All Forum Posts by: Marc Rice

@Joe S.

You could build an ADU on the back to generate more revenue, turn it into a short term rental, or sell it.

@Radhika Paliwal Ohio is a great state with a strong economy that has seen a lot of growth. Most of this growth is around Columbus, OH with the increase in job growth and population. There are other cities such as Dayton, Cleveland, and Cincinnati that offer better cash flow than Columbus but in regards to a strong balance of cash flow and appreciation you cannot beat Columbus. I’d encourage you to build a local team wherever you invest in (agent, property manager, contractor, lender).

@Cherisse Buddy The Midwest is great and Ohio especially.

@Bryce Efaw

Glad you’re starting early! If you need anything in Columbus feel free to reach out.

@Aidan Sorenson

Focus on one thing, and become an expert at it and results will follow. It’s easy to get caught up in the infinite ways to find deals. Cold calling has worked for me, cold texting works well too if you have the right systems. Focus on one though then scale it with VAs.

@Minesh Patel

Yes, you can search the forums “network” -> “search” -> “members” and then filter by location.

@Jack Landry

If your main concern is cash then I’d recommend to find a local lender who can do 1% down (with down payment assistance) for a first time home buyer on a single family. Then find a single family with a lot of bedrooms near San Diego college and rent out all of the bedrooms to students for a premium. Then in 9 months use that cash you generated to do a duplex.

OR find a single family (identical to above) that you could build a back ADU on that would rent for a lot as a STR or studio/1bd. You could even just buy a tiny home/airstream for $30k and make it work.

OR if you find a good enough deal that you could BRRRR to then cash out that would be great. It seems like not many deals are available in your pipeline now.

@Remington Lyman Any advice for my friend Jack in San Diego at such a high market premium?

Hopefully others can add insight to this expensive market...

@Marie St Fleur Search the BiggerPockets agent database for realtor recommendations for Cleveland. Make sure to really identify what your criteria is and then an agent will be able to help you out. Cleveland is great for cash flow but lacks a lot of the appreciation we're seeing in Columbus. Good luck and let me know if I can be of any help!

@Tim Lazor I think the first step is to write out your goals for your properties you'd like to own. Do you want purely cash flow, a hybrid of cash flow and appreciation, or appreciation with little cash flow? It sounds like you have access to appreciation with little cash flow where you are now in NYC. If you're looking to BRRRR you're going to want a market with rising values and equity to unlock post rehab.

I then would identify a few markets that you think would match your market criteria and start to interview investor friendly agents in that local market. The agent will be key to connect you with all of the local resources in that location. And especially if you're BRRRRing you'll want a great local team.

I know you're still analyzing markets, but I'd strongly recommend looking at Columbus, OH for its hybrid of cash flow and appreciation. It's a massively growing city and a lot of out of state investors are flocking here for the growth.

@Adam Leonti I currently live in Columbus, OH and highly recommend it as a good entry market. It has lower purchase prices which means lower barriers to entry. If you're looking to own property here it is great. If you want to wholesale here it also would work since there is a lot of demand, but if you really want to avoid the 9-5 life you'll need to own rentals to build wealth and passive income. 

@Andrew Yen

The BRRRR method is a fairly advanced technique. I would recommend a house hack to get you started so you can learn the process and not go broke on the first deal.