All Forum Posts by: Patrick Drury

@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.

@Alya B.
I would say your assumption of the rent is wrong. What bedroom count are you referring to in this example a 1-bed unit or 2-bed unit? You can find apartments for rent for $850, but the condition sucks and there is only on-street parking. If your rental is nicer, has off-street parking, and is updated the rents can be more than double $850. If you indicate the bed/ bath count I can help a little more with rents. 

@Carolyn Mazzola  
Definitely use a property manager if you are planning to invest out of state. Unless you are managing a turnkey single-family in an A location from out of state it's a recipe for disaster. 

@Hamidou Keita
I personally own rentals in Columbus without AC or washers and dryers. They rent out fine. Adding them is a good way to add value and make yours stand apart from the rest though. 

@Michael Bishay
Screening tenants would fall on the property manager you decide to use. When you are interviewing them I would ask how they screen tenants and what that process looks like. Even if you get a solid PM I always like to double-check the county court records and see if anything was missed. 

@John Su
It only really affects you as a landlord if you have an apartment complex. If it's 1-4 units the tenants would take care of it on their own. 

@Jodi-Ann Birch
since you are looking in Cleveland I have a lender that does cash out refi with no seasoning. It's a portfolio product with a local bank. I have used them on a couple of BRRRR projects to refi out once I am done. It would be a lot easier to use them than following this post.

@Uche Nwakanma
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.

@Andrew Grimmett
Send me the address and I can take a look and provide feedback. I have 24 units in Hilltop. Big fan of the area and more than happy to answer questions about it.