All Forum Posts by: Mike Lee

I know a few people who have had this happen to them, 1 most recently had photos stolen from Instagram and posted in his same city lol.

I agree. A friend in Norfolk VA had the same issue earlier this year prior to taking keys on a rental. He chalked it up to being a rookie in this game.

 I asked about how many trips could he ideally commit to any market in the first two years of investing, and he believes all of those cities he could fly direct for cheap and be on the ground one weekend a month. He (the hubby) wasn't scared about being far away (Chicago/Indy) as he trusts his family and friend network on the ground more than his wife's idea.

If you are speaking about a potential down payment for an investment property, placing the funds in a liquid savings account is fine. Keep it simple.

Speaking with my neighbor last night, he shared he and his wife are looking to start investing in single family rentals with roughly $300K in capital saved, and they are split on regions to invest. In this scenario, they would be out of long distance landlords, and only one has had prior real estate investing experience in the past (his wife owned a multifamily college rental in MD with her ex hubby).

The 2 markets she is targeting are Atlanta, GA and Birmingham, AL. He prefers the midwest, targeting Chicago, IL and Indianapolis, IN.

Reasons: She went to college in Atlanta and has friends in Birmingham. He grew up in the suburbs of Chicago and his employer has a presence near Indy.

All things considered, of the four markets being considered for buy and hold single family rentals, which markets would you suggest?

Many posts on this topic here. Ideally, form the LLC in the state the property is in.

Hard pass.

Cozy and direct transfer is my method. I remember when money orders were the only way I received rent. Times changed, but also the class of property/tenant.

Due diligence is very nice. My blunt advice - don't invest in that area of Cleveland until after you have flown out there, canvassed areas of interest with your team (the trusted group of local professionals who will be your eyes and ears) and you get back on the plane home confident in closing the deal. 

I know a few guys who have lost their shirt in that area.

A neighbor of mine is graduating from college in December, and wants to get into real estate investing. I have directed him to this community, however with the holiday weekend here, felt some may entertain the question posed:

what are 3 tips you would offer to a college graduate, looking to buy a rental property in 2021, as well as focus on paying off his $44K in student loans?