All Forum Posts by: Derek DeVerna

@Maiane Freitas

The variety of investment properties in your portfolio coupled with your skill level places you in a very advantageous position. You have the ability to pick and choose what parts of your real estate investing journey have been the most pleasant so far and focus on optimizing those components moving forward.

I am also 29 years old with a similar experience level. Throughout the past few years I have become increasingly selective when assessing potential deals or people to work with. Since adopting this approach the work load has become much more manageable/enjoyable. This has led to a much healthier lifestyle/business than I ever could have hoped for. Selectivity will continue to remain among the top elements of my business model moving forward.

@James Roux

In Toledo we have the gas and electric service cancelled for the tenant’s move in date. The tenant has until this date to call and set up a transfer. If they do not set up this transfer in time, then they simply wont have gas or electric service until they do. Before installing this system we would try reminding tenants to switch multiple times very similar to your current approach. This was extremely frustrating and inefficient. The tenant has no incentive to have these utilities switched unless you take action and schedule a shut off.

@Zackarias Aitchison

A great deal of effort goes into sourcing, rehabbing, and managing a successful rental property. For this reason, I only buy properties that I see myself wanting to own forever. My neighborhood preferences have changed throughout my career and likely always will. However, I have never prioritized the bottom line over a quality building/location. A quality building/location will yield quality tenants, which makes your job as a landlord more enjoyable/sustainable. 

@Zackarias Aitchison

I rely on very simple elements when assessing a potential buy and hold investment.

What would be my all in costs to stabilize the building? - purchase price, closing costs, holding costs, rehab costs.

Would I want to own this location forever? 

What is my projected monthly cashflow?

These essential questions have helped us build a portfolio of quality buildings/locations. 

An opportunity for like minded real estate investors to casually meet each other without having to pay group fees or worry about being sold something.

@Ethan Augustus

You have the ability to begin properly analyzing deals today. Real estate Investing is a practice. The amount of time you spend practicing real estate will ultimately help you grow as an investor. 

Simplicity and tangibility are two of real estate's most attractive features. I do not use any sophisticated calculators, cap rates, or GRM tools. I rely on rehab estimates, cash flow projections, and the overall feel of a building/neighborhood.

I started out working as an agent for an investment focused real estate brokerage in Cincinnati, Ohio. They had me comp out anywhere from 5-25 potential deals per day for 2 years. Over time I became more and more efficient at analyzing these opportunities quickly. Today I can assess deals in my market (Toledo, Ohio) from my iPhone in under 5 minutes the vast majority of the time.

Where to start is not nearly as important as actually starting. Choose a neighborhood and begin collecting data/research to learn as much as you can about it. 

@Ron Hollingsworth

I like to worry about things that I can control, such as my work ethic and what I am doing to find great deals. 

Worrying about things that I cannot control, such as a market correction or decline would significantly compromise my ability to grow the portfolio. 

I'm confident in my ability to perform in any market condition as long as I continue to work hard and learn from my mistakes. 

An opportunity for like minded real estate investors to casually meet each other without having to pay group fees or worry about being sold something. 

@Ashley Pinnell

A person can self manage as many units as they wish in the great state of Ohio as long as they maintain ownership in the building. 

A person must have an Ohio real estate license if they wish to manage properties on another owner's behalf. 

Many brokers do not take part in property management. Our brokerage insurance rates and legal liability/exposure are the two main reasons. You will want to make sure that the actual Broker/Brokerage practices property management rather than relying exclusively on an agent. 

@Ryan Bird

We like to keep our rental listings as simple and clean as possible. This equates to about 10 lines or less on Zillow total. The listing photos are the reason they are interested in your rental property, not the words that you choose to use in your listing remarks. 

Listing what the tenant is responsible for such as snow removal, lawn maintenance, gas, water, electric is very important. The listing (at least where we list on Zillow) will serve as a time stamp even after the property is leased. If a tenant tries to argue that they were not to be held responsible for these items, then you can send them their lease agreement, as well as the listing link. 

Regardless of how many times some of these items are disclosed in writing, initialed on the lease, or verbally discussed some tenants still tend to only hear what they want and ignore what they don't. This system has helped us remain clear and consistent.