All Forum Posts by: Caleb Barney

Personally, I’d still shoot for at least $100/door. I want the property to cashflow, regardless of if I’m working a W-2 job or not. I’d rather not go to too rough of neighborhoods that will likely have higher tenant-turnover and potentially higher property management turnover too. A lot of that extra cash flow may not actually equate to more money in your pocket if you’re losing money due to a higher vacancy rate and more repairs/maintenance. 

I agree with James on this one. I live 5-10 minutes from Berea and am an agent/investor.
If you want info on Berea and surrounding areas in terms of median household income, median property values, school ratings, crime grades, etc, message me and I can email you a spreadsheet I created. 

No problem. I hope it helps!

Let me know if you need anything. I see you’re from Amherst, which is about a half hour from me. But I serve Lorain, Cuyahoga, Medina, and Summit county. (I hit parts of Lake County and Wayne as well, but not as much.)

Hi Joseph, 

I’m a Realtor in the area and these are three inspectors I use regularly. Feel free to call them and let them know I sent you. 

Matt Sorace with A Step Up Home Inspection. 216-832-6182

Chris Letson with Certified Home & Property Inspection.  330-338-7748

Tim Sams with Kaylee Homes. 330-592-2086

@Aaron K., thanks for the heads up about the LLC. That makes sense! I’ll keep that in mind (for the realtor).

My wife and I currently live in a condo that is almost paid off. We are planning on selling this and using the proceeds to pay for the down payment of a duplex in the area. I’m wondering when we should get an LLC or if it’s not really “necessary” for our first investment property? Regardless of whether we do get an LLC or not, should we open a new bank account for this? Our condo will be going on the market for about $89k (we still owe $7k on it). The duplex we put an offer on is for $210k. We would live in one side and rent out the other. There is currently a long-term renter on the other side that pays below market rate ($800/month) and has a lease that ends in March 2019. My thought is to put 20% down ($42k) and have cash reserves for any repairs, updates, etc. from the balance of selling the condo (after closing costs, etc., I’m hoping to get back ~$75k, so minus the $42k down payment we would have $33k to put into the property, have as a reserve, or even use to invest in another property). Any advice is welcome!