All Forum Posts by: Billy Maloney

@Ryan Rush I saw the subject and thought: I know what that feels like. I think that’s why you got so many people respond we all go through it on some level. Keep pushing forward and make your own light at the end of the tunnel.

I bought one in Euclid (a duplex) and one in Parma heights single family. Numbers look really great.  I think you are right a good agent could have warned me better of all the things like extra taxes high taxes , pos etc. For me it was a combo of things. I didn’t have a great PM and I switched to another and that PM  wasn’t great. I had an eviction in Euclid after placing a new tenant. Parma house the heater went out during a negative degree night and a pipe broke in the laundry room luckily no water damage. I don’t blame all of it on Cleveland but compared to places like Florida (where I have another property) cleveland demanded a lot more. It can just be deceiving when your numbers look so good but turn out to be very average. I take some responsibility for not knowing all the little things of course. I was actually going to keep the one in Parma but just so happened I got an offer for each at the same time for a profit so I took the money and ran. I know it can be a great investment for people but I was scared off and have no reason to re enter the market. If a few less things went wrong and timing was different I probably would have stuck it out longer. 

@Charles A. I haven’t read though this post yet but funny enough I did the same thing bought in Jax and Cleveland. Sold my properties in Cleveland with no plan to go back about a year and half ago and stayed in Jax.

@Jason Lam all good man. My tenant just signed a 3rd - 2 year lease a month ago. I recently had the ac serviced but other than that there one only one small repairs. I now have 10k built up in reserves from the income to use any future repairs.

@David Katz agreed. I always tell people IF they can find numbers that work for them then I have no hesitation highly recommending them. 

@Betsy Hall  Yah Im still happy with them.  I got to meet with them in person last month. Even though they are getting bigger still have a mom and pop relationship feel.  To be fair my property has gone really well, just got my 3rd 2 year lease and I think the true test of a PM is when things go wrong. I feel confident they would handle things well, but havent put them to the test personally. 

@Ananda Wasan I have purchased from Memphis Invest.  My experience has very positive for the most part. If you decide turnkey is right for you then they are probably the most trusted.  I like that one of the owners Chris is active on BP so they are accountable in that sense. They seem to address unhappy clients pretty well.  Im not familiar with home union but saw a really detailed post on Roofstock.  It sounded much less personal. here is the post https://www.biggerpockets.com/forums/92/topics/468304-roofstock-case-study @jason gines took the time to layout his process step by step. I would definitely read through that. 

I totally agree with @Chris Clothier, be patient. Best thing to do is do your home work and be open to opportunities as they come up.   I was guilty of not being patient this year I sold two properties earlier this year after only having them a year for basically break even. One of them was one of those 750 a month properties. Dealt with an eviction in the first 6 months and my management was not very good making it worse. I did learn a ton though, but haven’t bought anything since because I ve had to recover emotional from all the stress. I’m now at a place where I’m ready to go back at it. Honestly my Turn key property has been the best and easiest investment so far. I think my plan forward with be a mix of turnkey and non turnkey. 

MI is in many markets now so that questions is gonna be a big depends. I bought a SFH in Memphis from them. My taxes are a little high cause there is also county taxes on top. My return is 7% when you run numbers the right with vacancy and repairs. My actually return the last 3 year has been 16% plus some appreciation. That because there has been no vacancy and repairs. Of course this won't continue and once I have repairs and vacancy that average yearly return will average down. PM me if you have any specific questions I'd be glad to share my experience.