All Forum Posts by: Marc Rice

All buyers vary, but most want 8-10% CoC or 7-8% cap rate minimum. It depends on what other options you have to invest in really.

@Seth Dailey Where in the Midwest are you looking for your first apartment building?

@Mary Lopez

You have to ask around to local commercial lenders or some of the larger Finance of America type lenders. Being out of state they’ll need strong balance sheets and probably be more conservative on underwriting.

@Rashida Adekoya

May have to go with a commercial lender and do a refinance. Most banks aren’t doing HELOCs on investment property.

@Evan Dieffenbach

You’ll need 20% down on a single family investment property or 25% down on a multi family investment property. You could do a low 1-5% down house hack where you reside locally and use that rental income to pay down your debt while saving on rent.

@Carl Flint

Start by networking with some other local investors there. It’s good you have a competitive edge since you grew up there. If you’re flipping with $30k you’ll need to use hard money to cover purchase price + rehab. If you’re looking for rentals, single families with value add can be a good start and will allow 20% down on an investment loan.

@Vasyl Levchenko

I also recommend evaluating Columbus if you’re looking for appreciation on top of cashflow. Yes it’s really hot here but the city is growing population and economic wise.

@Kaylee Walterbach

Focus on a niche and become an expert in it.

@La’Taunja Martin Cooper

There’s a lot of micro migration within the state of Ohio to the center. Overall though it’s very affordable here and I’ve heard a lot of stories of people moving back to the Midwest due to covid cost savings.

@Jeremy Chartier

Welcome to BP and hope you can get some rentals for yourself!