All Forum Posts by: Aaron Hale

The BP bookstore is a terrific start.Many of the titles are available on Audible.com if you’re like me and listen while cooking, in the car, in the shower, etc. Keep learning and asking questions. The more you learn the more questions you will have. Don’t get discouraged. You’re in the right spot. You may even learn that you don’t have to wait to begin investing.

One other thought... Your real estate education doesn’t have to be limited to books, forums, and podcasts. Seek out local meet-ups and find a mentor. Offer up a little elbow grease in exchange for OJT!  

Be sure to add a pet addendum to the lease and specify between what is a deposit and a monthly fee. Not all pets do the same amount of damage, but all do enough to require attention after the tenant moves out. Cats and dogs will leave fur and dander which will require at best professional steam cleaning and at worst carpet removal and replacement. All claws leave scratches in floors which may require refinishing.

Think of the worst case scenario for redoing your floors. It is a German Shepherd after all. I have one. I know! Then, divide it by the number of months you expect this tenant to live in your unit. Chances are it will be greater than $25/mo. 

My thoughts exactly! Even with the toughest tenant laws, it wouldn’t take 14 years to evict someone. This is landlord negligence. 

Thank you, James. These insights are helpful, and I have a call scheduled with McGuire next week. Do you know if the university has this zoning posted online or whether Excelsior Ave. falls within the student housing zone? 

Right. My thought was to purchase this property at auction for potentially 15% of the market comps, rehab, and lease it to an industrious entrepreneur who could then market it to students ow whomever room by room possibly via AirBnB.

This neighborhood’s saving grace is the proximity to the university. However, the turnover rate and personal involvement may kill the margin when dealing with a full time PM. I’m just exploring the AirBnB angle as a possibility but don’t know much about it yet. Additionally, cities around the country are cracking down on AirBnB through local regulation. 

If I can find an industrious and hungry local, possibly a student themself, to take on the challenge, it may turn out to be profitable for both of us. 

Market rents in this area probably won’t clear $1000/mo. ...but, say one person signs a year long lease and rents each room for $300-350’mo. They have the burden of keeping the house filled but I’m making $1000/mo, better than I would if I put a family in there, and the entrepreneur is pulling down$1100-1450/mo after paying the lease. That’s enough even for lean times when the school is on break. Win-win! 

Hello,

I’ve located a property  near the university that may be perfect for student housing, 7bd/2ba. However, trying to keep 7 students on one lease sounds like killing 7 birds with one stone.

My thought was that this property may be perfect for AirBnB arbitrage. I lease it one person/entity who then can sub-let each room at their leisure so long as the monthly rent is still paid.

First, what are peoples thoughts on this strategy? 

Second, are there any legal barriers in Akron or summit county I am not yet aware of?

Thank you. 

Thank you. This is an excellent start.

>Lisa, as you get started you should consider the difference between 1-4 units and 5+ units. You can still qualify for traditional residential loans for the 4 and under properties, but anything larger will require a commercial loan. This may not be a factor for you however, the lower down payment on the residential loans are often less of a barrier for entry into the real estate world. Best of luck!

Aaron  

Hey everyone,

I'm looking for a trusted real estate attorney in the Akron/Canton area to handle all my local legal dealings. I've got a new purchase that needs to be transferred into a LLC, but also want someone to make sure I am crossing all my I's and dotting all my T's as we set up business. Thanks for any help on this matter.

Hello All,

I am a combat blinded veteran trying to find the most appropriate links for landlord forms, contracts, operating procedures, tenant binders and binders for lender presentation, and so on. I’ve come across a few good links in inthe  forums, but utilizing my text-to-speech software makes the search a bit time consuming and tedious.

I was wondering if anyone had their suggestions and a link to their favorite(s) to the above in order to help me save some valuable time. For anything state specific, I am investing in Northeast Ohio area, Akron/Canton.

Thank you!