All Forum Posts by: Dhruv Patel

I use Zillow Rental Manager for listing, applications, and leasing. It's all in one if you're looking for that. Once someone applies, it will show you their credit report, background check, and paystubs all in one profile. It makes it easier for me to review everything in one place. Plus the fee as you said is just $35 which is not bad at all. 

 I mean these are in negative cash flow and not even $100-$200 cash flow or even break even. 

 This is great! Thank you for the insight. Because I'm new to out-of-state investing, I'm just bit overwhelmed with everything that might be required. Working on connecting with people and gaining knowledge and understanding of the processes. Thank you for your feedback.

Hello, I'm new to investing out-of-state. I live in PA (northeast of Philadelphia) and was looking to invest in Ohio markets due to their lower prices and appreciation. I connected with an agent and analyzed lots of deals. But considering all the expenses (PM, leasing fees, cap reserve, maintenance, taxes, etc), it has been showing as negative cash flow. 

Am I missing something in my calculations? Am I too late to the game? There are lots of SFH and MF units coming on sale but they don't seem to have a positive cashflow. I'd appreciate guidance and a different perspective.

Investment Info:

Condo buy & hold investment in Ashburn.

Purchase price: $255,000
Cash invested: $60,000

I bought a condo back in 2019 in Ashburn, VA as a rental property. At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation). So I bought one and it's been rented out ever since.

What made you interested in investing in this type of deal?

I just wanted to get into real estate investing and this property was in great area. My friend also owned a rental property in the same community so I figured it would do well.

How did you find this deal and how did you negotiate it?

Found this deal via a real estate agent. The agent helped me negotiate somewhat.

How did you finance this deal?

I put 20% down using personal and private lending.

How did you add value to the deal?

I didn't make any renovations as the property was already in good condition. The HOA covers all the exterior.

What was the outcome?

It's been rented out.

Lessons learned? Challenges?

Lessons learned is not to buy a property with a high HOA. My property has around $600 HOA per month. It covers internet, water, trash, cable, and exterior (roof, siding, etc.). But still, I think it's a bit too high.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sanjiv Shah