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I've heard of a lot of investors doing this. I currently own a few homes in the Seattle area, but they are expensive. Why not buy a bunch of 25-50K houses in some place like Ohio (which seems to be a favorite for investors that do this) and rent them out? The rents appear to be $600-$900 a month per house. I actually see a lot of rennovated houses in Ohio going for 15K. WOW...Yeah, you won't make much on appreciation, but the cashflow...
Anyone doing this or have done it?
Anyone else thinking about doing it?
What are some good markets to do this in?
What are the pitfalls?
Do you travel out of state to buy these properties or do you have an out of state real estate team?
How did you find your real estate team out of state?
I've heard of a lot of investors doing this. I currently own a few homes in the Seattle area, but they are expensive. Why not buy a bunch of 25-50K houses in some place like Ohio (which seems to be a favorite for investors that do this) and rent them out? The rents appear to be $600-$900 a month per house. I actually see a lot of rennovated houses in Ohio going for 15K. WOW...Yeah, you won't make much on appreciation, but the cashflow...
Anyone doing this or have done it?
Anyone else thinking about doing it?
What are some good markets to do this in?
What are the pitfalls?
Do you travel out of state to buy these properties or do you have an out of state real estate team?
How did you find your real estate team out of state?
If you can or get a management team to handle it, it all works out.
Be sure to find a good property management company.
I've seen many once stable neighborhoods ruined by out of state investors, who get a series of bad tenants and/or a lazy property manager that allows the property to fall into ruin, and then cut their losses and walk away from their property.
I bought my rentals in Phoenix because the math just doesn't work to own rentals in Los Angeles where I live. I manage my own rentals, it takes 7 hours to drive if I must be there, and my cousin who can act as my informal "management company" has sets to all houses for emergency use. I also have my own crew of various contractors and home warranties.
This will not work if you are not within driving distance of your rentals.
I've heard of a lot of investors doing this. I currently own a few homes in the Seattle area, but they are expensive. Why not buy a bunch of 25-50K houses in some place like Ohio (which seems to be a favorite for investors that do this) and rent them out? The rents appear to be $600-$900 a month per house. I actually see a lot of rennovated houses in Ohio going for 15K. WOW...Yeah, you won't make much on appreciation, but the cashflow...
Anyone doing this or have done it?
Anyone else thinking about doing it?
What are some good markets to do this in?
What are the pitfalls?
Do you travel out of state to buy these properties or do you have an out of state real estate team?
How did you find your real estate team out of state?
Cause the local Ohio investors can do it cheaper and make more profits than you.
In Ohio's cities, and maybe in some rural areas, too.
I'm in Columbus. I'll have to check it out
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