All Forum Posts by: John Conte

Any particular reason? I've read very mixed reviews about HW and I'm also looking for property management in the area. 

Thanks for the response!

I mean that at half occupancy the monthly income is 1.5% what I paid for the building that I currently own, sorry for the confusion. I’m generally seeking cashflow and for the properties to at least hold their values/modestly appreciate over the next 10 years. Agreed about not buying a property that wouldn’t cashflow, i definitely would work my numbers out beforehand. Also wondering whether buying 1 or 2 cheap properties to flip (my live-in super also does home reno work) and pay off the loan relatively quickly to net a little more capital, then make the move on a second rental with a much lower loan balance. Just trying to gauge perspectives.   

I’m invested in cleveland, out of state, and got my first property in 2018. Paid in cash, and several upgrades have been made since, so i have a good amount of equity to work with, around 100k, the first property having been bought at 85. I’m curious what people’s thoughts are. My first property is flowing at about 1.5% at half occupancy, so depending on the interest rate covering the cost of a loan with even one tenant in a similarly structured building (3-5 unit) theoretically covering costs at least. My concerns would be stretching myself too thin, as my income is nothing special, I still have student loans, though they are below 30k at this point, and the looming recession could throw a wrench in the whole thing, especially in a place like Cleveland where a the last recession all but broke it. What are your guys’ thoughts about this concept? 

@Jason Bott Thanks for the response, I'll be following up shortly

Thanks for the responses everyone, I'll definitely follow up with Millers Mutual and Statefarm

I had a feeling that premium was exorbitant but it's pretty hard to find examples of my exact situation, so I wanted to get a better idea of things.

Always super appreciative of all the help on these forums, hopefully one day I'll be able to offer some of my own guidance haha.

-John

I purchased a 5 unit, mixed use property, 3 storefronts, 2 residential, 6 car detached garage. It’s solid brick construction, 2 story, 3975 sqft, bought for 85k. 
my quote for insurance was 11k/yr, which seems very high to me. I am an out of state investor, but even so it seems orders of magnitude higher than the research I’ve done on insuring property in the area. 
Does anyone have any input? Or other options for insuring my property? I’m mostly looking for liability and some reasonable property coverage, the quote I got covers a rebuild to 1M, but I don’t need that and it’s driving my premium way up. 
Thanks!

Hi all, always grateful for everyone's help, great community here.

I recently closed on my first rental property, in Cleveland, and am beginning the process of drawing up lease agreements.

One of the current tenants is a handyman, quite capable, and I trust him to do good work.
Does anyone have experience with this sort of arrangement, and if so, how did you construct your lease agreement with regards to rent, purchase of materials, jobs, etc.

Thanks again!

 Yes, craft beer is very important, and not just to locals! Unfortunately Over-The-Rhine is a bit out of my price range when it comes to the MFH's over there. Looks great though!

 If that multi is still listed, I'd be interested in taking a look at the listing, I'm trying to keep my search to MFH for cash flow reasons. Thanks!

Curious about the foreclosure market/process. I want to invest in rental properties, and as a result of the prohibitively expensive NYC market I've been looking out of state. Am I making a mistake by overlooking foreclosures?