All Forum Posts by: Paul Ellington

@Matt Raleigh I’d love a hyper local meet up as I have a 6 month old at home and don’t have a ton of time freedom right now. @Jin Lim I can’t make it this Thursday but would love to meet everyone in this thread at a future meet up!

Hey @Nick Shri

Where is your duplex in CLE? I was really fortunate in finding this property. The previous owner bought it off roofstock and was selling most of his portfolio for whatever reason. The property was PoS violation free and tenant occupied when I bought it. My property management took over and once the lease expired raised the rent and is now over market value! 

@Wade Woo

I'm not sure about the greater Cleveland median price as each suburb of Cleveland has varying price ranges. My property is in Maple Heights about 15 minutes from downtown and I purchased it for 80k. I look for properties under 100k so I can acquire more properties with less capital. I know cash flow can have many different meanings depending on if you're accounting for CapEx and other projected expenses. I can tell you monthly rent is $1,345 plus $100 for utilities which usually only run 50-70 per month and my mortgage with PITI is 475/month. I pay 10% of collected rent to a property manager so at the end of the day without accounting for CapEx my "cash flow" is $600/month.

@Jin Lim That's the plan for now! I'm getting the condo fixed up right now in preparation for listing it and once we have money in the bank it will be time to start putting offers in which is always the exciting part! Are you actively pursuing more properties in KCMO/KCKS? 

@Jin Lim

I don't need to 1031 the property as it was originally owner occupied before we turned it in to a rental and we have lived there 2 of the last 5 years so we can sell and clear all the proceeds without capital gains tax. That's the main reason we are selling now because if we held it another year then we wouldn't be able to sell without paying the taxes. We bought a SFH in Cleveland, Ohio and it's been a great property for the 11 months that we've owned it which is why we decided to sell the Tysons property while we can do so without capital gains taxes with the intention of buying a few more OOS properties that cash flow as opposed to hoping for appreciation on the Tysons condo.

@Daniel Muscarella @Matt Raleigh my last post didn't tag you both but I'm in Leesburg and would be happy to meet you both some time to talk real estate and OOS investing. 

Hi @Jin Lim I sent you a connection request and would love to attend the next meet up whenever you organize it. I’m located in Leesburg like @Daniel Muscarella but I just started investing OOS last year due to the capital requirements to cash flow in NoVA. I’m selling a rental property in Tyson’s right now and plan on buying more OOS properties with the proceeds. I’d love to talk to @Matt Raleigh and others who are interested in this strategy at a meet up or otherwise.

@Collin Wilson

Hey Collin if you end up getting a group together in the Winchester or Leesburg area please let me know. The meet up I used to attend has since stopped and I’m looking to meet other local investors.

Hi @Ryan Kwong it has been great. I pay no fee on a monthly basis unless I draw on the HELOC so it's free to maintain and keep open until I draw on it. The language was confusing but I was pleasantly surprised. Best of luck with your HELOC!

I'm under contract on my first out of state investment property. Scheduled to close March 24th and couldn't have done it without the book on long distance real estate investing and countless hours listening to the podcast, thanks BP. Please feel free to share thoughts on this property

https://www.biggerpockets.com/...

I would recommend you do what you think will give you the best chance for success. I did the self paced completely online class through Moseley and passed both state and national on my first try. To be honest though I wasn't satisfied with the material covered as I didn't realize the licensing is more the legality side and once you associate with a brokerage you learn the writing contracts and more applicable material to REI. My advice is determine what your goals are for getting your license and find both a course and a brokerage to help you achieve those goals. My brokerage for example recommended I keep my license on referral so I don't have to pay the active agent fees (lock box, MLS, E&O insurance, etc) until I want to buy or sell in my personal portfolio at which time I will switch to active agent status. The more clear you are on what exactly you're looking for the better off you'll be. As for the class itself I thought Moseley was easy if you know you're a good self learner. I still had to study after finishing the class but they covered all the material and gave me confidence going in to the actual exam once I got to a point where I could pass the practice exams routinely. Best of luck!