All Forum Posts by: Jonathan Oh

As a turnkey investor myself, I found it more important to focus on the deal. I am sure you read about some turnkey companies you should avoid. But most are legit and aren't out just to scam you. But every turnkey company will have their share of unhappy investors. And it's usually because they didn't do their due diligence and didn't quite understand what/where they were investing in. Due diligence is not just about running numbers and verifying the condition of property. It also involves researching the neighborhood. Look up demographics, income ranges, crime, etc. Try to understand what your tenant pool is like. I see many investors buying up cheap properties in D neighborhoods expecting to be smooth sailing.

@William Whitley There are some great opportunities in Kansas City. Feel free to dm me if you're looking for 4-unit below in this market. But seeing that you're in Jacksonville, I would imagine that there are some great BRRRR opportunities there as well. Why not start local?

The limits will be based on how many you are able to get financing for. Usually most lenders treat 10 as the maximum number of conventional mortgages you can have under your name. If you have a spouse, they can also get 10 as well. But don't let that stop you. You also have portfolio/private lenders, seller-financing and other non-traditional methods once you reach that cap. Just gotta get a little creative. Hope this helps!

Depends on your investing horizon. If you're not near retirement age, I'd keep expanding portfolio with cash flowing properties. Take advantage of low interest rates.

Like others have said, you have to keep increasing with your operating costs (property taxes, insurance, etc). If rents are climbing, 5-10%. Good tenants will stick around as long as you're just a touch below market and aren't increasing rent too drastically.

Tough spot to be in. Try to find ways to make this a win win? Maybe it’s only raising it to $750. Maybe you can assist finding her a new place?

NYC is such a weird market that it would be difficult to translate data from here to a national model. Including a largely pandemic proof workforce and a booming online economy combo with a weird glut of townhomes going into previous single family zones.

@James Garganta Evictions are expensive pretty much everywhere. If you know other property owners in the area who've had to evict tenants, ask them how much it cost and who they used. Also, I would do some research on tenant rent aid programs in PA.

@Kyle Marsh  
You will want to discuss this with a CPA or an attorney, You also need a strong operating agreement (attorney can draft this for you) that covers all contingencies. I am sure that you and your father can work well together, but one of the advantages of having a strong operating agreement is that it can resolve conflicts before they occur. A good operating agreement will discuss what happens if you both need to contribute more money to the business (what if in 3 years you need a new roof for your investment property, but the LLC does not have enough money in it to cover it); what happens if only one of your is able to contribute money to the LLC for an unexpected situation; what happens if you have a serious disagreement about the direction of your investment (what if one of you wants to sell the rental but the other wants keep it). Hope this helps!

Both are great markets. But as with all markets, there are good areas and bad areas to invest. Many new investors overlook the importance of location. Make sure you work with an agent that understands where the good rental neighborhoods are. If you're looking for some great data sources to help you investigate neighborhoods, feel free to dm me. Hope this helps!