All Forum Posts by: Aaron Bonne

@Corey Hawkinson

That’s awesome Corey, at least you have a plan which separates you from many others. Building a rental portfolio is the wisest thing you can do IMO, and starting as early as possible is the key

@Travis Watts

Awesome, glad you have a # in mind and you're well on your way! Also, thanks for getting the thread some traction!

@Trellis Alexander

2% is just a rule of thumb, and a useless one at that. Many other factors go into a decision to buy a property and whether it cash flows or not. Typically "2%" deals are found in rougher neighborhoods, which people often overlook the increased management, maintenance, and vacancies that come along with these properties.

Have you ran #'s? If so, post them here

@Michael Ealy that's awesome. Either way, you're in a fantastic position financially whatever you choose to do. And you did wonders for that neighborhood. Awesome job and congrats on the deal 

Nice work @Michael Ealy! Very inspiring!

Place looks awesome. Have you gotten it re-appraised at the $4.4MM yet? $140K per unit seems high for Avondale as I'm here in Cincinnati as well, but based on your NOI and cap rate I don't disagree it could get to that.

Just curious if the bank will get you to that # given expenses are low and if they would "penalize" you for operating it so well given it's a 1960's construction, despite being a total gut rehab. Just curious!

Thanks!

@Christopher Chen Welcome Christopher! You've come to the right place! Lots of good strategies and plenty of excellent people who can help you learn this business

What's your financial freedom #? How do you plan to get there? And how far are you now?

To clarify, this is based purely on passive cash flow. Meaning, how much money comes to your mailbox each month without having to do anything.

I'll start.

Goal: $10,000 per month

Vehicle: Real Estate Syndications

Current: $2,000 month between 5 syndication investments and a duplex I still own

@Nick Dillaha Lots of good comments/advice here already. I don't know your area, but there are typically some local community banks that have no PMI loan products without 80% LTV. This could be a perfect fit for you. Rate is typically higher, but worth calling around and asking. Many community banks up here in Cincinnati have low closing costs as well, sub $500.

I'd use the money elsewhere, like buying another rental if that's your goal

@Barri Griffiths

I had a 9 unit on the KY side of the river about 3 miles from downtown Cincinnati. It was a nightmare trying to find a good PM company for that size. I ended up finding a decent one, sorta semi-retired guy, who did OK until we sold.

With that said, I've heard Jim Shapiro of Proffitt Real Estate Services is good as well as Josh House of Realiant Property Management are good. I'd give both those folks a call. I have never used either personally, but have heard both of those names tossed around in the investing circles within Cincinnati

@Ryan Webster I was in this same position months ago. Thoughts of dozens of different names for weeks, almost all of which were already taken. I eventually just launched the company with my own name and it's served me well. As others have mentioned, the name itself isn't all the big of a deal. It's you and whether people know, like, and trust you.

Just pick one, launch, and rock and roll.