All Forum Posts by: Joshua Janus

Can you reach out to a local appraiser? Determining the highest and best use is their job and should help you out. If you are able to use it in a commercial fashion that is generally a good rule of thumb but reach out to a professional to be sure. 

@Daniel Fraenkel I really like your method for handling out of state investors. It's definitely important to get as much information out of the listing agent as possible that way you avoid showing places that won't even work. 

It would generally be a fixed charge that is related to the monthly lease cost and not a cost per hour basis. In my opinion it wouldn't be worth you driving up just to show the unit. 

I DM'd you a list of Cleveland referrals that include Property Management. 

You should check with your property management company and see how it is advertised. They might not be doing all of the work they could be on that end to fill your unit. Look into renting it for a 6 month lease that way you won't be stuck trying to find another tenant in the slowest season of the year (winter). 

Yea this is definitely possible and quote common! You got the right idea and found a quick start to financial freedom! Here, read this BP article on house hacking: https://www.biggerpockets.com/...

You can finance the deal the same either way, and in some cases an off market deal will provide you the option of seller financing which isn't very common for a market listing. Finding a consistent stream of off market deals yourself is difficult and finding someone or a business who is already experienced in that will be well worth your time. 

I would advise finding an investor friendly realtor. You really want someone that invests in their market themselves and understands the numbers. They should be able to determine the COC, annualized return, estimated ARV of a BRRRR, accurate rent comps and more. The valuation and market value of a multi family property differs from a single family and you want someone that understands the distinctions if you go that route. If they just represent first time single family home buyers and aren't constantly finding off market properties and reviewing deals, you'll find a better investment through someone else.

I would suggest analyzing a lot of properties using the BiggerPockets calculators. You'll learn how to accurately calculate things such as property tax, insurance rates, loan points etc. All of this will help tremendously when analyzing your first real deal. 

Do as much as you can to separate your personal income from your business income. When tax season comes you'll need to make sure there is a clear line between the two otherwise it will come back to bite you. REI gives you access to tax advantages you wouldn't have otherwise; use them!