New to real estate investing, I was looking at Columbus, Rochester, Cleveland etc for buying a rental property. I am thinking I’ll start with properties less 200k (25% down) to start with. I am thinking I’ll find local realtors and management company to begin with. Any thoughts or advice for a newbie
Newbie question
byu/Ashamed_Variation435 inrealestateinvesting
Posted by Ashamed_Variation435
2 Comments
Those are solid starter markets, especially Cleveland if you can find the right neighborhoods. Just make sure you’re running the numbers tight on cash flow – don’t forget to budget for vacancy, repairs, and property management fees. The 1% rule is harder to hit these days but still a decent starting benchmark
What kind of rent can you get for a $200k place in Columbus, Rochester, Cleveland?
Are you local to that area?
Don’t forget to have line items in your budget for repairs, cap-ex, and vacancy.
Make sure to read and understand the LL, tenant act for your area.
Self manage if you can, they’ll never care about your property/money like you will.