All Forum Posts by: Ashley Cross

STR are successful with proper property management. You'll essentially be building a business. You'd have to really ensure you have boots on the ground to cover any issues that come up. When you start you'll definitely won't be spending 4-6 hours on a STR. It takes time to get your processes and people in place. Also, how often do you plan to travel to the area where the property is? You'd need to ensure you budget for travel expenses as well. LTR are more passive but it's not completely passive. Cleveland is a great market to start because it's a low entry point but with older homes that are priced lower there will be issues and headaches to deal with. A tenant turn or a large capital expense can blow your cashflow for the year. That has happened to me repeatedly with my cheaper homes. No matter what direction you take you need to have a solid team (property manager, realtor, contractor, etc) that you can trust.

Sending a PM now!

Hi Alauren. If you’ve been working for 2 years at the same part time job your monthly income will be whatever you made over the last 2 years divided by 12. Your best bet is to find a family member with good income and credit to become the co-borrower. Depending on if you have a lot of student loans, that may not be feasible. If you’re really serious about real estate look for a mentor. Even if you can’t buy now, at least you’ll have a path to get started sooner than later. Good luck with everything! 

I could never give a client’s personal info but she has a pretty big following on Instagram. Look up Lattes and Leases

With great credit you should be fine for a FHA loan. The prices are pretty affordable in Cleveland so you should be able to get a good househack. I had another client start with househacking in Cleveland and she's now on 20+ units after less than 3 years.

It’s going to be very tough to do a Brrr in a class A or B neighborhood in Florida and cash flow without being very involved with the process. I have a client that just completed a cash out refi for his Florida investment property but he does short term rentals. I’m happy to give some insight with the mortgage/finance portion of things but you’re going to definitely need to vet out a great real estate agent in the areas you’re looking at.  

There is going to be pros and cons wherever you invest. The first thing you must do is figure out your goals for the property and what pro/con is most important to you. Is cash flow most important? Or appreciation? Or the class of property/tenants? Or the distance from you? Do you want a totally hands off turnkey? Or do you want to get the most bang for your buck? 

Columbus is a great market to Brrr because it gives a good mix of cash flow and appreciation. I’ve done a few Brrrs here in Columbus and from experience it will be very difficult to keep your renovation costs in the budget you provided. Honestly, it’ll be hard to keep renovation costs in any budget with prices rising so rapidly. 

Congrats ! A few of my clients have made the leap from the west coast to Columbus. It’s a great move to support your journey to financial freedom. 

Hi Diamonn! Househacking in Columbus is a great way to start. I've helped quite a few clients get started this way and they were able to utilize the VA loan to get into a cash flowing property for very little.