All Forum Posts by: Bob Stevens

Shout-Out to an Amazing Realtor for Out-of-State Investors – Melissa Hudson in Cleveland, OH

Hey BiggerPockets Community,

I wanted to take a moment to share an incredible experience I had working with Melissa Hudson, a realtor based in Cleveland, Ohio, who helped me sell my out-of-state investment property. For anyone considering investing in Cleveland or currently dealing with an out-of-state property headache, you NEED to connect with her!

I had hired an out-of-state investment consultant and project manager who both turned out to be a complete disaster. The project dragged on for over a year, with constant headaches, budget overruns, and stress. Honestly, the entire situation was a nightmare—except for one silver lining: meeting Melissa. She was referred to me through the consultant, and I can confidently say that hiring her was the only good decision that came out of that experience.

Melissa's level of care, expertise, and communication was truly next level. Despite the mess I was in, she stepped in and took charge of selling my property with absolute professionalism. I’m based in Los Angeles, CA, but the distance didn’t matter at all because she was always responsive, proactive, and kept me in the loop every step of the way. She genuinely cared about my situation and worked hard to ensure that I got the best possible outcome.

From the minute I hired her, she was 1000% dedicated to analyzing every single detail and protecting my interests. She went above and beyond, even making what seemed like an impossible situation smooth and stress-free. Melissa is not here to sell you fantasies; she's a straight shooter who will fight for you. In a sea of bad decisions with my consultant and project manager, Melissa was a breath of fresh air.

For anyone looking to invest in Cleveland, I highly recommend reaching out to Melissa Hudson. Not only is she an asset to out-of-state investors like myself, but she’s also incredibly well-connected with other professionals who share her same high standards of service. She’s just a good person, period, and anyone she works with will benefit from her expertise.

If you’re considering investing in Cleveland or need help with an out-of-state property, do yourself a favor and contact Melissa. She made what could have been an even bigger nightmare into a breeze!

Hey everyone! I’m looking for a photographer in the Cleveland area for a project. Any recommendations would be greatly appreciated! Thanks in advance! Can be agent or anybody doesn't need to be a professional, but just someone who knows how to take good photos and a newer phone (Iphone 12 or later or Samsung galaxy etc) 

I have been flipping in Virginia for almost 5 years and completed over 150 flips.  I am looking to do some deals in Oklahoma City and am looking for someone to partner with.  I can bring a lot of experience and construction to the table.  Looking for someone to finance the flips and assist in some administrative areas if you are interested please let me know.  Thanks 

It really depends on your market and neighborhood. In cash flow markets (like these), you can definitely still get the 1% rule pretty easily in C-neighborhoods (where SF homes will be $80-$130K). When prices go up as you move into better neighborhoods and/or more expensive markets, it will get tougher to exceed 1%.

As others have mentioned, this is a good rule of thumb, but you have to run a full set of numbers to understand you potential ROI on a deal. Personally, I focus most on CoC, which of course is dependent on your interest rate if you're using a mortgage.

Just as an example, though: in Memphis where I invest, with a 1% property (i.e. buy for $110K, rent for $1100), CoC would typically come in between 6-10% today.

@Bob Stevens

off market, yes?

Quote from @Bob Stevens:

Quote from @Joseph Fenner:

Quote from @Bob Stevens:

Quote from @Joseph Fenner:

My goal is to acquire 167 rental properties in 5 years generating $500/month on average. 

Im starting my first year and am planning to buy 10 properties in 1 year. I’ll have $50K saved and $8,000 in credit lines. 

My question is how do I get the money for 10 down payments? I’ll have enough capital to cover 2 down payments 1: first property Under 5% because I’m house hacking. 2: And 20% for the remaining 8 properties. Let’s assume 40K down payment * 8 properties = $320,000. Is it smart to finance the down payment on top of the property? How do I get the financing? Is there another way I could accomplish this? 

 So you want to have 167 rentals(WTH did you get that number from ? ) with 50k NOT happening ,,,,,, HMM this reads like a FB post

Good luck 

Not all at once, over the spam of 5 years. $50K will not work for 167 properties I would need $5,010,000 to do that. My goal is to make 1M a year and 1M / 12 months = $83,333/month / by $500/month cash flow = 166.6 rounded up to 167. 167 Properties generating $500/month  =  $83,500/month. * 12 months = $1,002,000/year.

 Where is the admin? Let's get rid of this post, THIS IS NOT FB , 

Thank you 

What were you doing at 20? You seem jealous because I have a bigger advantage than you did. 

I also started my own business at 10 years old and made thousands, what were you doing at 10 playing with toys? 

I’d rather sound crazy asking a question, than not ask a question at all. I don’t care what people think, maybe you do that’s why you calling my post a FB post. I’m posting so I can learn, why are you posting? I think we need an admin. 

What 20 year olds are thinking about investing and taking action? I may have nothing today but I will die with everything, I’m starting from the bottom $0 I bet you had everything given to you. 

The person that is comfortable in pain will always beat the person that avoids pain. I grew up in pain it’s all I know and I feel uncomfortable when I’m not in pain. That’s why I will win I’m not a b*tch when it comes to taking risks, throw it all at me, I’ll overcome every challenge one by one. It’s get rich or die trying I don’t care what I have to do.

You should go back to Facebook that’s where you belong. Do me a favor don’t delete your posts I wanna look at them as a memory for when I make it. It would make me feel good 😎.

Have a great day and I hope you fix your mindset. 

You want to be told how to buy 167 doors (for keeps) in 5 years, starting with 50k?

This business does not work that way.

That is old infomercial sales hype to sell get rich quick kits to the unsuspecting public.

Good Luck!

Quote from @Bob Stevens:

Quote from @Mark Cruse:

Sounds like you are feeding into pipe dreams. Anything can sound real nice on paper but reality is profound. I have no idea why in good conscience some of these experienced investors are pushing you to go for it. This is a very difficult business with dozens of moving parts that need to be managed and mitigated through expertise and ability. You have to find deals were you can get this cash flow. You have to know how to manage that property effectively to make it work. You have understand each community, culture, environment and how to screen for the right tenant. You have to have the right financing set up. You have understand appreciation and leveraging. Its very rare high end experienced investors can pull this off. I have never seen a newbie even come close. Maybe with a 10 unit multi but still, very heavy lift. If it were that easy and feasible wouldnt everyone just map out a plan like that and do it? I applaud you for coming here and at least asking but as a senior investor who wants you to win, this aint it. Start off small and learn from there. Real estate is building wealth via the long game. Its not Bitcoin of Forex. Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess. 

 This has nothing to do with (your points are valid) finding deals, that's the easy part. This post is NOT reality. NOBODY is buying 167 doors with 50k. Nothing about this post is real. So, if you have 100k you can get to 2 MILL INCOME, NOT happening. Yes, a lot are responding to this in depth, not sure why as its not reality. 

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Im starting my first year and am planning to buy 10 properties in 1 year. I’ll have $50K saved and $8,000 in credit lines. 

10 props with 50k, AGAIN not reality, 

I never said $50K will buy me 167 properties, $50K is my initial capital for my first year. It’s called reinvesting but you have to start somewhere.

You can still get the 1% rule in some areas but appreciation is weak most likely. I’ve bought 10 houses in a ghetto city in Arkansas that gets the 2% rule. I’m not expecting any appreciation but the cash flow is good. I’ve got 19 houses in a better appreciating area (Dallas), but I’m only hitting the .7% rule here. Appreciation is good in TX but I’m breaking even the first couple years when I buy here. Fortunately market rent is coming way up each year so that helps.