All Forum Posts by: Nicholas Misch

I understand the posts regarding that it was most likely the tenants fault, but is it really worth blaming them unless you know for sure it was? I would just fix the window as soon as you can (really it should be a priority under health and safety) and just chalk it up to the cost of doing business. 

My biggest hurdle to scaling is knowing I will need to borrow and use different forms of alternate financing instead of just my own money, and the risks and potential rewards that can come from it. 

Turnkey is not always the answer and comes with its own set of risks and problems. Make sure you connect with different people a who have experience in the area's you are considering and really work through all of the options before settling on what may seem the easiest at first. 

Just get a really good investing agent in the area you want to invest who will give you comps, contactors, and everything you need, and who gets paid when you succeed, and not someone who gets paid from your inexperience. Mentors can be very helpful when it comes to scaling larger and business building, but when starting you just need to learn as much as you can and get into groups of people who want to, and are doing what you are. 

I run analysis for my clients and myself daily and we are finding Coc of 10-15%. It takes someone with the right market knowledge and a really good idea on costs and actual rents for the area. 

Cleveland is great for cash flow and appreciation. Yes the cash flow is better generally then the appreciation, but we still managed to pull $60k out of 2 SFR's last year to invest in new projects this year.

 Cleveland and Akron have many opportunities for cash flow, and not just in "D" areas as some have suggested. You really should connect with experts in the market you want to invest in who really know how to find you what your looking for. Be careful as some people will tell you what your looking for doesn't exist so you will stop looking, so they can have it for themselves. Never give up!

 Congrats on starting your journey. You should connect with a local expert so they can better communicate with you all the nuisances of Cleveland's neighborhoods. 

Investing in Cleveland and the surrounding areas are boss moves!

Hey Vonetta, Unfortunately the problem often with having a property manager, manage, or even try to find one for a SFR is vary hard to do if not almost impossible, and if you do they often just won't care very much due to it being such a small profit. I have many investor friends and clients who manage smaller properties pretty easily from a distance by having a Realtor list it for rent, and get rent electronically sent, as well as have contractors they can call. To me a PM is a waste for small properties unless you have tons of them or don't have any time at all. I wish you the best whatever you decide to do.