All Forum Posts by: Michael J Ralph

Thank you everyone for your advice and help. 

I did a quick research on how to become a Property Manager. I found some saying you need to be an agent or broker while others offered education classes. I am a little confused on how to actually become one. I am interested in investing. However, with the lack of funds, I thought becoming a property manager to get experience would be a great place to start. So if anyone has any suggestions or know how to become one the help would be greatly appreciated. 

@John Underwood Thank you. Gave me a lot of good advice and things to keep and eye out for. Really appreciate the extra knowledge. 

@John Underwood I have read about deposits. I have read people do like $1000 with $300 non-refundable is that normal? 

Do poor and depressed areas make good rental markets? 

They are close by a decent market and was told by a realtor that I could have high turnover but can always find renters. 

@Elisa Schunatz That is awesome I hope you do not mind, but I sent you a direct message. 

@Chris Grenzig Thank you for the advice, I really appreciate it. 

I found a property where I live that I could afford almost with Cash. However, I am not sure if I should do it or not. I know I could make roughly $400/month if I put 50% of rent away for unexpected costs. 

I am new to this and not very sure if I am ready. Especially since I have been reading and watching videos based on how tenants can not be very fun. Plus, the area I found this property in is not always the best area crime rate around the street is high according to realtor website. On the street seems to be fine. 

I am in the Ontario, Ohio area and if anyone has recommendations of property managers, real estate agents, etc. That would be greatly appreciated. 

Side note: Parent not on board with this at all, they want to flip. I would be doing this 100% alone. 

@Jason D. Yes, Thank you for the help

@Jason D. So For Scenario 1: 95000 Mortgage which included taxes and Insurance was $677 Rent would be $900/month and then what ever Cash flow I had left I would take 50% out. 

 Scenario 2: 49500

Mortgage with taxes and insurance came out to $426

Rent $750

50% of cash flow.

Deposit for both would be $1,000 ($300 non refundable) 

I am not including utilities in either property for the renters would pay for that. 

I know I am still missing information. However, if it at possible I just would like the equation to try and get an estimate of the ROI. I am new to all this and just trying to practice the math behind looking up deals if it is good or not. 

I am trying to see what it would take to reach 1% rule of thumb as well as a good ROI. However, I am unsure what an actual good ROI is. I would assume close to 10%