All Forum Posts by: Mike Paolucci

@Martin Bys
If you can house hack locally, definitely suggest that. If the numbers don't make sense, think about OOS investing. 

I'm originally from San Francisco and found it difficult to find anything that made sense to me in CA. I ended up choosing to invest in Columbus and haven't been disappointed. I'd be happy to connect and see if it's something that could work for you and your fiancé. 

Good luck with your investing journey. 

@Codey Wendel I wouldn't worry about the interest rate being where it is at right now. Worst case scenario, it goes up and you'll be happy you have the rate you have. Best case scenario, it drops and you can refinance later on into a much better rate. Either way, it's a win-win imo. If the numbers for for you right now, I would do it. 

@Amy Wei Ru Chang

Have you thought about out of state investing? I'm originally from San Francisco, CA and started investing in 2021. It was pretty hard to find properties where the numbers and landlord laws made sense which is what ultimately led me to investing in Columbus, OH.

The numbers and landlord laws out here made sense then, and they still do today. I've been able to get a healthy combination of both cashflow and appreciation from all my properties after a little TLC.

Happy to share my experiences. 

@Anais Rosales

Have you thought about out of state investing? I'm originally from San Francisco, CA and started investing in 2021. It was pretty hard to find properties where the numbers and landlord laws made sense which is what ultimately led me to investing in Columbus, OH.

The numbers and landlord laws out here made sense then, and they still do today. I've been able to get a healthy combination of both cashflow and appreciation from all my properties after a little TLC.

Happy to share my experiences.

Hey @Enos Vazquez
I'm originally from San Francisco, CA and started investing in 2021. It was pretty hard to find properties where the numbers and landlord laws made sense which is what ultimately led me to investing in Columbus, OH.

The numbers and landlord laws out here made sense then, and they still do today. I've been able to get a healthy combination of both cashflow and appreciation from all my properties after a little TLC.

Happy to share my experiences.

@Brandon Chen
When I say numbers and landlord laws that make sense, I mean the following:

Numbers - For me, it doesn't make sense to invest in a property where I have to run a negative each month (will need to put money out of my own pocket into the property for the mortgage/insurance payments, etc). I would rather have a property pay for itself / put a little bit of $$ in my pocket after all my expenses. I'm buying property / rentals to make money & build long term wealth via tenants paying my mortgage for me and gain the equity. Not cost money each month.

Landlord laws - CA is not very landlord friendly. As a San Francisco native, I grew up doing property management with my mother for our cousin's property around the corner from my house. Tenants in San Francisco and most of CA have more rights over the property than the owners themselves.

Example 1 - if I owned a rental property and wanted to move back into it, and tenants didn't agree to move, I would then be forced to invoke what is called the Ellis Act. This means that I would have to pay them up to $35k each person to help them move AND my property wouldn't be allowed to be used as a rental for around 10 years.

Example 2 - if you click the link in my post ("Justice for Renters Act"), you'll see what CA is trying to pass on the November ballot. They're trying to eliminate a landlord's ability to ask for market rent if a tenant moves out and you have to rent to a brand new tenant that you've never rented to before.

These are just a couple of examples of what I'm referring to when it comes to landlord laws making sense and reasons why I chose to invest in the Ohio markets. 

 Hey @Ashni Modi. 

I'm originally from San Francisco, CA and started investing in 2021. It was pretty hard to find properties where the numbers and landlord laws made sense which is what ultimately led me to investing in Columbus, OH. There's also other markets like Cleveland, Cincinnati, Dayton, Toledo that are also good markets to invest in. 

The numbers and landlord laws out here made sense then, and they still do today. I've been able to get a healthy combination of both cashflow and appreciation from all my properties after a little TLC.

When it comes to investing in CA, be prepared for what is coming on the Nov ballot. It's called the "Justice for Renters Act." It's basically another reason why I choose not to be a landlord in CA. Here's the link --> "Justice for Renters Act"

Happy to share my experiences. Good luck on your REI journey and property search!!

 Hey @Manmeet Singh, welcome to BP and congrats on taking the first steps on your REI journey!

I'm originally from San Francisco, CA and started investing in 2021. It was pretty hard to find properties where the numbers and landlord laws made sense which is what ultimately led me to investing in Columbus, OH.

The numbers and landlord laws out here made sense then, and they still do today. I've been able to get a healthy combination of both cashflow and appreciation from my properties after a little TLC.

Happy to share my experiences. Good luck on your REI journey and property search!!

Hey @Sahil Rajput, I'm originally from San Francisco, CA and ran into the same issue when I started in 2021. It was pretty hard to find properties where the numbers and landlord laws made sense which is what ultimately led me to investing in Columbus, OH.

The numbers and landlord laws out here made sense then, and they still do today. I've been able to get a healthy combination of both cashflow and appreciation from all my properties after a little TLC.

Also, take a look at this link. Looks like they're trying to revive the old Prop 10 legislation from previous ballots and renamed it the "Justice for Renters Act" -->"Justice for Renters Act" Just another reason why I'm glad I'm not investing in CA.

Happy to share my experiences. Good luck on your REI journey and property search!!

@Ziyad Al Salihi @Minie Quilala Good luck on your property searches. 

I started in 2021 while being born and raised in San Francisco and found it really hard to find properties where the numbers and landlord laws actually made sense and I wasn't running a negative with only a hope and prayer that they would become cash flowing properties someday. 

I did the same as @Ruchit Patel and invested in Columbus, Oh where both the numbers and landlord laws made sense. Here's an example of the landlord laws I'm referring to. This is coming on the November Ballot --> "Justice for Renters Act" Can't say, as a native Californian and investor that I'm too excited about this one..

It will all depend on your goals and risk tolerances. If you find that things aren't working out in CA, take a look at some of the Ohio Markets. Happy to share some of my experiences as an OOS and in-state investor. 

Good luck in your REI journeys!