All Forum Posts by: Jeremy Janszen

Looking for advice...

My cousin and I went in and bought our first rental property. We bought it with traditional financing at great terms. We have an LLC established but I understand from the bank we cannot move the house into it. If we run all of our income and expenses through a single bank account under the name of our LLC, but the house itself is outside the LLC and just in our own names, will there be any issues reconciling that all of this together (LLC plus house) makes up the total business when it comes tax time next year? I just want to make sure we get all the credit for mortgage interest and payments and depreciation, etc., at the same time recognizing that the day-to-day expenses (bills, repairs, rent payments, etc.) are all part of the same P&L.

Any recommendations for how to get set up right the first time?

Thanks!

I'm a fan of John Sender at Metro Home Inspections.  Reasonably priced and very detail oriented.  Used him 5 times now.   metrohome.us

Great thread.  I'm just getting started with my first rental and looking for a screening service.  I notice that rentprep doesn't include a credit score (or, at least, I didn't see one on the sample report).  Have users of rentprep found this piece of data to be less valuable or do you look it up elsewhere?  Thanks!

Clevelanders,

I've read many posts here about the various experiences of investors acquiring and managing SFHs and Duplex properties around Cleveland.  I've seen far fewer discussions regarding commercial multi family apartment buildings locally.  I recognize the abundance of SFHs is high and represents a relatively easy point of entry to investing - which may drive a lot of the conversation here.  However, I'm curious, from those who play in both worlds, which do you prefer for our market and why?  Benefits and drawbacks?

I recently read a few articles here on BP that challenge the benefits of MFA investing and push the reader to more strongly consider the SFH approach. What's the on-the-ground experience of locals?

The articles: http://www.biggerpockets.com/renewsblog/2015/09/12...

http://www.biggerpockets.com/renewsblog/2015/08/23...

Thanks!

Jeremy

Great conversation, all.  This gets me back on track with good advice.  Really appreciate this forum and the contributions.

Great feedback, all. Brings up an interesting question: as investors do you typically calculate in some sort of property management cost (whether you decide to outsource or not) into expenses before getting to NOI? That'd make a significant difference when coming to a reasonable purchase price based on NOI/CAP.

I'm a new investor living in/looking in the Cleveland market, interested in cutting my teeth on small multi-family apartment buildings (<10 units). I've been crunching numbers on some of the deals I've seen offered here just to get confident with the relationships between purchase price, NOI, CAP, and cash-on-cash returns - to begin to understand what I could afford and what it might result in for me. Everything makes sense until I add in a line item for property management. Then, the budget is blown, dropping any cash-on-cash return into the 0-2% range. With Cleveland CAPs hanging around 8% in the ideal investment neighborhoods, is it reasonable to think professional property management is even an option on a small apartment building? Or am I missing something in the math? Curious for the experience of others...

Thanks for any insights!

Hi - I've been reading many of the posts here on BP and thought I'd jump in.  Great advice and knowledge from many of you.  Thanks!

I'm a long-term Clevelander and interested in getting my feet wet in multi-family apartment building investments in the Cleveland/northern Akron area.  I'd like to start building a network of recommended resources (brokers, PM, financial, etc.) in the area, plus peers and colleagues like yourselves to bounce ideas around with.  Any recommendations on key connections and resources is appreciated.  

Starting to dig in on neighborhood market research too.  I'm pretty familiar with some of the key neighborhoods around east and west Cleveland (I lived in Heights for 10 yrs and greater Cleveland for almost 20 years) as well as thinking about outer-burbs to the southeast (Twinsburg, Streetsboro, etc.).  Looking for any suggestions/advice about great areas to lock in on.

And, of course, keeping an ear to the ground for any deals worth investigating.  

Glad to officially jump into BP and start connecting with you all.

Jeremy