All Forum Posts by: Patrick Drury

@Rahul P.
If you are looking to do BRRRR deals in Columbus I recommend areas like Hilltop, Linden, Eastmoor/ Whitehall, and Franklinton. These are areas where you can cash flow in Columbus because the rent-to-price ratio is favorable. Out of these areas, Franklinton and Linden are seeing some of the most developments. With things like the ONE Linden plan in Linden, which is a 50M plan to improve the neighborhood. Of that 50M, 25M was allocated for the construction of a new recreational faculty that has since been completed. Franklinton has been seeing lots of developments like the completion of Gravity Phase 1 and phases 2 and 3 on the way. As well as coffee shops like Bottoms Up Coffee are moving in and small microbreweries like brew dog and Land Grant.

@Kerry-Ann Bennett-Smith
I would recommend getting a PM, especially for an MTR or STR if you are out of state

@John K.
Look at doing a househack in your local market. If that isn't viable then maybe move to a cheaper market and do a househack. If you have a busy day job I wouldn't dive into a full rehab. Utilize an owner occupant loan and put 3-5% down on a rental to get your first one. That will help you get your foot in the door of real estate. 

@Gregory Colton
Hop on the phone and cold call. That's where the deals are!

@Colleen Barone
As @Nathan Gesner Mentioned you are supposed to but in reality 9/10 deals that get sold in areas with a POS will not have a POS report provided prior to writing an offer. Usually, agents are lazy and want to get it on the market ASAP or the seller asks them to wait. The issue with the POS is if the seller orders and doesn't sell they have to make the repairs eventually within a specified timeframe since a buyer never assumed the violations and made the repairs. I try and recommend to all my clients if they are looking at investing in an area with a POS to just look elsewhere like on the west side in areas with no POS or make the offer contingent upon a satisfactory review of the POS report prior to closing. 

@Armando Albarado
If you are looking to get started I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

@Mayuresh Kshirsagar   
I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying 

@Renee Adkins
Section 8 is definitely profitable. There are a lot of ways to make money in real estate just because you haven't done it that way yet doesn't mean other people aren't profitable. 

What questions should I ask the local housing authority in charge of the Section 8 program?
Ask what the intake process is and what paperwork needs filled out. In my opinion, going there in person can help so you can get copies of what needs to be filled out and can ask for a step-by-step process. The difficult thing is they are frequently changing the paperwork/ process without telling people. If you manage a lot of untis with them you find really quick, but if you have a couple it can be annoying. 

@Carlo D.
If you are buying a property in an LLC the loan is going to be some type of non-qm or DSCR loan. Something to keep in mind is the rate is higher with these. Check the forums for the debates on buying in your personal name and quit claiming it to LLC after closing. This is an option, but it's not for everybody. If you do decide to do it you can get better rates on conventional loans.

@Bridget McGing
At some point, you have to just do it and buy the first STR and learn as you go. There are going to be things that come up along the way while owning real estate that sometimes you don't predict. You have to navigate it the best you can and learn from that mistake so it doesn't happen again.