All Forum Posts by: Nicolas Ake

I have a 4 bedroom 1.5 bath home listed in Firestone Park Akron Ohio.

https://www.zillow.com/homedetails/457-S-Firestone-Blvd-Akro...

Listed at $125,000. Lots of room for equity and possible BRRR. This home needs paint and carpet and bathroom updates. Mechanicals and roof are in good condition. Contact me if interested!

Hey Kaden, we are on similar paths! I recently got licensed and plan on house hacking a 4 unit. You have a great start on your savings. If I were you I'd get into that house hack and continue saving. Then Brrrr from there. Good luck!

Welcome to bigger pockets!

Nice job! Thanks for sharing.

All of those zip codes do have potential but those are very broad areas. Its really block by block and street by street in some cases. If you have any questions about more specific areas or properties feel free to message me and I'll be happy to help. 

There are a good amount of deals to be had. Are you local or from out of town?

@Datesh Kshatriya Welcome to BP. I am local to Akron. There are many deals to be had here with good returns. SFRs aren't a bad option either. 

How much reserves do you like to have per property? I'm trying to buy my first rental, but want to build my assets safely. Thanks everyone.

Thanks for the input everyone. It sounds like it's in my best interest to be more hands on until I'm ready to hire a property management company. 

Theoretically it could benefit someone just starting who has a small portfolio and haven't built up sufficient cap ex right? Or do those companies inspect the mechanicals before charging that $50 price a month?

I'm reading The Millionaire Real Estate Investor by Gary Keller and Jay Papasan and I came across this tip about managing single family houses.

"Many single-family investors sidestep the issue( in regards to hiring a PM) through home warranties and lease agreements. For example, they purchase a warranty for their property that covers common repairs with a $50 deductible. They then write into the lease that all repairs are the tenant’s responsibility, along with the deductible. This can be marketed as a win for both the owner and the occupant, since the renter can call for any repairs at any time for a small out-of-pocket cost, while the owner doesn’t have to book repairs around the tenant’s schedule."

Has anyone had experience with home warranties? Are there more convenient ways of making self management more hands off than this technique?

Thank you

@Lance Lvovsky @Natalie Kolodij

Great it sounds like I dont need to complicate it too much. Thank you both.