All Forum Posts by: Marc Rice

@Joseph Mah

Columbus or bust*

@Michael P.

Where’s is this?

@Alberto Mazatan Trevino

Network and learn from others who are where you want to be. Have you reached out to any syndicators/operators with over 500 units to see how they got there ?

@Frank Daly

Cozy.co $39.99, Zillow.com $29 are some of the best - tenants will usually be billed for this and the tenants enter their info

@Nicholas Aja

The easiest way is to make sure you’re both on the deed and mortgage, by default in doing this the laws offer a lot of base level protection for the both of you such as disposition on death, etc.

The next level would be to draft an operating agreement up between you both through a lawyer.

Another layer of protection is to require your tenants to have renters insurance so they would use that before they go after you personally.

The biggest single layer of protection though is communication and to make sure you’re on the same page with timeline, goals, expectations, work schedules, and budgets.

Good luck!

@Mark Lee

If you’re managing it for yourself and not giving the owner any profit then you shouldn’t need...

@Jeff Dong OH-

I'd triple check that your lender is 100% able to go after you sell the property, there's no way to unsell it. I'd get other lenders second opinions also.

Did you budget for capital gains tax if you're not going to do a 1031 exchange? If you're looking to do a 1031 you should start looking asap as you'll only have 45 days from your sale to identify a new one.

Columbus, OHIO! Cap rates 8%+ in decent neighborhoods, increasing population/job growth, etc.

Just price it in accordingly to your purchase price. Ultimately you're solving problems in real estate and if the difference of market rent to his rent is XYZ$, then decrease that from the purchase price. I would agree with above to budget for an eviction, usually $500 for legal fees not accounting for lost rent.