All Forum Posts by: Mike Rosso

Yes PMI is annoying however, as long as you buy the property correctly your cash flow will cover most if not all of it. Think of it simply as a cost of doing business. Yes, I currently own 5 SFR's all in Euclid.

@Zachariah Hays welcome to BP! House hacking is a great way to get started. You are able to purchase a property with an FHA loan for 3.5% down. There are many REI meetups in the Cleveland area which is a great place to ask questions. I attend one that is the last Thursday of every month at the melt on Rockside road. Best of luck to you!

Save as much money as you can while living at your parents house. When you do move out, house hack you can get a FHA loan for 3.5% down. There are different opinions on paying off student loan debt vs investing, I personally would want minimal debt before investing.

As far as the podcast goes I reccomend listening to all of them. There is so much useful information from successful investors across all the different types of investing. Best of luck to you!

@Jeff Mackey welcome to BP and congrats on your first deal!

@Brian Davis Cleveland is very sub-market specific. For example, Euclid requires POS before title transfer and adjacent cities do not. Also be aware that some cities require a sewer dye test before title transfer as well. The same goes for taxes. Some cites have extremely high taxes and neighboring cities are much lower. Just make sure you do proper due diligence which ever city you choose. Hope this helps.

1. The book on rental property investing 

2. The millionaire next door

3. Spending time with family, golf, going to the gym

4. Not having your financial house in order first

@Michael Ohman welcome to BP!

@Griffin Myers calculating maintenance and capex can be difficult and everyone has a different opinion what is right. I purchased a duplex in December using 10% maintenance and 10% capex and was able to achieve solid cash flow. The property was in a solid C class area. 

As far as water some of the properties are structured so the tenant is responsible for paying their own water. Just depends on the area and what other landlords are offering. Also in a duplex the water has to be sub-metered to each unit in order for you to bill back the tenant.

I agree with @Mackal Smith. Look in some C neighborhoods and you should be able to find cash flow positive properties. Good luck!

@Brian Legg welcome to BP! 

@Michael Ford welcome to BP!