All Forum Posts by: Miguel Suarez

Quote from @Quinton Thomas:

Quote from @Travis Biziorek:

Hey Miguel, I'm also in California but my rental portfolio is in Detroit (12-doors). 

I'm a big advocate of that market and still believe it offers the best risk-adjusted returns today.

Lots of folks are still writing off Detroit but more and more are waking up to the opportunity there. The city is undergoing massive revitalization and investment

 In Detroit, are there certain areas that are more attractive than others. Also, do you use government programs? while looking though listing's a good majority of the homes seem like they would be cash buy's since after the down payment it would be under the threshold of what banks would take as a minimum loan amount. 

 Yes, absolutely there are plenty of areas that are more attractive than others. The city is extremely block-by-block and difficult to analyze unless you understand the landscape.

I have some tenants on government programs, yes, but not most.

Detroit is a cash heavy market for sure. I don't recommend buying stuff under $50k just because you'll likely be buying a D Class area. But if you can get to the $70k-$90k range on a SFH (my bread and butter right now) you can generally get a conventional loan on that.

You likely need to pay cash upfront though for the better deals. 

Quote from @Miguel Suarez:

Hi everyone,

I am new to this forum. I have listened to Bigger Pockets for quite some time now and finally decided to get on here because I current own a home in California, but I want to buy a 2nd house out of state. I was thinking Arkansas, Ohio, Indiana, or Michigan. If anyone else has suggestions on states they have rental properties and is working well, please let me know. I would like to start buying a rental property in early 2024. I just wanted to get started to choose a state, starting looking at it more and hopefully start to talk to get approved for a loan and start to talk to a real estate agent. 

Thanks,
Miguel Suarez

I'd suggest that it be within a day's driving distance. There are so many things that can wrong with properties over time, that I would think since you are betting the future on your investments you'd want to mitigate risk.

Quote from @Miguel Suarez:

Hi everyone,

I am new to this forum. I have listened to Bigger Pockets for quite some time now and finally decided to get on here because I current own a home in California, but I want to buy a 2nd house out of state. I was thinking Arkansas, Ohio, Indiana, or Michigan. If anyone else has suggestions on states they have rental properties and is working well, please let me know. I would like to start buying a rental property in early 2024. I just wanted to get started to choose a state, starting looking at it more and hopefully start to talk to get approved for a loan and start to talk to a real estate agent. 

Thanks,
Miguel Suarez

 Go on youtube and google Millenial Mike (He does alot of stuff with One Rental at a Time).  He does out of state investing in Indiana and goes through his investing journey (out of state) from his first to tenth deal.  Its insightful for the beginner.

I know someone mentioned Raleigh. If you want to learn more about our market shoot me a connection! More than happy to take a call or direct you to some helpful videos. It's one of the best markets for appreciation.

@Miguel Suarez welcome to the forums! I assist hundreds of clients from across the country and they seem to enjoy the southern/middle part of the country; markets like Tennesse, Arkansas, Texas and even Oklahoma. The median priced homes are much more affordable and they're all landlord friendly areas. 

Feel free to reach out if I can be of any assistance, I can refer you to a couple different sources if interested. Best of luck investing! 

Quote from @Miguel Suarez:

Hi everyone,

I am new to this forum. I have listened to Bigger Pockets for quite some time now and finally decided to get on here because I current own a home in California, but I want to buy a 2nd house out of state. I was thinking Arkansas, Ohio, Indiana, or Michigan. If anyone else has suggestions on states they have rental properties and is working well, please let me know. I would like to start buying a rental property in early 2024. I just wanted to get started to choose a state, starting looking at it more and hopefully start to talk to get approved for a loan and start to talk to a real estate agent. 

Thanks,
Miguel Suarez

It does not matter where you start as long as you develop your Core 4. The core 4 is David Greene’s long-distance investing strategy and consists of a realtor, contractor, property manager, and lender. Once you have this team in place, you should be able to invest in any market confidently.

As for picking a specific market - I would go after one with an increasing job and population growth. I invest and work in Columbus, Ohio. I am also looking to invest in Cincinnati and Cleveland.

Quote from @Miguel Suarez:

Hi everyone,

I am new to this forum. I have listened to Bigger Pockets for quite some time now and finally decided to get on here because I current own a home in California, but I want to buy a 2nd house out of state. I was thinking Arkansas, Ohio, Indiana, or Michigan. If anyone else has suggestions on states they have rental properties and is working well, please let me know. I would like to start buying a rental property in early 2024. I just wanted to get started to choose a state, starting looking at it more and hopefully start to talk to get approved for a loan and start to talk to a real estate agent. 

Thanks,
Miguel Suarez

 if you are looking at new construction building and build to rent let us know for columbus! most of my focus is on that. 

Quote from @Miguel Suarez:

Quote from @Justine Phillipson:

Hi Miguel! 

When I lived in San Diego, I had to buy my investment properties out of state because I was outpriced for anything local. 

I have two rentals in South Bend, Indiana! It's been a great market for me.

Things to consider when choosing a market; population growth (you don't want a stagnate or declining population), crime/safety (high crime usually means more unqualified tenants and will diminish property value), state property taxes, tenant/landlord laws. 

If you are buying site unseen make sure to extensively use google maps and get a good idea of what the neighborhood looks like. Have your real estate agent not only video call you to show you the inside of the house, but have them show you the neighborhood too. People tend to have strong opinions about buying site unseen, so if that's the route you go, do all the extra due diligence you can! 

 Hi Justine,
This is all great information that I need to look into and consider when I am buying out-of-state. Thank you so much for this. I will also look into South Bend, Indiana. How long have you had those two renal properties? Are they Single Family Homes? 

Thanks,
Miguel Suarez

Hi, I have them listed on my profile :) both are 3 bed/1 bath single family. I bought the first one in early 2020 and the second one in early 2021! I bought a condo in Scottsdale in 2022 which is currently my residential property. I've been renovating it and hope to turn it into a rental when I can.

Hi Miguel! 

When I lived in San Diego, I had to buy my investment properties out of state because I was outpriced for anything local. 

I have two rentals in South Bend, Indiana! It's been a great market for me.

Things to consider when choosing a market; population growth (you don't want a stagnate or declining population), crime/safety (high crime usually means more unqualified tenants and will diminish property value), state property taxes, tenant/landlord laws. 

If you are buying site unseen make sure to extensively use google maps and get a good idea of what the neighborhood looks like. Have your real estate agent not only video call you to show you the inside of the house, but have them show you the neighborhood too. People tend to have strong opinions about buying site unseen, so if that's the route you go, do all the extra due diligence you can! 

Currently, several states offer promising rental markets. Tennessee, known for its affordability, low taxes, and growing economy, has cities like Nashville experiencing significant growth. Georgia, with its diverse job market and strong economy, particularly in Atlanta, provides appealing rental opportunities. North Carolina, boasting a thriving economy and attractive tax climate, features cities like Charlotte and Raleigh with high rental demand. Texas, with its varied markets and business-friendly environment, is another hotspot. Lastly, Arizona's warm climate and expanding economy make cities like Phoenix and Tucson worth exploring for rental investments.