All Forum Posts by: Jeremiah Pedersen

 Joseph,

No, I dont have enough experience with to feel comfortable recommending a PM in Cleveland.  

That being said I came across  Kenny Dahill and he's created a platform to rate PMs and get them to bid on managing your properties. 

http://www.theburbz.com/

@Renee Chun In regards to your dilemma about your husband wanting to quit his job. In my opinion and wisdom, Do not quit the job until your passive income is enough to replace. You gotta acknowledge there is a difference between knowing that REI can replace his W2 AND knowing how many assets it will take to get there (also how much it will cost to acquire each asset and how much time it will take to acquire 1 asset). Im sure you already know that, but I say it because Ive been blinded myself in the past and have jumped into a new venture that didnt improve my situation, but made it worse.

I'll PM you to talk about what we look for in the midwest and how I analyze them.

-Jeremiah

 @Jay Hinrichs: While there is definitely the possibility of a missed payment, in markets like Detroit, where a huge percentage of the rentals are Section 8, that is a pretty much guaranteed payment. I like guaranteed payments! 

Its interesting, in some markets, the culture there is fully accepting of Section 8 and in other markets (most notably is Milwaukee) Section 8 is frowned upon.  Regardless, the rent to purchase ratio is awesome in the midwest markets!  Also know that in higher end B class neighborhoods, properties sell in the $100,000 range, which is still a great deal for Rent Ratio! 

@James Wise  Thank you for posting The Ultimate Guide to Grading Cleveland Neighborhoods!  That is Money right there!

By far, one of the best agents I've worked with is in Pittsburgh!  He gets stuff done, he communicates well, he works with investors and he answer's his phone!   

His name is Bobby West      (I'll message you his contact info)

Coldwell Banker

I actually look forward to finding more houses in Pittsburgh area just so I can deal with him! He helped me sell 10 props in Pittsburgh and other outlying areas.

I live on the West Coast, sorry, not in NY. But I have 35 SFRs we're wholesaling in Cleveland if you're interested at taking a look. 

Im a local Native to Central Oregon, @Account Closed is spot on with her advice.    The market in Bend right now is difficult to Cashflow.  I find cashflow SFRs in the valley and southern oregon mostly.  But where Im seeing the best numbers is in the mid west.  Because of the value in properties out there and how low the market is, we've started wholesaling thousands of properties out there.  Hit me up if you'd like to start investing out there. 

@Alex Hake   This is an interesting play! I have not considered that. My main concern would be when the economy scales back, Vacation rentals tend to scale back as well.   Have you found anything worth pursuing?

@Ryan Tuleja,

Welcome to Central Oregon! Are you still looking for a realtor? 

When you're looking for flips, Im one of your local sources! 

-Jeremiah

Renee, 

It sounds like you want for your husband to be able to replace his W2 income as soon as possible and you're trying to figure out what is the best way to go about doing that, do I understand that correctly?

So your dilemma is: 

• Do you buy the duplex (which is a good deal)?  
  • But then you'd have to save up again in order to buy another deal. That takes a lot of time (3-5 yrs).
• OR Should you buy a fixerupper which would increase your equity. 
  • But no cashflow.
• Or should you buy multiple properties out of state because they are cheaper. 
  • But scarier because its far away and a different market. 

Based on what you said, it sounds like the fastest way to free your husband from his job would be to invest in a fixer upper. Flip it and earn yourself another chunk of equity. 

I like the out of state properties, areas like: Detroit, Cleveland, Indianapolis, Milwaukee.  The numbers make more sense there than they do in HOT markets in the Northwest like yours in Seattle and mine in Oregon.  If you'd like to take a look at what out of state properties go for, I can send you some properties that Im working on right now. You can take a look at them to give you a price point. 

I hope everything works out for you! Im here to help where I can so if you have more questions, I'll happily answer.