All Forum Posts by: Harrison Chow

Harrison Chow has started 7 posts and replied 274 times.

Excited to get started investing in real estate, but would like some advice on best first steps.

I live in a very expensive metro area, which is why investing in a different area is attractive. I am considering the Dallas Forth Worth area at the moment, as it strikes me as a high growth area with continuing future upside. Open to other market suggestions as well.

As a potential out of state investor, I would appreciate advice on how to meet local real estate agents familiar with investors and oarticularly those with experience advising on B RRR targets. I think finding a good agent is probably the right first step, but I realize as an out of state investor interested in BRRR that a good contractor and property managers are a must as well. Is it best to find these all these partners first before trying to invest in a property?

Any advice on how to get started would be appreciated.

Hey Mark! When considering OOS investing , I suggest seeking markets that experience significant population growth and offer abundant job opportunities. Why don't you give the Columbus, OH market a shot? As someone who both resides and invests in Columbus, I can confirm that investing in the suburbs here would be a wise decision. The city is thriving and attracting numerous major companies, resulting in the creation of thousands of job opportunities in the coming months and years. Population is increasing by 0.75% annually and there is a 3.58% yearly increase in employment growth. Additionally, rent prices in Columbus have increased by 6% each year. If you're interested, please let me know how I can assist you further. My team and I also have a good infrastructure in place for out of state investors (i.e. connections to contractors, property management companies, lenders etc.) I would be delighted to discuss this topic with you in greater detail!

4 Votes

Quote from @Masood Amin:

Quote from @Michael Glunk:

@Masood Amin What are your goals? It's hard to recommend a specific location without knowing what you are trying to accomplish?

Example:

1. Are you just about cash flow?

2. Do you want a market that has a better chance than others on appreciation?

3. Why type of properties are you interested in? Single Family, Small Multifamily etc.

4. Are you looking for a long term, mid term or short term rental? Or some combination of those?

The rust belt can look great at first glance because of the cash flow potential, but can be weaker in other areas (I personally own in Michigan). Areas like the Rocky Mountains can do decent on cash flow and very well on depreciation, appreciation and amortization. (Speaking to long term rentals here.) Short term rentals can do great on all aspects including cash on cash. But of course will require a bit more work and higher management fees if using a PM. These things are all manageable. (Note: In the Rocky Mountain region I personally invest in Colorado and Montana.)

1. Yes looking to cash flow

2. Yes looking for a market that will appreciate

3. Multi family

4. Preferably long term but I am open

Hey Masood! Have you considered trying your luck in the Ohio market? For Columbus, you would need to look for 2-4 units in order to cash flow. You can still find relatively turn key duplexes that cash flow here. But it is better if you can find a distressed property and force appreciate it. I can help you manage cosmetic to mid-size rehabs here in Columbus.

For Cleveland, you could find both 1-4 unit properties and cash flow well. it's more of a cash flowing city.

Turn key properties are definitely the easiest to manage, but I can introduce you to my network of people.

Hope this helps and if you're interested in exploring this market further, let's connect and discuss how I can assist you!

2 Votes

Quote from @Derek Fike:

Hey Everyone,

I currently live in Colorado and am looking to purchase real estate to eventually turn into a rental. What are your thoughts on good markets to be targeting (towns, cities, states, etc.). If you were looking to put little cash down and still generate CoC return, where would you be looking?

Thanks everyone!

Hey Derek! Why don't you give the Columbus, OH market a shot? As someone who both resides and invests in Columbus, I can confirm that investing in the suburbs here would be a wise decision. The city is thriving and attracting numerous major companies, resulting in the creation of thousands of job opportunities in the coming months and years. Population is increasing by 0.75% annually and there is a 3.58% yearly increase in employment growth. Additionally, rent prices in Columbus have increased by 6% each year. If you're interested, please let me know how I can assist you further. I would be delighted to discuss this topic with you in greater detail!

2 Votes

Quote from @Abi Horton:

HI,

I am currently living in Long Island, NY (and I hate it here). I was going to buy a condo in Miami (I used to live there and would love to move back) but since realized its just not a good investment move to buy a condo in Miami and cant afford to buy something that would give me some kind of return). So now I think it will be smart to buy a multifamily somewhere and would like to house hack and rent the other unit(s) as MTR, so I am considering somewhere near a hospital and have seen OH come up as potentially a good area for cash flow so have looked at Cincinnati and Cleveland. I can afford around $200-250k. My question is, if you were starting from scratch and could go anywhere, where would it be?

Appreciate any advice! :)

Hi Abi! What are you looking for in an investment property: appreciation, cash flow or a mix of both? If you're looking for cash flow, Cleveland is the way to go. Cincinnati, on the other hand, has a mix of cash flow and appreciation. Why don't you give Columbus some thought too? As a resident and investor in Columbus, I can attest to the fact that investing in the suburbs here is a wise choice. It is a thriving city that is attracting several major companies, which will bring in thousands of job opportunities in the next few months and years. This would most definitely lead to increase in real estate values and rental demand. Population growth have seen an annual increase of 0.75%. Employment growth is also on the rise, with a yearly increase of 3.58%. Rent prices in Columbus have also gone up by 6% each year. Let me know how I can help and would be happy to chat in more detail with you!

2 Votes

Quote from @Eitan Dadda:

Im new to real estate investing and I would love to start doing the BRRRR method. I read articles and saw some guides online how the method work but no one is showing how to search for the property.

So my questions are:

1. How can I find a market to invest in?

2. How to search for a property? should I buy a house that's need a full rehab? or a partial rehab?

3. How can I check if the neighborhood is any good?

4. If I live out of the state how can I find a good real estate agent? a reliable contractor?

If I forgot something I would love someone to add and answer please.

thanks in advance.

Hey Eltan! Welcome to BP!

In identifying a market for investment, I think the first point to consider is your budget. Would your budget allow you to invest locally or would you need to look out of state? Next would be to determine what you're looking for in an investment: appreciation, cash flow or a mix of both.

In searching for properties, connect with investor friendly RE agents in the area to gain insight into the local market and find potential deals. They would also be able to help in identifying profitable neighborhoods to invest in.

If considering out of state investing, BiggerPockets is an awesome place to search for contacts. Referrals, online directories and social media could help too.

Hope this helps! And let me know if you'd be interested in the Midwest, specifically Ohio. I focus my investments in the Columbus area and have a network of property managers, general contractors, lenders etc. that I highly recommend. All the best on your investing journey!

1 Vote

Quote from @Jonathan Beaumont:

I have a duplex in Lancaster OH I am trying to sell. Can anyone recommend an agent in that area? Also, does anyone know what the typical commission fee is for selling an investment property? One agent mentioned they charge 7%, which seems high.

Hi Jonathan! I am a local investor and agent in the Ohio market. I might be able to help you out with this. Let's connect!

1 Vote

Columbus, Ohio

Quote from @Dan Gorman:

Hi BP Nation,

I am preparing to do a 1031 exchange and wanting to invest in a medium sized Multifamily around the Cincy or Cleveland sub-markets with a class B or C value add asset.

Looking to deploy approximately, $400k.

Please let me know if you happen to have something that may fit this profile.

Thank you,

Dan Gorman

Hey Dan! We might have something you might like. Let's connect!

0 Votes

Cincinnati, Ohio

Quote from @Alex Ng:

Hey I just finished reading Long Distance REI, and im ready to jump in. I have around 150k to work with so im hoping to buy properties all in cash and then refinancing it out to buy more properties. Im looking for turnkey properties that cashflow under 150k and meet the 1% rule. Where are some good markets that meet this? I definitely would not want to buy in war zones.

Hi Alex! Have you given the Midwest some thought? Cleveland is truly known for its robust cash flow prospects. Choosing the right neighborhood is key though, I can provide you with a general overview. On the other hand, if you are also interested in property appreciation, Columbus would be a better choice. This city is experiencing rapid growth, with many large companies planning to move to the area in the next few months, which will result in an influx of new residents and a wealth of job openings. I hope this information is helpful, and I would be delighted to discuss the topic further with you!

3 Votes

Quote from @Aruna Abdool:

Hi fellow investors. I'm interested in Columbus, Ohio (Franklin county)/multi-family/mid-term rental as a strategy. I'm doing my due diligence by looking at current data like population growth, significant companies with their HQ located there, etc., and taking virtual neighborhood walks via Google maps. Depending on my findings, I plan on visiting the area before investing. Still, there's nothing like the feedback from locals or investors within that area. How are your investments doing? Were there any surprises after performing your due diligence, and for the locals, what is your take on the mid-term rental in this area? I live in a neighborhood predominantly of homeowners, and an MTR strategy would fail here. However, LTR residential investing could be successful. Thank you so much for your attention and participation.

Hi Aruna! As a resident and investor in Columbus, I can attest to the fact that investing in the suburbs here is a wise choice. It is a thriving city that is attracting several major companies, which will bring in thousands of job opportunities in the next few months and years. This would most definitely lead to increase in real estate values and rental demand. Population growth have seen an annual increase of 0.75%. Employment growth is also on the rise, with a yearly increase of 3.58%. Rent prices in Columbus have also gone up by 6% each year. Let me know how I can help and would be happy to chat in more detail with you!

3 Votes

Columbus, Ohio

Quote from @Nicholas Sorace:

I am new to this space, but I am very drawn to it and have been saving up for a while. After listening to podcasts and reading books I'd love to start having conversations with experienced investors. I have my eyes on Cleveland and Dayton in particular, but I'd love to get advice about general multifamily investing and financing as well. A little background on me, I currently reside in NYC, Penn State grad, and I work in finance. Looking forward to making new connections!

Hey Nicholas! Why don't you give the Columbus, OH market a shot? As a resident and investor in Columbus, I can attest to the fact that investing in the suburbs here is a wise choice. It is a thriving city that is attracting several major companies, which will bring in thousands of job opportunities in the next few months and years. This, in turn, is driving population growth, with an annual increase of 0.75%. Employment growth is also on the rise, with a yearly increase of 3.58%. Rent prices in Columbus have also gone up by 6% each year. Let me know how I can help and would be happy to chat more with you regarding the subject!

4 Votes

Cleveland, Ohio

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All Forum Posts by: Harrison Chow

Harrison Chow has started 7 posts and replied 274 times.

Post: Getting started - out of state investing

Post: Which STATES to invest?

Post: WHERE TO INVEST???

Post: Newbie starting with a house hack? Where would you go?

Post: Need some help please

Post: Looking for an agent

Post: Looking for an off market 16-32 or larger unit MF in the Cincinnati or Cleveland MSA

Post: Great Market under 150k

Post: Do we have any investors that currently reside/invest in Columbus Ohio

Post: Hi all, I would love to connect and chat with real estate investors.