All Forum Posts by: Dave Stokley

Ask yourself:

- Are these reasonable or necessary requests?

- Will these people ever be satisfied? Are they just trying to see what they can get away with?

I love @Victor N.'s suggestion above. Personally I have little tolerance for PITA tenants and would let them go if I thought it was going to continue to be a nuisance.

As others have said, it totally depends on the market. Generally, in my Cleveland market, I am looking for 10%+ cap rate and $200 net cash flow per unit. That is not easy to find, but it's out there.

I wouldn't rely on the tool you reference above. It seems to only drill down to the county level, and obviously there can be EXTREME variation between different parts of a county. rentometer.com is much more location specific.

I use rentometer.com which I think is fairly good, but requires you to pay a fee after a few free searches.

I would LOVE to see BP include a rent estimator feature with their PRO subscription.

Thanks @Jeff Brower...where did you take your classes?

Thanks @James Wise and @Jeff Brower I have actually been thinking about this for two reasons:

1. I don't want to wait until my agent is available to see a property.

2. I prefer to negotiate directly rather than through someone else without knowing exactly what is being said.

Do I want to become an agent or broker? I've heard people suggest both...

I have heard, but cannot personally verify, that financing options when purchasing in an IRA are very limited. Something to consider and look into more.

If you are simply withdrawing the $ for a down-payment you don't have to worry about this, but if you are exploring ownership in a self-directed IRA it can become complex.

I'd be interested to hear from someone who knows more about this.

Recently signed up for  PRO membership to get more serious about my investing. 

I got started about 15 months ago after being hypnotized by Grant Cardone, and somehow convinced my wife to buy a 3-family house. After kicking out the bad tenants (one of whom was running a hair salon out of the apartment) I was able to do some minor cosmetic upgrade myself and increased all the rents 50%. It has been a great experience and I'm excited to take the next step.

I am currently in the market for another multi-family, preferably on the West side of Cleveland. I am also considering partnering with a friend on either another multi-family or a flip.

My personal goal is to acquire 40 units by the end of 2025, starting with 5 this year.

Thanks to everyone who contributes to this awesome resource.

Cheers,

Dave