All Forum Posts by: Jake Forehand

I'm an investor, residing in New York. In the past, I've done some out of state purchases [Memphis/Little Rock] through turnkey companies. Overall, I had a decent experience throughout the process as it generated good passive income and my involvement was minimal.

However, now that I have more time at my hand, I am interested in making the process and my investments more optimal in terms of cash flow. I'm not optimizing for appreciation at the moment (though it is a nice to have). Specifically, I'm thinking about getting properties which ideally satisfy the 2% rule or at least are significantly above the 1% rule (ratio of monthly rent to purchase price + renovation cost).

Given these goals and the fact that my constraints, I have the following questions:

a) Which markets are best to look at ?

b) How do i get started (like find properties that fit my criteria/constraints and then vet them, given I will likely be out of state) ?

c) If I do find a property that is in need of repairs, how do I go about the renovation process (given that I won't be onsite or close) ?

Thanks
Varun

I'm unfamiliar with the Memphis/Little Rock markets, but why don't you want to continue investing in those areas? Since you bought a few turnkey properties, maybe you have a decent network of contractors, handymen, or PMs already in place. Figure out ways to source off-market deals that are closer to meeting the criteria you are looking for (The higher your standards, the more difficult it will be, but that's the point of good deals). It could be through wholesalers, agents, networking with sellers yourself, etc. Each time you move to a new location you are going to be starting from scratch, and it's going to be incredibly difficult to rehab a property in a brand new location out of state with no team in place. You'll need leverage and you may already have it.

1 Vote

Quote from @Reva Schwob:

Hey all,

What are the most efficient marketing strategies for finding qualified leads besides cold calling and print mail?

Following up consistently.

1 Vote

Baltimore, Maryland

Quote from @Jack Kehoe:

Hi Everyone,

I own 8 units in Cleveland and recently my property management company has been choosing vendors that charge extremely high prices for any fix. Any good recommendations for cheap handyman/GC?

Thanks so much!

As Nicholas said, contact as many as you can yourself and test out who you think are the best. You can find some to call on Facebook, Craigslist, Home Depot, etc.

0 Votes

Cleveland, Ohio

Quote from @Jonathan Feliciano:

Hi Cleveland BP Community,

I've noticed a lot of cheap houses for sale in East Cleveland that could make great cash flow given their list price. However, I heard East Cleveland is a D to F class area.

For those of you with rental properties at or near East Cleveland, what is it like managing rental properties over there? Are the tenants hard to deal with? Do you experience break-ins / theft? Do you deal with squatters?

Knowing the good and bad would be much appreciated.

Hey Jonathan, are you referring to East Cleveland as in the city? Or the East half of Cleveland as a whole? Those are two completely different things. There are certain pockets on the east half of the city that are growing and have a lot of potential. If you screen your tenants properly, buy the right property and have the right team in place you can be successful.

2 Votes

Cleveland, Ohio

Quote from @Mose Gebremeskel:

I've heard a lot about Furnished Finder but just curious if there are other places where you find great MTR tenants?

Zillow, Realtor.com, Apartments.com, FurnishedFinder, Zumper. If you advertise slightly below market rent you will attract a wider range of applicants to choose from.

0 Votes

Cincinnati, Ohio

Quote from @Jacob Burr:

My name is Jacob.

I'm currently a college student in Cleveland, OH and I love to learn about new ways to make money with Investing. I love learning and talking about Investing so much that I've taken it upon myself to serve as the President of our University's Investment Club. My goal with that is to foster an environment where college students can better prepare themselves financially by improving their financial literacy and exposing them to different types of investments early on. I love to talk and listen to others about their own journeys when it comes to Investing and how it has affected their lives.

With all that being said, the reason why I'm here is because I have a special connection with Real Estate as my family has built a livelihood through investing in Real Estate. I've grown up around it and have always been more interested in learning about Real Estate compared to other asset classes. I already have some small investments that I've amassed within other asset classes but I think I'm ready to make the jump into Real Estate. I don't plan on buying anytime really soon but I'd love to start connecting with more seasoned investors and local professionals within the area. I have a lot of questions and am open to learning all there is to know about Real Estate! If you would be open to having a quick chat or something else of the nature, please send me a DM or connection and I'd love to talk!

Thank you to everyone that helps!

Hey Jacob, welcome to BP. Happy to jump on a call!

0 Votes

Cleveland, Ohio

Quote from @Ian Groetsch:

Hey y’all my name is Ian. I’m from Cincinnati, Ohio. I am new to the real estate game within the past year. I am just wholesaling right now and looking to improve in that while also trying to build capital and/or find people to partner with to start taking on properties myself!

Welcome to BP, Ian!

2 Votes

Some things that helped me when I started were picking a market, learning about the different neighborhoods in that market, and studying sales comparables for 1-4 units in those neighborhoods on Zillow.

Establish a criteria of what a good deal looks like, and what a bad deal is. Ask questions and try to engage in as many conversations as possible to gather different opinions before making your own decisions. Good luck!

1 Vote

Dallas, Texas

Hey Jiji, I agree with @Brian Fung. It's never too early to start networking and building a solid team in your prospective market, especially if you're considering investing out-of-state.

2 Votes

Orange County, California

I can send you a rolodex with referrals in the area.

0 Votes

Cleveland, Ohio

All Forum Posts by: Jake Forehand

Jake Forehand has started 0 posts and replied 43 times.

Post: Finding good deals out of state with good CoC

Post: Scaling Qualified Leads

Post: Recommendations for good handyman/GC?

Post: What's it like managing a rental property in East Cleveland?

Post: Places To Find Tenants For Mid-Term Rentals

Post: Hello BiggerPockets Community!

Post: Introduction to BiggerPockets group

Post: Have no idea for direction.

Post: Real Estate Investor

Post: Referral for Management companies