New investors looking for market recommendations

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New investors looking for market recommendations

Sidthi Sanjanwala
Member since 2021 · 2 posts · 5 votes

Hello! We are an OOS investor based in CA looking to research and network with like minded investors on areas that we are interested in such as Plano, TX, Columbus, OH, Phoenix, AZ, Detroit, MI, etc.  Since we're just starting out, we're looking for higher rated markets to get our feet wet with less risk.  Primary goal is to cash flow with little to no renovations for now.  Would love to here people's thoughts on these markets or any other suggestions.  Many thanks! 

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Joe HammelBusiness Member
Real Estate Agent · Metro Detroit, MI · Member since 2018 · 612 posts · 666 votes
5y

Metro Detroit has a great balance Price/Rent/Location.

I have all my rentals here and will keep buying because they perform very well.

The “trick” to Metro Detroit is the ring city suburbs. Buy the $70-$120k properties that border Detroit. Rents are high, we have many clients getting $1300/month for routine 3/1 houses. Can range from $1100-$1600. 

Cash flow $200-$400/door and 10%++ ROI
Have countless examples of past and current clients getting these. The biggest testament is that they continue to buy more and more.

I think a lot of people that don’t like the area:

A. Don’t and never had rentals here

B. Failed because they tried to do the $5k-$20k houses in areas of Detroit thinking they would be easy 3% deals. 

Since these 2 reasons have slightly decreased demand - it makes the area even better.

[email protected]248-422-1685
FIRE Realty Team - Keller Williams5377 Reviews
WebsiteView Page
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  • Kunal Mishra
    Flipper/Rehabber · Jersey City, NJ · Member since 2016 · 158 posts · 86 votes
    5y

    @Sidthi Sanjanwala

    Off the three markets you mentioned I think Detroit needs a lot of research to understand the neighborhood very well and know what you are getting into ... Not wearing you off I haven't invested there yet.

    Columbus OH , great place for decent cashflow and looking good on appreciation in the next 5 years. I started investing here last year right around covid hit.

    Good luck!

    Kunal M.

    1Reply
  • Ricky Tran
    Investor · San Francisco, CA · Member since 2020 · 13 posts · 4 votes
    5y

    Hey there! I'm also a new OOS investor based in CA and would love to connect since I'm also looking at Columbus, OH for my first rental. 

    1Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    5y

    That is a great goal, Sidthi! Welcome aboard and good luck investing!

    561-253-6640
    0Reply
  • Joe HammelBusiness Member
    Real Estate Agent · Metro Detroit, MI · Member since 2018 · 612 posts · 666 votes
    5y

    Metro Detroit has a great balance Price/Rent/Location.

    I have all my rentals here and will keep buying because they perform very well.

    The “trick” to Metro Detroit is the ring city suburbs. Buy the $70-$120k properties that border Detroit. Rents are high, we have many clients getting $1300/month for routine 3/1 houses. Can range from $1100-$1600. 

    Cash flow $200-$400/door and 10%++ ROI
    Have countless examples of past and current clients getting these. The biggest testament is that they continue to buy more and more.

    I think a lot of people that don’t like the area:

    A. Don’t and never had rentals here

    B. Failed because they tried to do the $5k-$20k houses in areas of Detroit thinking they would be easy 3% deals. 

    Since these 2 reasons have slightly decreased demand - it makes the area even better.

    [email protected]248-422-1685
    FIRE Realty Team - Keller Williams5377 Reviews
    WebsiteView Page
    2Reply
  • Anthoney Hanks
    Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
    5y

    @Sidthi Sanjanwala, welcome to the BP community!

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

    @Sidthi Sanjanwala I don't think you could have possibly picked 3 massively different markets...these markets are not even remotely related on any level. How did you arrive on these locations?...what is your budget, available capital, asset class, and ROI requirements? Detroit is slowly falling off the map and has been for decades...this isn't changing, Phoenix is next level...high growth and rapid appreciation...i.e. unaffordable...and Plano is not really an option unless you are looking at serving affluent tenants...I think Columbus is head and shoulders above any of these markets...it's arguably the premier investment destination in the US right now.

    937-979-7000
    Realize Multifamily Group11 Review
    View Page
    0Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    It really depends on your goals for investing. I would narrow down some more specific criteria. This will help you to pick a market where the numbers will make sense for what you want. As long as you have a solid team in place then you should be able to succeed in any market. @Sidthi Sanjanwala

    [email protected]614-963-3340
    0Reply
  • Blake ParkBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 126 posts · 121 votes
    5y

     @Sidthi Sanjanwala It does not matter where you start as long as you develop your Core 4. The core 4 is David Greene’s strategy for long-distance and made up of a realtor, contractor, property manager, and lender. Once you have this team in place, you should be able to confidently invest in any market. Take a look at this article -

    https://www.biggerpockets.com/blog/core-four-real-estate-team

    As for picking a specific market - I would go after one with an increasing job and population growth. I invest and work in Columbus, Ohio.

    [email protected]614-762-9232
    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities and City of Detroit Neighborhoods:

    https://www.biggerpockets.com/...

    [email protected]248-209-6824
    Logical Property Management4.9450 Reviews
    WebsiteView Page
    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Sidthi Sanjanwala:

    Hello! We are an OOS investor based in CA looking to research and network with like minded investors on areas that we are interested in such as Plano, TX, Columbus, OH, Phoenix, AZ, Detroit, MI, etc.  Since we're just starting out, we're looking for higher rated markets to get our feet wet with less risk.  Primary goal is to cash flow with little to no renovations for now.  Would love to here people's thoughts on these markets or any other suggestions.  Many thanks! 

    It's good to have you here Sidthi!

    0Reply
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