All Forum Posts by: Patrick Drury

@Philip Anderson   
The best deals are going to be off-market ones. Reach out to some agents on here that source off-market deals. In terms of areas in Cleveland, 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.

@Chris F.
It depends on what market you are in, but where I am located in Columbus 8-10% of gross monthly rents is pretty common for a management fee. Usually, a lot of property managers charge 1 month's rent as a leasing fee. In terms of additional fees usually property managers will mark up the maintenance and make some money there. 

@Brian Dolbeare
I would use Rento-meter and then cross-reference with Zillow. In my market Columbus OH almost no one puts the rental listings up on the MLS. If you use rento-meter pull a pro report and look at the map of where the comps are and be cognisant of which neighborhood your subject property is in. If the property is on a boundary or near the edge of a neighborhood you may need to pull the comps within a mile and then pick out the ones in the same neighborhood as the subject property within a reasonable distance. In some areas, that are on the edge of another neighborhood one street can change the rent comps so much it skews all the comps

@Emily Mohr
A spreadsheet should work pretty well for the time being. You can also use Google Drive to store receipts. If you don't do a lot of transactions make a folder and label it 2024 scan and store all receipts for bookkeeping. It helps if you put the date and what the transaction was for. It's not the most efficient method, but it works and as you grow with scale you can upgrade systems

@Jeffery Jones
You should reply with what market you are located in or the one you are looking to invest in so people from that specific market can give your their thoughts and point you in the right direction. For example, section 8 in California is not going to be the same as doing it in Ohio. Completetly different markets 

@Kerron Hendrickson
When looking in the cleveland market 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.

@Travis D.
Once you get over 50 units you can use Appfolio. My partner uses it to run a PM company and it's pretty good. I know a lot of other people that use buildim and have said it's pretty good. I don't beloved they have a unit restriction for owners

@Treasure Soe
Smile and dial 

@Leslie Daniely
I wouldn't buy a MTR as you first rental if you haven't owned a long term rental before. You learn a lot of operational experience by just owning 1 rental as a long-term rental. I would recommend buying a long-term rental and then a MTR if thats of interest. If you have trouble managing 1 tenant that renews once a year changing tenants every 30 days will add a lot of complexity to it for you

@Hadar Cohen
If you are looking in those areas just be aware that Maple Heights and Garfield Heights will be subject to a POS (point of sale inspection) before the title can transfer. That is something that will be important to know if you are looking to do a BRRRR deal in these areas. The POS will drag out the process and make it harder, but like anything if something is hard and people don't want to do it it can create an opportunity for the people that will put in the time and effort to see it through