All Forum Posts by: Jordan Fiore

Always take the low range when it comes to calculating rents and high range when it come to repairs and costs.

 Building a team is no cost to you. You are still using a Realtor if you find a property on Zillow. You want to establish a relationship and trust with a Realtor prior to researching areas. You should definitely chat with an investor friendly Realtor in the area that you want to invest, to maximize the benefit of their expertise.

I would say communication and honesty is by far the most important. A lot of these investors have a system of putting the numbers in and making sure its a good investment. They need an agent that can be quick to get back to them and is up front with everything through the process. Even if it is information that will cost the agent a commission check and the deal falls through. Letting them know that a certain area has a lot of crime and turnover is usually a bit higher. Actively updating the investor throughout the process of gathering information on a specific property as well.

It is crucial that you establish a core team(Realtor, Property manager, contractor, Lender) in the area that you look to invest in. I would first stat with finding a Realtor that you can trust and help you establish this team. The first conversation with the Realtor will tell you a lot about if this is the right market for you. If not, I would ask them for their recommendation for a different market. Cincinnati and Cleveland would be great markets to start looking into. 

I 1000% agree with this. During the inspection process, I am asking multiple questions to the current tenants. Once they get started talking about problems, they will tell you EVERYTHING without even asking any more questions. A lot of them are just frustrated with current ownership and getting repairs in a timely manner. This can be said for the residential and commercial side.

Finding a short term rental property manager could pay off big time here. They charge 20-25% but will maximize profits. Especially since you do not have the time to do it.

Welcome Rachel! You are most definitely in the right place. BiggerPockets has immense value and is a great place to network. Do not hesitate to ask questions!

Welcome Jace! Cincinnati is a great city to any beginner investors. House hacking is the smart thing to do. Over the next year or 2, just absorb as much information as possible via webinars and reading these forums. Continue to build a network of people by putting yourself out there in this community. Do not hesitate to reach out for any assistance!   

Welcome Tyler! A lot of lenders have pretty strict guidelines on what they require(2 years W-2, Credit Score, etc.) I would talk to multiple and get their recommendation on how you can go about this. I would make sure you have some cushion in your finances more than you think. Always want to be prepared for a worst case scenario situation. Best of luck with everything!

 Great points here! Another thing to add is figuring out if tenants have been there for a long time and see if there was a recent rent increase. It could put a bad taste in their mouth if there was a rent increase recently and then you give them a rent increase immediately after closing without doing any type of fixes to the property yet. Want to make sure you show the tenants that you give them value and they are more willing/happy to pay a rent increase. Best of luck!