All Forum Posts by: Jeremey McClain

@Jonah Hartsburg 

Lol, it must be a pretty popular deal. Would you recommend this area to invest in for buy and hold? I was looking at some homes on realtor, seems to be a nice area. If you have time I’d like to connect if you don’t mind. 

I recently came across a deal in Gas City, IN. I have no experience or reference for this market as far as buy and hold.

Does anybody have experience with Gas City or know that market well?

@Brian Garlington I would like to connect with you too if possible. I'm from California and looking to invest in Cleveland as well. 

@Kenneth Garrett @Rick Pozos

Thank you guys. This is an area I must grow in, mainly with connecting with people at REIAs. They are a little intimidating with me being a newer investor. 

Hi all,

I am at the point where I would like to develop a relationship with a Private Lender to fund rental deals. I would like to go after smaller apartments, 5-10 units, and don't always want to have to deal with a lender.

Other than REIA's and your sphere of influence, how do you find and connect with Private Lenders?

@Jasraj Singh

First going through inspections I look at the conditions of the big ticket items: roof, plumbing, heating and air, electrical, things like; and then the cosmetics. I try to determine if its a big fixer or a cosmetic fixer to be able to get it rented. This will also help you negotiate the price or offer. Consider the age of the house when looking for properties, this will tell you a lot.  

As far as the numbers, I look to see if they make sense with the current rents that they bring in. Since I'm newer I like to over estimate my expenses (PM Fee, Taxes, Debt Service, Utilities, Capex, Repairs, etc.) and underestimate my income. Also consider the debt coverage ratio the cash flow provides. Each property will have different expenses depending on if your required to pay for some utilities or not. You will absolutely need reserves, don't skip this part when you're running your numbers. Check a few different sites and talk to property managers about the market rent potential and what you would need to do to get them there.

At first I just looked to see what the cash flow would be with properties, now I also look at the Cash on Cash return as well. Your parameters will vary based on what your goal is. Mine right now is just to build a portfolio and pay down the debt and get the tax benefits.  

Hi Jasraj,

I live in CA and acquired two properties in different markets (PA and Detroit) last year. I echo what a lot of investors here are advising. I think the most important thing I've learned is to have the right team. I've already switched property management in one of my rentals and it's made a world of difference. Having a property manager who not only does their job well, but also is well connected with contractors, inspectors, etc. is important. This makes the world of a difference if you're not going to be hands on.

Do some deep diving in markets that you are interested in and visit at least once. When I visited my property in MI, I was shocked the world of difference one street makes. Certifications that the city or state requires are worth researching to avoid headaches. I know numbers are important, but they only tell you so much when you're out of the state/country when you're looking for deals. Know your tenant base and the demographics as well.  

I would also advise finding a partner to invest with to minimize the risk when looking long distance. Best wishes on your journey.  

@Charles Patterson I definitely will let you know. I am also looking for contractors, if you happen to know anybody.  Where is your property located?  

@Jaysen Medhurst Thank you. Not entirely sure how to do so. I don't use bigger pockets often.  

Hello all,

I am searching for a property management provider in Butler PA, 16001. I will be transitioning from my current pm provider in the middle of December. Any recommendations are appreciated.