All Forum Posts by: Stone Jin

@Stephanie Barthelemy

We live in Phoenix and invest in Ohio.  Make sure you have solid boots on the ground, a good realtor and network with local investors.  We actually self manage the majority of our portfolio from 2300 miles away.  I can collect a check and call the plumber just as well as a PM.  The boots on the ground fill in the pieces where I can't perform remotely such as unlock a door or collect a lock box.

@Gretchen E Harrison 30K for a rewire seems high unless the house is huge.  Let me know if you need a referral for an electrician.   Where did you get these numbers from?  100K is a lot of money to fix 1 aspect of the house.  

 In Toledo, the water stays in our name but we bill the tenant for it once we receive the bill.  

I have it in my lease that I'll warrant the appliance but not the personal belongings within.  Prior to this clause, my tenants paying $800 a month had nothing but USDA prime aged steaks in the freezer.

@Dave Poeppelmeier I would suspect there is a demand for larger airbnb in the suburbs.  My gut tells me that many Gen X and Millenials who moved away after school now have family and aging boomer parents in the area.  You can only fit so many people in Grandma's house before someone is sleeping on the porch.  We are looking at starting the Airbnb model for some of our houses in Sylvania.  Happy to discuss more.

@Chad Boyers I think there in lies the problem.  I've always thought that the Property Manager and the investor did not have aligned incentives.  The PM is paid by placing someone and is paid more for higher turn over, where as the investor wants less turn over.  We have a couple with a PM in Toledo and we have a bunch more that I self manage 2300 miles away.  I would advise your client to try again, the market for rentals is very hot still in Sylvania.  This time screen better.

@Chad Boyers we are always looking to buy.  What did they buy and why didn't it work out?  We've been in NWO just over 2 years now and no issues, knock on wood.

@Molefi Branson

My definitions are as follows but it varies based on investor.  

A = nicest house in the best school district

A- = decent house in best school district

B+ = Rental grade house in best school district or nicest house in okay school district

B = decent house in okay school district

B - = Rental grade house in okay school district or nice house in bad school district

C+ = decent house in bad school district

C = rental grade in bad school district

D = gangs and drugs infested area.  Bad house in bad school district

@Adam Kotlarek  Not sure about the Michigan standard realtor PA, but in AZ my agent has a 1 liner that says that seller intends to use a 1031exchange and the buyer will coorperate with the requirements of the 1031 exchange company.  Something to that extent.  There is also an official 1031 addendum as well that is required to be signed.