All Forum Posts by: Jeff Young

I'm currently using Yoak Property Management. I've got 3 rental properties with them at the moment.

I've not had great luck with tenants. 2 evictions in my first year, but this isn't your typical market. I'm hoping it's bad luck for the first bit, but I may have to reevaluate.

@Collin Barker @Joshua Haynes Thank you both for your input. I'm reaching out to Vermiculite/Asbestos specialists to identify costs and options. Seems to be split among people saying it's not a big deal if it won't be disturbed, and others saying it should be removed. I'll update this post once I get more information.

I'm looking to purchase a property in Ohio. The inspection reported R2 levels of Vermiculite, and R-12 of Cellulose. To my knowledge Vermiculite "can be bad". Is this a show stopper?

I'm looking at properties in Barberton and Massilon OH. I was curious about expected rents. Can anyone connect me with a PM in that area and/or someone knowledgeable of expected rents?

I searched and found this question posted 6 years ago, then a year ago in another thread. I don't know if there are rules reviving old posts, but I'd like to know if any why's have changed in the past year and/or what your why is now.

Mine is my children. I would like them to have options when they grow up. I'd like them to see real estate as a possibility. I'd also like more time with them.

They are also my accountability team. Nothing like a 9 and 7 year old asking if you got your first deal yet. My goal is 50 doors in 5 years. All last year I made no offers. Since telling my kids 3 weeks ago, I've already made 4 offers. I've been beat out each time, once by only a couple thousand, but on each I've told them to keep my offer as a backup.

Nothing like relentless children to hold you accountable. "Dad, did you make any offers, do we own a rental property?" "Dad, this is like monopoly but so much cooler!"

Good afternoon Salvatore Lentini,

Thank you for taking the time to help those who have questions. At this point what is holding me up is finding a deal. It seems a lot of "wholesalers" offer deals that are not really deals. I'm looking in Memphis, Huntsville, Tulsa, and Little Rock for investment properties.

I recently put an offer on 2 properties in Memphis. The location was questionable, so my offer reflected that and was not acknowledged.

So my hold up is finding a deal. I can run the numbers, but I think I need to look into finding my own deals at this point opposed to relying on wholesalers. Either that or I'm just not having luck with them yet.

I appreciate any information you can provide.

Thank you,
Jeff

Good evening. I'm looking to get my first rental properties in Memphis and was curious if anyone could provide information regarding common rates for refinancing properties in the area. I live in Florida and have an LLC. I can personally guarantee the loan if required. I'm just curious what rates people are getting, and where they would get them from when refinancing a property.

Also, do some credit unions/banks/lenders group multiple properties together and refinance them as one loan? 

Good afternoon Stephen Akindona,

Thank you kindly sir. I appreciate any/all information. I look forward to your guide.

I'm an out of state investor. I'm trying to figure out of the Lewis-Davis area is a decent area for investment.

If not, what are good areas and which should be avoided.

Good afternoon Jason. From the numbers you provided that's a solid rental property. Have you looked on Biggerpockets for property managers in that area and/or had anyone give recommendations for one? It's hard trusting others to manage something you've done yourself.

Refinance rates are great now, and not paying PMI will help too. That would offset costs for a PM. Make sure if you look at PM to get all costs associated with managing. Some want first months rent for each new tenant, or some portion of it. Then there's % of service calls and repairs.

If you decide to sell, be sure to line up a property you'd like to buy before you sell so you can 1031 it.

Personally I would refinance to get rid of PMI and look to get a HELOC.