @Alex Khan:

    Hey all


    I’m based in California and currently researching out-of-state multi-unit properties that make sense from a cash-flow perspective. I’m eager to connect with others who are already investing in these markets and exchange insights on deal analysis, property management, and financing strategies. Always open to networking and collaboration.

    Hey Alex. I've lived in Columbus since 2015 and own 50+ units here. I can share my go-to contacts and help you with anything you need. Let's connect!
    [email protected]614-363-2787
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  • Denys Reznik
    Edmonton, Alberta · Member since 2026 · 4 posts · 1 vote
    8mo

    Hi Alex, 

    I’ve been looking at similar ideas but from an international angle (tourism-heavy areas). Remote management and financing get trickier, but yields can be strong if done right.

    Are you sticking to domestic markets for now, or have you considered international options at all? I’m currently exploring some overseas cashflow deals myself.

    Thanks! 

    0Reply
    • Alex Khan
      OP
      Member since 2021 · 5 posts · 16 votes
      8mo

      @Denys Reznik Iv I have toyed with the idea but nothing too serious. Was recently in Spain and that idea crossed my mind, however given the current AirB&B situation probably not a good idea. 

      where were you thinking ?

      0Reply
  • Denys Reznik
    Edmonton, Alberta · Member since 2026 · 4 posts · 1 vote
    8mo

    @Alex Khan 
    I'm looking at a different emerging coastal spot right now (Black Sea region, Georgia) — tourism is growing fast there, and short-term rental rules are still pretty flexible compared to Western Europe.
    Still early for me too, but the seasonal cashflow potential looks interesting. Have you looked at any other non-US/EU markets, or mostly focused on Spain?
    Thanks for the reply!

    0Reply
  • Stephen QuesinberryBusiness Member
    Real Estate Agent · Cumming, GA · Member since 2016 · 229 posts · 157 votes
    8mo

    If you’re looking at Georgia, Atlanta is still one of the more workable large metros for out-of-state investors, but it’s very submarket and strategy-dependent right now.

    At a high level, we’re seeing a more balanced market than the last few years. Deals are trading, but sellers are generally more negotiable and realistic, especially compared to 2021–2022. There’s been a noticeable increase in listings that sit, get withdrawn, or expire, which has created opportunities to re-engage sellers with better pricing or terms.

    Georgia’s landlord-friendly environment helps... insurance, taxes, and property condition matter a lot more now than they did a few years ago.

    Property management is a big differentiator here. Some PMs are excellent in certain submarkets and struggle in others, so having the right team on the ground is often more important than the deal itself. Financing for small multifamily is still available, but underwriting has tightened, and conservative assumptions are key.

    Overall, it’s a market where patience, local knowledge, and disciplined underwriting are paying off. Happy to trade notes if you want to compare submarkets or strategies. Georgia can work well if you stay focused and don’t force deals.

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  • Alan AsriantsBusiness Member
    Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
    8mo

    Focus on markets you know instead of trying to learn about markets you don't. Best way to save yourself an expensive mistake

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  • Denys Reznik
    Edmonton, Alberta · Member since 2026 · 4 posts · 1 vote
    8mo

    Hi Alan,

    Thanks for the advice — totally agree that jumping into unknown markets without knowledge is expensive mistake #1.

    That's why I'm taking it slow: researching, talking to locals, looking at branded projects with management companies, and doing due diligence before committing anything.

    Appreciate the warning — it's a good reminder to stay cautious.

    0Reply
  • Jonathan Cannon
    Developer · West Dover VT · Member since 2026 · 15 posts · 3 votes
    7mo

    Alex — good approach looking out of state, especially if you're focused on cash flow.

    One thing I’ve noticed reviewing a lot of deals across different markets is that what looks like “cash flow” on paper often depends heavily on assumptions around rents, expenses, and taxes — especially in unfamiliar markets.

    A few areas that tend to make or break out-of-state deals:

    • property management quality and cost (huge variable)
    • local tax reassessment and insurance differences
    • actual vs proforma rents in secondary markets

    I work with investors reviewing deals before capital is committed and have seen a lot of variation depending on the market.

    Curious — are you targeting any specific states or just screening broadly right now?

    0Reply
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