All Forum Posts by: Nicholas Misch

There are two excellent REI meetups that take place monthly in Cleveland. One is the 2nd Thursday of the month at Harry Buffalo in Lakewood. The other is the last Thursday of the month at Slyman's in Independence. I am not affiliated with either, just an attendee. It's an excellent place to find resources in the Cleveland area.

Looking for recommendations an attorney experienced with real estate transactions in the Cleveland Ohio area. I need help with a seller financing transaction. Thanks for any help.

I’ve had people advise me to add a water/sewer fee, but my PM says “people aren’t stupid, just raise the rent to cover the cost.”

There is a lot of opportunity going on in Ohio in general. Cleveland is going to cashflow better than Columbus, but there is still some decent cash flowing properties that can be found in Columbus @Cesar Figueroa

Hello Guys! I am new here. I currently own 2 STR in Bushkill PA and now i want to venture into owning rental properties (Long term) using BRRR method. My liquid pocket isn't deep but i am looking into Cleveland and Baltimore. Cleveland has cheap 1 and 2 families but the appreciation is minimal. Baltimore on the other hand have cheap townhouses west of downtown that are generated a lot monthly.

Can anyone shed some light in the RE market in Baltimore? Is a gentrifying shift coming to the city, because i see a lot of modern renovated townhouses literally right next to a boarded up house. Cash flowing is great, but when it comes to appreciation, which would you go with? Cleveland or Baltimore? 

Thank you

Hi everyone,

I am new to Bigger Pockets and I just started my investment journey a month back and I'm very much still in the educational/explorational phase.

I apologize in advance for the lengthy post but I really hope I get some feedback on my goals to see if it is realistic and any changes that you would recommend here. 
I have watched a few bigger pockets podcasts and here are my current short and long term goals and abilities:

1) WHY

SHORT TERM GOAL:

I want to generate 600$ per month in cash flow by end of 2022 in order to :

    (i) Work towards longer term goal of achieving financial freedom   

    (ii)  Work towards medium term goal mentioned below

MEDIUM TERM GOAL:

I want to generate 3000$ per month in cash flow by end of 2025 in order to

   (i)  Work towards getting my rental properties generate the rent that I'm currently paying in Seattle Area 

(ii) Also work towards replacing being in a rental place and instead move to my own home in Seattle ( it is difficult to focus on this right away because of the rental market here as well as the monthly income I can save towards it right now). This amount generate will contribute towards significant down payment towards that property as well as pay a chunk of mortgage for that .

(iii) Work towards Financial Freedom

2)  WHAT

SHORT TERM GOAL

Given my current savings potential, I will achieve my short term goal of generating 600$ cash flow in rental income, by buying 2 100-150K properties in Columbus, Ohio and Tampa, Florida area by end of 2022. I will buy one house at mid year and another one end of the year. My anticipated downpayment for both these properties are $25K combined. Focus will be on targeting areas with higher cash flow but still a reasonable appreciation 

MEDIUM TERM GOAL

I will achieve my medium term goal of generating 3000$ cash flow by 2025, by being able to buy 10 rental properties in $100-200K range in Columbus, Tampa, Dallas, and any future potentially good areas to buy. Hoping for average property cash flow to be around 300$. 

3) HOW?

- Will get feedback from BiggerPockets community towards my goals and market areas

- Speak to real estate agents in Columbus and Tampa right away to identify good areas and properties in the given price range, by end of March 2022

- Watch more Bigger Pocket podcasts on analyzing deals

- Have lender, real estate agent and property manager contacts in Columbus/Tampa area by end of April 2022

- My goal is to start making offers around end of April to buy my first home around June and start making offers around November to buy my second property by end of the year

I need the community's help with the following:

1) Are these realistic goals ? Should I be refactoring any of these to have better focus?

2) Given my target of 100-150K homes, with focus on Cash Flow but a reasonable appreciation over the years, is Columbus and Tampa reasonable markets ( Tampa seems to be out of price range for single family homes, by the looks of it)

3) Do you have any good real estate agent contact in these areas who have worked with investors that I can get in touch with ?

4) Is 10% downpayment reasonable or will most standard loans expect 20% downpayment for investment properties? If it's 20% then I may need to adjust my goals accordingly. 

Any other advise would also be greatly appreciated !

Thanks,

Anirudh Mohan

@Nicholas Misch this post was from a few years ago (which is fine) but what were you thinking to do with this money exactly?  The original post mentioned "buying more deals"...but is that what you were thinking?  And what kinds of deals were you thinking?  That would help us be able to see what route might be best.  Hope that makes sense.

Hello everyone,

I would love to hear from others what sources they use to get capital to buy more deals (rentals or flips)? I know about getting a HELOC, mortgage, cash our refi, portfolio loans etc but what about personal loans through Lightstream & SoFi? I have used LendingClub & Prosper before but they charge too much...

I have heard you can get up to $100K personal loan through Lightstream for a longer period of time...anyone ever done this?