All Forum Posts by: Kevin L Owens

Quote from @V.G Jason:

Quote from @Kevin L Owens:

Have you thought your investment strategy through? Do you have a team together? Do you have the professionals you need to start an LLC, do the proper real estate/tax accounting, solid contractors to rehab or prepare the property, and a property manager to handle the day-to-day operations? With that, I can connect you to a great person familiar with Columbus and Cleveland. If interested in low-cost properties with above-average rents, I would recommend duplexes in Cleveland near the major hospitals and work with the gentleman I am referring to. It is critical to know the condition and rehab costs, but buying low and doing the deal in the purchase helps with overall costs as you enter the rehab phase. Use the tools in BiggerPockets or others like Rentometer.com and Deal.io. I have two properties in the inner ring suburb of Cleveland's east side, and they are going very nicely. All in on both properties is about $155K (cost + rehab) and rent is at $1,750/mth with an ARV appraisal at $210k.

 Go ahead and state who you're working with, this sounds eerily similar to something we've heard on this forums over & over.

Below is Josh's link.  I was trying to show some class in connecting them together off of the thread.  With the link below, people on the forum will know I have integrity and trust.  https://www.biggerpockets.com/users/joshjanus

Josh has been good to me, I was trying to pay it forward by connecting Lolo Druff to Josh.  One thing Josh taught me some time ago is to always have or return value to your team.  As an investor, and with others teaching and mentoring, a person in real estate should never leech off of a host. Instead, an individual should strive for self-growth and initiative and be aware of how they can add value to members of their team or those who have helped them. I have done this routinely with people like Josh in my real estate world.  I also have over-improved my properties for various reasons. I forgave a tenant of a certain circumstance, and I treat my contractor's crew to lunch when they are working on my property.

In the future, show some professional courtesy and class by contacting a poster or BP directly if you think a post contains something "eerie" or nefarious.  My questions in my post are solid, my info about Cleveland is accurate based on Cleveland neighborhood grades and Cleveland health systems, and my property values are fact.  And Josh is real.  After a great 35 years in law enforcement in Northeast Ohio, I would not begin to be "eerie" through a single post on BP.  I noticed your double standard in your reply as you don't mention the thing that is "eerily similar to what we've heard...".  You questioned me on my contact; so to use your own words, "Go ahead and state "what is this thing you're referring to?  Trying to cast some undisclosed drama to elevate yourself over others in your reply to their post makes you look small. 

Quote from @V.G Jason:

Quote from @Kevin L Owens:

Have you thought your investment strategy through? Do you have a team together? Do you have the professionals you need to start an LLC, do the proper real estate/tax accounting, solid contractors to rehab or prepare the property, and a property manager to handle the day-to-day operations? With that, I can connect you to a great person familiar with Columbus and Cleveland. If interested in low-cost properties with above-average rents, I would recommend duplexes in Cleveland near the major hospitals and work with the gentleman I am referring to. It is critical to know the condition and rehab costs, but buying low and doing the deal in the purchase helps with overall costs as you enter the rehab phase. Use the tools in BiggerPockets or others like Rentometer.com and Deal.io. I have two properties in the inner ring suburb of Cleveland's east side, and they are going very nicely. All in on both properties is about $155K (cost + rehab) and rent is at $1,750/mth with an ARV appraisal at $210k.

 Go ahead and state who you're working with, this sounds eerily similar to something we've heard on this forums over & over.

Josh Janus, since you asked.
Yesterday I sent Josh the link to Lolo Druff's post and my reply so the two of them can connect privately.  Josh has been on BP and he was on a BP podcast.  That is how we met.  I work with other professionals he has referred me to that he has used or knows.  He is from Northeast Ohio, went to Central Ohio, and is back on the east side of Cleveland.  There is nothing eery about it.

Have you thought your investment strategy through? Do you have a team together? Do you have the professionals you need to start an LLC, do the proper real estate/tax accounting, solid contractors to rehab or prepare the property, and a property manager to handle the day-to-day operations? With that, I can connect you to a great person familiar with Columbus and Cleveland. If interested in low-cost properties with above-average rents, I would recommend duplexes in Cleveland near the major hospitals and work with the gentleman I am referring to. It is critical to know the condition and rehab costs, but buying low and doing the deal in the purchase helps with overall costs as you enter the rehab phase. Use the tools in BiggerPockets or others like Rentometer.com and Deal.io. I have two properties in the inner ring suburb of Cleveland's east side, and they are going very nicely. All in on both properties is about $155K (cost + rehab) and rent is at $1,750/mth with an ARV appraisal at $210k.

Hi Everyone,

I'm in the Cleveland market seeking trusted well-referred investor friendly contractors who understand how to prepare a BRRRR method property to get ready for tenants. I am referring to the scope of work, writing up the work order, understanding where the added value is and doing that work efficiently, and coming in on budget and on time.

Thanks!!

Kevin

Quote from @Jahannes Wilder:

Hey my fellow Buckeye, I'm going through the exact same thing brother. Thing is, thats confirmation we're breaking the mold. I use it as fuel, my belief is unwavered.

Im also appreciative of our Bigger Pockets community I've learned alot, and know you have my support Kevin!  

Based on the flak I’m getting I know I am over the target!
Thank you!

Understanding that great teams are behind successful RE investors, what are the methods used to vet team members?  How do any of you decide on your agent, contractor, lender, CPA, etc? I I would imagine the best of them are also investors and have a real estate focus within their professional specialty.  What do you ask & how do you choose them?

Thank you!

Kevin

Quote from @Terrell Garren:

14 years, 26 SFHs, never a 2am broken toilet call, never an eviction.  It's not for everyone, but for those with the right skills, it is a wonderful way to build wealth and cash flow life. 

Colin Powell Rule #12 - Don’t take counsel of your fears or naysayers.

Thank you so much for the support and I particularly like the Colin Powell Rule. I’ve been a police officer for 31 years and I’m currently a lieutenant and I’ve been a supervisor for 10 years. On my wall in my office is the entire PowerPoint of General Colin Powell’s rules which I use and share with my subordinates. I appreciate the reference in the encouragement.  Thank you.

As I continue to explore and prepare to be a REI I am finding people around me being very doubtful and advising against. The feedback is always about the headaches, constant tenant problems, constant repairs, evictions, etc. What are your thoughts and experiences? I am very appreciative of the Bigger Pockets community and the people I have been connecting with and the books and materials I have been reading because I am not feeling the support from those around me.

Thanks everyone!

Hi BP community, being new to REI and preparing myself to get my first property I wanted to ask how to go about seeking lenders. Do investors get preapproved from multiple sources or multiple types of lending? There are so many lenders and types of lending I am interested to learn the process. I am certain as I get established this will make more sense and I may work with a select lender(s) regularly. Thanks for your consideration and input. Kevin

Thank you @Hamp Lee III, @Bob S., and @Adriaan Sierra and everyone for the replies!  Well, what really came first, the chicken or the egg?

I like that @Eliott Elias makes a good point, what within my concern makes is common sense? what comes first...? To me, it's important to gather as many costs as possible ahead of an offer, then make the appropriate offer in such a way it isn't shopped.  As @Adriaan Sierra indicated, add contingencies to an offer after guessing at possible repair costs.  I don't think I would want to deal with an offer-shopper anyway because such conduct is indicative of a non-serious seller anyway.

Now, if I could think through all of this on my own I would certainly not be asking. What might make sense to me as a novice could be an expensive mistake. For me to get inspections done ahead of an offer is an expense. If I do not make the purchase I can't recover that expense. Can I then deduct that real estate investment expense from my 1040 (I think that is the Schedule E) or would I need an LLC for my real estate investing business and take the deduction there?

Thanks everyone!