Purchase property somewhere

Real Estate News & Current Events
5yFollow

Purchase property somewhere

Ruben Correa
Rental Property Investor · Champions Gate, FL · Member since 2019 · 69 posts · 24 votes

Hello everyone. I would like to know where I can buy a house for $40-50k and rent around $600.

Any thoughts?

4Reply
79 views

Most Popular Reply

Uri Gofman
Member since 2018 · 150 posts · 200 votes
5y

Such opportunities are relatively common in the Greater Cleveland market.  You may however be buying into some deferred maintenance situations so keep that in mind. 

2Reply
See this reply in the discussion

29 Replies

Jump to latestLatest
  • Andrew Rosenberg
    Honolulu, HI · Member since 2020 · 196 posts · 190 votes
    5y

    @Ruben Correa Toledo in midwest Detroit for example. Jackson MS in the south I guess.

    0Reply
  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    5y

    That is 1.2%. You can do better than that at those prices. Shoot for 1.6% - 2%.

    1Reply
  • Ruben Correa
    OP
    Rental Property Investor · Champions Gate, FL · Member since 2019 · 69 posts · 24 votes
    5y

    @ michael do you have anything available at this time ? 

    0Reply
  • Stephen E.
    Rental Property Investor · Member since 2020 · 172 posts · 110 votes
    5y

    You can do better than that in Jackson Mississippi. But appreciation is unlikely. At the same time, I like Jackson as it's the capital of the state, so it's not going to disappear. You can buy a house for $30,000 in Jackson that rents for $600, easily.

    0Reply
  • Brian T.
    Investor · Indianapolis · Member since 2021 · 10 posts · 4 votes
    5y

    Not one city. Not Detroit or Cleveland because I do not you can spare a 5000 hvac unit good luck repairing it yourself 

    From Indiana 

    1Reply
  • Soh Tanaka
    Property Manager · Lindenhurst, IL · Member since 2016 · 854 posts · 506 votes
    5y

    You can do that in Northwest Indiana.

    1Reply
  • Ruben Correa
    OP
    Rental Property Investor · Champions Gate, FL · Member since 2019 · 69 posts · 24 votes
    5y

    @Stephen E. do you have any contract at Jackson ? 

    0Reply
  • Julian Lyons
    Investor · Jackson, MS · Member since 2017 · 18 posts · 6 votes
    5y

    $600/mo is the average rent for a 2/1 property in South Jackson MS. The average cost for them is closer to 25-30k for a quality one. 

    0Reply
  • Ruben Correa
    OP
    Rental Property Investor · Champions Gate, FL · Member since 2019 · 69 posts · 24 votes
    5y

    @Julian Lyons can we talk? As long the numbers make sense I have no problem. 

    0Reply
  • Noah Chappell
    Investor · Minneapolis, MN · Member since 2016 · 254 posts · 228 votes
    5y

    @Ruben Correa if you act now maybe somewhere in Ohio like Cleveland, Columbus, Cincinnati? Parts of Milwaukee but seems like that's getting expensive. I know too much but I've heard Des Moines or Indianapolis could be good. 

    1Reply
  • Ola Dantis
    Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    5y

    @Ruben Correa 

    Some parts of Baltimore, MD. 

    One thing you should do is to study Out of State Investing properly before jumping in.  

    0Reply
  • Alexander K.
    New to Real Estate · Cleveland Ohio · Member since 2020 · 21 posts · 10 votes
    5y

    @Ruben Correa

    I would agree with @Noah Chappell Cleveland is a great market. @Johnson Yu breaks down the Cleveland market perfectly in this  post. 

    0Reply
  • Darson GranthamBusiness Member
    Realtor · Des Moines · Member since 2018 · 304 posts · 253 votes
    5y

    Not getting those numbers in Des Moines.

    [email protected]515-612-6013
    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    See them in Detroit all the time.

    [email protected]248-209-6824
    Logical Property Management4.9450 Reviews
    WebsiteView Page
    0Reply
  • Uri Gofman
    Member since 2018 · 150 posts · 200 votes
    5y

    Such opportunities are relatively common in the Greater Cleveland market.  You may however be buying into some deferred maintenance situations so keep that in mind. 

    2Reply
  • Brock Mogensen
    Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
    5y

    There are lots of markets you can find cheap deals. Milwaukee being one of them.  That being said, a property at that price is going to be in a rough area.  Make sure you have a clear plan and good PM before buying something in a different state..especially at that price point. 

    1Reply
  • Rob Gillespie
    Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
    5y

    Hi Ruben, 

    There are plenty of options for that formula to work. 

    If I were to go to North East Ohio  for those numbers, I would go out in the country outside of Cleveland. There is a much higher retention of tenants and fewer options for them to move. Less city inspectors (if any at all). 

    I currently am getting ready to sell a property that is section 8 rented over 800 per month for 25k. This is NOT for everyone though, this is for a local or someone with boots on the ground to keep it going.The numbers may look good, but you will be EARNING that money every single month! IF you are living 1500 miles away and you want something more hands off, I would go to small country towns. 

    Just my 2 cents. Hope that helps!

    1Reply
  • Ruben Correa
    OP
    Rental Property Investor · Champions Gate, FL · Member since 2019 · 69 posts · 24 votes
    5y

    Thank you  everybody 

    0Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Ruben Correa I would encourage you not to, but Dayton, O. holds many...

    937-979-7000
    Realize Multifamily Group11 Review
    View Page
    1Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Ruben Correa

    Most of the Midwest have markets that you can buy a SFR for $50k, even some of the hotter Midwest markets. Most of the time you'll be in C to C- neighborhoods and buying properties with lots of deferred capex (I.e roof, mechanicals, etc).

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Ruben Correa:

    Hello everyone. I would like to know where I can buy a house for $40-50k and rent around $600.

    Any thoughts?

     You would be hard-pressed to buy a shed in Columbus, Ohio for $40k

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    2Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    In the midwest, you might be able to in some of the other parts of Ohio. That wouldn't work in Columbus but possibly Toledo or Dayton.

    [email protected]614-963-3340
    0Reply
  • Shane Cloutier
    New to Real Estate · Dalton, NH · Member since 2020 · 116 posts · 64 votes
    5y

    @Ruben Correa Toledo as others above me have mentioned is a good area for this. We are working with several other BP members in that area as long distance investors. The fact that Ohio and Toledo were mentioned you can bet their alerts are going off, lol.

    0Reply
  • Toby Khan
    Investor · Minnesota & Kansas · Member since 2020 · 176 posts · 75 votes
    5y

    You won't get those numbers in Twin cities, KC or OKC. If you are buying out of state highly suggest David Greene's book Long-Distance Real Estate Investing. Good luck.

    0Reply
  • Zeke ListonBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Ruben Correa:

    Hello everyone. I would like to know where I can buy a house for $40-50k and rent around $600.

    Any thoughts?

    Detroit, Cleveland, maybe Cincinnati. You could buy a house in Columbus for $80K and rent for $800-$1,000. Plus the population and development is on the rise. 

    [email protected]614-665-5793
    Forge Real Estate Advisors535 Reviews
    View Page
    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free