All Forum Posts by: Jacob Repreza

It seems like you're pretty aware of the costs and outlook of getting into a househack in California so thats really good as most people expect it to be like househacking in the midwest and its a whole different beast. Only thing I would suggest is budgeting some money for rehabs as a vast majority of multifamilies I have seen come on market are usually older and require some fixing up. If you can find a turnkey one then even more power to you! 

I personally have opted more for the investing out of state instead of house hacking here but I do understand the appeal of househacking and the more difficult task of assembling a team out of state.  

Hey @Mason Blake! There's going to be a lot of markets that fit what you're looking for and ultimately its going to come down to your research and what you choose. Each market will have their positives and negatives and there will be no single market that can be crowned the golden egg. Going to come down to where you have connections or feel most comfortable in.

As a side note, I think a good tiebreaker if you're trying to decide between cities is to choose the city you wouldn't mind visiting since you're probably going to take a trip or two there a year. Good luck!

Depends what you consider long term. For us, if the tenant has been there 5-10+ years and the landlord says they haven't had issues with them then we view it in the same positive light as being able to put the tenant in ourselves. Once tenants cross a certain threshold of time(barring something extreme happening) they're pretty reliable and can be counted on. 

Hey Rushida! There's going to be a lot of markets that fit what you're looking for and ultimately its going to come down to your research and what you choose. Each market will have their positives and negatives and there will be no single market that can be crowned the golden egg. Going to come down to where you have connections or feel most comfortable in.

 As a side note, I think a good tiebreaker if you're trying to decide between cities is to choose the city you wouldn't mind visiting since you're probably going to take a trip or two there a year. Good luck! 

Team in place is going to be the biggest factor when it comes to Cleveland or any market for that matter. We love to wholesale in Columbus but its gotten a bit too hot for our liking so we still prefer to purchase in Cleveland. 

As far as your questions about lending goes, the important thing is to make sure they have a license to lend in Ohio. Not all lenders do, so that would be step number one. Most lenders are licensed in many states so it would just be a matter of asking and then seeing the loan options available to you. Since you are new they will usually require higher fees, interest rate and possibly more down payment so you just have to ready for all that. 

Hey man welcome to Real Estate! When it comes to partners just make sure its a mutually beneficial relationship and they're willing to teach you along the way if that's what you're looking for. Beware of paying for a partner. Don't get me wrong I believe people should be compensated for their time but you have to make sure it's going to be worth it and they are also worth that investment. Anyway good luck and reach out if you have any questions!   

I would recommend looking in the Cleveland Heights area or on the west side of Cleveland proper and you should be able to find plenty of duplexes. House hacking is a great way to not only cut expenses but also get the hang of being a landlord. I would love to take advantage of it if I wasn't in California. 

And just fyi if you do house hack, I've always heard it's a good idea to present yourself as the property manager and not the landlord. Makes it easier in case you one day have to deliver bad news, you can "blame" the landlord. 

 Absolutely man feel free to reach out. That goes for anyone that sees this and has questions don't hesitate to message me, i'll try and answer what I can. 

@Trevor Aydelott I mean with 115 active listings at $350k or below I'd consider it a cheap market. Of course it's not midwest cheap but we're talking about California. You are right about it getting more expensive as I know a few people that moved out there and have seen the demand spike. 

@Tony Huynh its worth a shot looking into it. You'd be closeby to manage and look over the properties when necessary but most important thing will be to run your numbers and see if it makes sense. Those outskirts are only going to get more expensive as SoCals population doesn't stop increasing. People will always want to live here and its normal to just keep moving further and further out to the cheaper areas. 

@Ryan Evans actually brought up a good point that we use often. When you're running comps on a property and you come across one that looks like a flip/rental call that agent up and see how they operate and what they specialize in. Always good that you have the proof of concept in front of you.