All Forum Posts by: Kristopher Hanks

@Sean Conroy

WE ARE! You can guess the rest. Good luck. 

@Bobby Cooksey

I would suggest setting up the entity first and determine the % of equity each person gets and lay out the individual responsibilities. I am in business with family and we set up the corporation first. 

A lot of great information and advice in this thread. Thank you all.

@Christie Macias

I wish you good fortune. Research the areas you are considering. I learned great general information about Cleveland in the short time I have invested there. There are also many people on here that have expert knowledge of the Cleveland market. I am not one of them. But here to answer basic questions about areas and neighborhoods based on experience. 

Own the condo we live in. In the Ashburn area condos can appreciate significantly in a short time. Our friend and ex-neighbor made 4.5% per year equity return on her condo when she sold it. She owned it for 6 years. It was a nice payoff. If you live in an area like this you have to own. The rents are about $300 per month more than a mortgage with an escrow account for taxes and insurance would cost you, with 0 capital gains on the rent you paid, obviously. 

@Alexander Coventry

The simple answer is yes, purchase out of state. The internet and the vast amount of property management companies that exist today make it a much easier venture. I own out of state because I live in an inflated market. It just makes sense. 

Will any of the banks listed above loan to companies, or are all of these scenarios that were talked about just for individual loans? 

@James Wise

Savage tenants need a savage landlord / property manager. 

@Ross Bernard

My one experience with section 8 was not a pleasant one. I have also decided not to do it again. 

@James Wise

🤮🤮🤢🤢 Hard pass!