All Forum Posts by: Grant T.
Grant T. has started 6 posts and replied 39 times.
Post: Advice on first rental property out of state
- Posts 39
- Votes 31
Quote from @Alfath Ahmed:
Quote from @Grant T.:
Hey everyone, I am new to Bigger Pockets so forgive me if I am posting this in the wrong area. I am 23 years old, own an LLC with my father and brother, and live in California. We are about to close on our first investment project. We bought land on a golf course in Montana, built a house, and am in the process of selling it. The closing date is scheduled for 9/8. Don't get me wrong, it was awesome completing our first real project and we learned a lot. We are making a decent profit but we do not want to do this again. Over the time this was built, I fell in love with studying rental properties and learning all about them, it's honestly an addiction now. We have all agreed that we are going to roll all of our cash and profits into multifamily rentals, and I basically have the most influence and decision power in terms of what we buy and where. My top locations right now are Columbus, Cleveland, Tennessee (still need to do more research on Tennessee but I like it a lot so far) , and possibly Texas if I can find a deal. Lastly, assuming closing happens, which it most likely will, I will have roughly $250k for a down payment, closing, and rehab if needed. I am still very aggressively looking, studying, and learning about other markets across the country. Any advice would be greatly appreciated from those who have done this before. Thanks.
This is awesome man! You have learned a great deal at a young age. Take a look into the Columbus market. I personally buy all of my investment properties there and have been able to successfully BRRRR and do fix & flips.
I just read a published article today by the Columbus Dispatch that Franklin County home values are supposed to rise by 30-35% with re-appraisal. We have had nearly a 39% property value gain from 2019 to 2022 in the Columbus market.
That's awesome, congrats! I will read it for sure. For your flips do you usually do single or multi-family?
Post: Advice on first rental property out of state
- Posts 39
- Votes 31
Quote from @Jimmy Lieu:
Quote from @Grant T.:
Hey everyone, I am new to Bigger Pockets so forgive me if I am posting this in the wrong area. I am 23 years old, own an LLC with my father and brother, and live in California. We are about to close on our first investment project. We bought land on a golf course in Montana, built a house, and am in the process of selling it. The closing date is scheduled for 9/8. Don't get me wrong, it was awesome completing our first real project and we learned a lot. We are making a decent profit but we do not want to do this again. Over the time this was built, I fell in love with studying rental properties and learning all about them, it's honestly an addiction now. We have all agreed that we are going to roll all of our cash and profits into multifamily rentals, and I basically have the most influence and decision power in terms of what we buy and where. My top locations right now are Columbus, Cleveland, Tennessee (still need to do more research on Tennessee but I like it a lot so far) , and possibly Texas if I can find a deal. Lastly, assuming closing happens, which it most likely will, I will have roughly $250k for a down payment, closing, and rehab if needed. I am still very aggressively looking, studying, and learning about other markets across the country. Any advice would be greatly appreciated from those who have done this before. Thanks.
Hi Grant, I personally love Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!
Thanks a lot, Jimmy! I will be reaching out soon for sure! I definitely want to be on the less aggressive side right now with all the uncertainties.
Post: Advice on first rental property out of state
- Posts 39
- Votes 31
Quote from @Kalyn Catlin:
Hello! First off, congratulations on your first investment property! In my opinion I think the two most important things in real estate investing are
1) Research many markets and find one that works for you (affordability and stability)
2) Build a good team (An investment Real Estate Agent who wants to help you build a portfolio, a trust worthy contractor, a knowledgeable insurance broker, etc.)
Are there any other markets or even states you recommend I consider aside from the ones I listed? thank you for the reply!
Post: Advice on first rental property out of state
- Posts 39
- Votes 31
Quote from @Patrick Drury:
I would recommend Columbus, OH. It's a solid hybrid market of cash flow and appreciation. Columbus has lots of job opportunities and population growth. It’s great for investing from out of state since it’s landlord-friendly and has a low barrier of entry and cash flows. If you don't care about appreciation at all you should look at Cleveland, OH. Cleveland has a bit higher cash flow than Columbus in exchange for the appreciation.
Post: Advice on first rental property out of state
- Posts 39
- Votes 31
Quote from @Todd Rasmussen:
Once you pick a market area, start working lenders to figure out what your deal has to look like to get funded. You are about two years away from MF hitting the market that can't get refi'd so make sure you are on the right side of that situation. Middle TN has been good to us. TX lures a lot of new investors in before they realize about TX's property taxes. There are people making money in every market, just be adaptable.
Post: Advice on first rental property out of state
- Posts 39
- Votes 31
Quote from @Jad Boudiab:
Quote from @Grant T.:
Hey everyone, I am new to Bigger Pockets so forgive me if I am posting this in the wrong area. I am 23 years old, own an LLC with my father and brother, and live in California. We are about to close on our first investment project. We bought land on a golf course in Montana, built a house, and am in the process of selling it. The closing date is scheduled for 9/8. Don't get me wrong, it was awesome completing our first real project and we learned a lot. We are making a decent profit but we do not want to do this again. Over the time this was built, I fell in love with studying rental properties and learning all about them, it's honestly an addiction now. We have all agreed that we are going to roll all of our cash and profits into multifamily rentals, and I basically have the most influence and decision power in terms of what we buy and where. My top locations right now are Columbus, Cleveland, Tennessee (still need to do more research on Tennessee but I like it a lot so far) , and possibly Texas if I can find a deal. Lastly, assuming closing happens, which it most likely will, I will have roughly $250k for a down payment, closing, and rehab if needed. I am still very aggressively looking, studying, and learning about other markets across the country. Any advice would be greatly appreciated from those who have done this before. Thanks.
Go with Columbus if you favor appreciation, Cleveland if you favor cash flow, your own backyard if you favor control and more hands-on experience.
Post: Advice on first rental property out of state
- Posts 39
- Votes 31
Quote from @Travis Wiggins:
Hi Grant, What part of Montana did you build your house? I live in Montana and am also looking to invest in Cleveland. I would certainly like to know you progress. Thanks.
Post: Advice on first rental property out of state
- Posts 39
- Votes 31
Hey everyone, I am new to Bigger Pockets so forgive me if I am posting this in the wrong area. I am 23 years old, own an LLC with my father and brother, and live in California. We are about to close on our first investment project. We bought land on a golf course in Montana, built a house, and am in the process of selling it. The closing date is scheduled for 9/8. Don't get me wrong, it was awesome completing our first real project and we learned a lot. We are making a decent profit but we do not want to do this again. Over the time this was built, I fell in love with studying rental properties and learning all about them, it's honestly an addiction now. We have all agreed that we are going to roll all of our cash and profits into multifamily rentals, and I basically have the most influence and decision power in terms of what we buy and where. My top locations right now are Columbus, Cleveland, Tennessee (still need to do more research on Tennessee but I like it a lot so far) , and possibly Texas if I can find a deal. Lastly, assuming closing happens, which it most likely will, I will have roughly $250k for a down payment, closing, and rehab if needed. I am still very aggressively looking, studying, and learning about other markets across the country. Any advice would be greatly appreciated from those who have done this before. Thanks.
Post: Advice on first rental property
- Posts 39
- Votes 31
Hey everyone, I am new to Bigger Pockets so forgive me if I am posting this in the wrong area. I am 23 years old, own an LLC with my father and brother, and live in California. We are about to close on our first investment project. We bought land on a golf course in Montana, built a house, and am in the process of selling it. The closing date is scheduled for 9/8. Don't get me wrong, it was awesome completing our first real project and we learned a lot. We are making a decent profit but we do not want to do this again. Over the time this was built, I fell in love with studying rental properties and learning all about them, it's honestly an addiction now. We have all agreed that we are going to roll all of our cash and profits into multifamily rentals, and I basically have the most influence and decision power in terms of what we buy and where. My top locations right now are Columbus, Cleveland, Tennessee (still need to do more research on Tennessee but I like it a lot so far) , and possibly Texas if I can find a deal. Lastly, assuming closing happens, which it most likely will, I will have roughly $250k for a down payment, closing, and rehab if needed. I am still very aggressively looking, studying, and learning about other markets across the country. Any advice would be greatly appreciated from those who have done this before. Thanks.