All Forum Posts by: Harrison Chow

Hi there!

It's great to hear that you and your husband are looking to expand your real estate investment portfolio. Finding distressed properties could be be a smart strategy to add value and potentially pursue a cash-out refinance or sell them later for a profit. By identifying properties in need of repairs or upgrades, you have the opportunity to increase their value over time.

Cash-out refinancing allows you to leverage the equity you have built in your current investment property. With around 90K in equity, it can be a viable option to fund your initial investment without relying too heavily on personal credit or savings. 

While wholesaling can be a lucrative option, it requires substantial effort and building a market machine. It can be like a second job and may take time to get started. If you're willing to put in the work and develop a network of cash buyers, wholesaling can provide additional funds to supplement your savings. Just keep in mind that it will require a significant amount of time and effort to establish yourself in this field.

In summary, consider focusing on finding distressed properties that you can add value to through renovations or improvements. Explore the possibility of cash-out refinancing your current investment property and use the equity to fund your new investments. Additionally, if you're up for the challenge, you can pursue wholesaling as an additional income stream, but be prepared for the hard work and time investment it entails.

Best of luck with your real estate ventures, and I hope you find success in growing your portfolio! Let me know if there is anything I can do to help! 

Quote from @Gina Lujan:

Hi there,
I am new here and a newbie investor. I have one primary and one investment property. My investment property is for short-term rentals; not my first rodeo at hosting, but my first time losing money. I am currently seeking out new opportunities and have cash for another. I try to consume as much knowledge as possible daily and not freak out too much about my Airbnb property :). I am also intentionally seeking to build relationships. 

Hi Gina! It's completely normal to face challenges along the way, and I ADMIRE your positive mindset in seeking new opportunities and knowledge. Let me know if you'd be interested in the Midwest! I invest locally in the Columbus Ohio market. Best of luck and feel free to reach out anytime!

Quote from @Joyce Romero:

Hi! I'm based out of Jersey City and have spent the last two years trying to find a deal that would align with my goals. I'm hoping to start off with multi-family properties and then move on to commercial. I really wanted to house hack, however the prices are either really high, needs A LOT of rehab or it is just too far from my work. I've decided to take a step back and accept that at this moment house hacking won't work in my location. 

I heard that there's a lot of great opportunities in Ohio for multifamily properties so I'm looking to take a trip at the end of the month. I would love to connect with local investors, agents, and property managers while I'm there. Also if anyone has some things to consider when investing in Ohio, please feel free to let me know. 

Hi Joyce! It's fantastic to hear that you're interested in exploring multifamily property opportunities in Ohio. The state does indeed offer a wealth of great investment prospects. Feel free to let me know if you have any specific questions or if there's any other assistance I can provide you with. Safe travels, and I look forward to helping you navigate the Ohio real estate market!

Quote from @Shobha Joshi:

Hi,

I am thinking about buying an investment property for around $250000 to $320000k. Which suburbs or a should I look at ?  I am  looking at Brandon and Riverview,but any suggestions would be welcomed.

Thanks

Hi Shobha! Why don't you give the Midwest a shot? Ohio is worth considering, as it is home to vibrant cities such as Columbus, Cincinnati, and Cleveland. Cleveland is renowned for its robust cashflow potential, whereas Cincinnati offers a combination of both cashflow and appreciation. I prefer to focus my investments in Columbus though, as the city has experienced a noteworthy surge in property values which is expected to continue in the foreseeable future. This is largely due to the substantial investments made by major corporations like Intel, Honda, Nationwide Children's Hospital, and Wexner Medical Center in the area, generating a wealth of employment opportunities. Population is increasing by 0.75% annually and there is a 3.58% yearly increase in employment growth. Rent prices in Columbus have also increased by 6% each year. In addition, Ohio's laws governing landlord-tenant relationships are generally advantageous to landlords.

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!

Quote from @Nikita Douglass:

Hello everyone,

I am currently residing in the Bay Area and interested in starting my real estate investment journey. However, due to the high costs associated with local real estate, I am exploring options outside of the Bay Area. Despite having a steady 9-5 job, I am eager to invest in a property that can generate cash flow while still maintaining my 9-5 employment.

While I do have family in Oregon and Washington, I am open to investing in other areas if it makes financial sense. With the current state of the economy, I am uncertain about where to look for a property and what investment strategy to employ.

Please feel free to respond to this post or reach out to me directly if you have any insights or recommendations.

Thank you,

Nikita

Hi Nikita! Why don't you give the Midwest a shot? Ohio is worth considering, as it is home to vibrant cities such as Columbus, Cincinnati, and Cleveland. Among these cities, I prefer to focus my investments in Columbus, which has experienced a noteworthy surge in property values and is expected to maintain this trend in the foreseeable future. This is largely due to the substantial investments made by major corporations like Intel, Honda, Nationwide Children's Hospital, and Wexner Medical Center in the area, generating a wealth of employment opportunities. Population is increasing by 0.75% annually and there is a 3.58% yearly increase in employment growth. Rent prices in Columbus have also increased by 6% each year. In addition, Ohio's laws governing landlord-tenant relationships are generally advantageous to landlords.

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!

Quote from @Chris Seveney:

@Kashif Khan

There are many options out there so I would make sure you do a very thorough job on due diligence on who you partner with.

Make sure they have significant experience and provide you with past performance.

Also recommend getting from them their reporting procedures and sample financial reports. If they cannot provide them that’s a red flag

Last but not least have a background check done on them.

Hello and welcome to BP Kashif! It's great to have you here. Here are some suggestions for your consideration:

1. Define your investment goals: Before diving into any specific property type, it's essential to clearly define your investment goals. Are you looking for long-term cash flow, short-term appreciation, or a combination of both? This will help guide your decision-making process.
2. Research the Chicago suburbs market: Since you mentioned a personal preference for Chicago suburbs, it's crucial to thoroughly research the local real estate market. Look for areas with strong rental demand, low vacancy rates, and potential for future growth. Consider factors such as job growth, proximity to amenities, and school districts.
3. Explore different property types: As you mentioned, there are various property types to consider. Each has its own pros and cons. Apartment buildings can offer economies of scale and multiple income streams, while single-family homes provide more straightforward management. Multi-family homes and condo units can offer a balance between the two. REITs offer diversification and passive income but lack direct control.
4. Conduct thorough due diligence: Regardless of the property type, conducting thorough due diligence is crucial. Evaluate the property's condition, potential rental income, expenses, and market trends. Consider working with a real estate agent or property inspector who specializes in investment properties to help you make informed decisions.
5. Network with experienced investors: Engage with seasoned and experienced investors in the Chicago suburbs area. Attend local real estate investment clubs or networking events to learn from their experiences and gain insights into the local market. Building relationships with successful investors can provide valuable guidance and potential partnership opportunities.
6. Consider leveraging financing options: With a substantial amount of liquid capital, you may want to explore leveraging financing options. Speak with lenders to understand the mortgage rates, terms, and eligibility criteria. By leveraging debt, you can maximize your cash-on-cash return and potentially acquire multiple properties.
7. Diversify your portfolio: Consider diversifying your investment portfolio by spreading your capital across different property types or locations. This can help mitigate risks associated with market fluctuations or changes in specific neighborhoods.

Hope this helps and let me know if you'd be interested in the Midwest! I invest locally in the Columbus Ohio market. Best of luck and feel free to ask any specific questions you may have along the way.

Quote from @Nick Bandiera:

Hi all,

I currently live in an apartment in downtown San Diego but looking to start my journey.

I recently was laid off and have had it with working a 9-5. Luckily I have 4 months pay and a large lump sum of money to invest. I told myself I would go 2 months studying long distance investing before I take a new job. I have about $40,000 realistically that I can invest. What is the best strategy? I was thinking about finding a cheap house in the Toledo area as I have family there but would be open to any/all ideas, partnerships, market recommendations. I’m looking for something that can cash flow a few hundred per month just so I can rip the bandaid off and look towards property #2. 

please reach out to me directly or to this post if interested in helping me out. 

Nick 

Hi Nick! Glad to hear you're considering Ohio. The cost of properties in Toledo is indeed generally lower compared to many other cities making it an attractive option for investors seeking a lower entry point into real estate investing. Rental rates in Toledo are often competitive too allowing investors to achieve a favorable income-to-expenses ratio. It's also advantageous to invest in a market where you have a support system and local connections. Having family in the area can provide valuable insights into the local market, potential investment opportunities, and potentially help with property management or maintenance.

You might also want to consider Columbus. While Toledo has seen modest appreciation, Columbus has experienced significant property value appreciation in recent years. The larger population in Columbus generally translates to a larger pool of potential renters and a broader real estate market. Columbus has a more extensive range of industries too including finance, healthcare, education and technology. Companies like Intel, Honda, Nationwide Children's Hospital, and Wexner Medical Center are heavily investing in the area which again can positively impact the rental and housing markets.

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!

Quote from @Ankush Khajuria:

Hello All,

I hope you all are doing well.I have been following Bigger pockets and am now  actively planning to buy a house for real estate investing.My budget is 200K.I am flexible in buying the property anywhere in United States.I am currently in NJ.Please provide any guidance for cities that I should be targeting as a beginner.

Thank you

Hi Ankush! If you're looking for a stable, affordable, and growing market for your investment, I strongly encourage you to consider Columbus, Ohio. Here are just a few reasons why:

1. Strong Rental Demand: Columbus has a strong and growing rental market, with a high percentage of renters in the city. This means that there is a steady demand for rental properties, making it an ideal place to invest in buy-and-hold real estate.
2. Stable and Diverse Economy: Columbus is home to a diverse range of industries, including healthcare, education, finance, and technology. The city's economy is strong and stable, with low unemployment rates and a high median income. This bodes well for the long-term prospects of your real estate investment in Columbus.
3. Affordable Real Estate: Compared to other major cities in the US, Columbus offers relatively affordable real estate prices. This means that you can buy properties at a lower cost, while still generating solid rental income.
4. Growing Population: Columbus is one of the fastest-growing cities in the US, with a population that has been steadily increasing in recent years. This growth is expected to continue, which should lead to further increases in demand for rental properties.

Hope this helps and let me know if you'd want to discuss this further. Best of luck on your real estate journey!

Quote from @Katie Buell:

Hello!

My husband and I have a STR/MTR in our primary residence in Colorado and ready to take the plunge to buy something in a new market. How would you go about researching this? We are thinking of a duplex, rent out one side LT and do STR/MTR on the other side. I have looked at Airdna.com and FurnishedFinder Stats page. Any other places you recommend using? Or even just personal testimonies of where it's going well.

Thanks!

Katie

Hi Katie! One state you might want to consider is Ohio, which boasts thriving cities like Columbus, Cincinnati, and Cleveland. I personally focus my investments in Columbus though. The city is thriving and attracting numerous major companies - like Intel, Honda, Nationwide Children's Hospital, and Wexner Medical Center - 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!

Quote from @Ahamed AM Ali:

Hello Friends

I live in California. I am looking to invest in out-of-state cash-flowing markets. Please provide the top 10 markets. 

Thanks in advance. 

Hi Ahamed! 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!