All Forum Posts by: Michael P. Zembower Jr.

I don't favor the term house hack. There's no easy way to find success. It requires hard work, risk, and the ability to adapt. The "easy" methods always have drawbacks and limits. $10,000 is a good start. Think outside the box and understand it doesn't have to be real estate first. Can $10,000 break you free of your W2? If so, can it make you more? For example, can that be your start to mowing lawns? Will you get your $10,000 back quickly and build it to $20,000 by year two? Can the $10,000 go towards a down payment on a new home that can appraise higher in 12 months to establish a personal credit line of $40,000? Can the $10,000 payoff that car loan so your $400 payment disappears? If so, you could be very close to the profit on a "hacked" SFH with zero risk and a fraction of the cash needed. Just some thought starters. Most great ideas lie in the conversation, but any step forward is better than standing still.

Required repairs that will put us upside down on the investment. It’s amazing to me that some sellers have a difficult time acknowledging the scope of work is extensive and the sale price should permit us to be below market value after the overhaul renovation. Then again, there’s always a buyer 🤦🏻‍♂️

@Mike Flint LLCs are fairly simple if you’re the only owner. A quick search for your states official site will walk you through the process. I would recommend avoiding any companies or attorneys. Ohio is $99 and then if preferred you can request an EIN number from your state tax department. Most universities offer free small business consultation as well. They typical have guides printed to help you through the process in your state.

@Codi Clausen be cautious. I don’t finish basements for livable space, especially anything that can be perceived as a bedroom. That would require a special easement and without you may absorb quite a bit of liability in the event a tenant or child cannot escape from the room. Unfinished, they’re all the same. Water issues here and there but nothing too complicated if gutters are clean and grade is correct. In Ohio my tenants expect a basement for laundry and storage.

@Jeremy Janszen I feel as though insight from non realtors or property management companies would be greatly appreciated. I’m in the same situation and it’s difficult to believe I cannot hire someone to handle these tasks for me as my own employee.

In Ohio it seems to be law that a property management company be under a broker or real estate license. I own 10 properties and know a person close to the community that can rent my units faster and keep a stronger relationship with my tenants and their needs. Can I hire this person and simply pay them a small portion of rent monthly and let them show my units when they’re vacant without them needing to be a property management company with all the requirements stated by Ohio law for property management companies?