All Forum Posts by: Phillip Gasper

@Jon Schwartz  What do you do to handle the maintenance?  Do you do it yourself or hire out?  Do you find it being an extra headache having to handle issues in the unit.  It the extra stress worth the reward?

Does anyone know of any landlord meet ups in the Cleveland, Ohio area?  Looking to seek knowledge on the benefits and challenges of being a landlord.  Also, things to think about before investing in a property.  I know there are probably a lot based on my frequent reading. 

@Tyler Gibson  I see what you are saying.  I currently live at home rent free.  Would you advise remaining in this position and continuing to save money opposed to finding rental property to house hack just to get my foot in the door in real estate investing.  This is definitely what I want to do; however, I am starting to realize saving as much money as possible is very important in real estate investing.

Good Evening everyone,

I am currently working on investing in my first house hack.  I have been approved for a conventional loan at 3%. My price range has allowed me to analyze properties in areas I actually want to live in.  However, during the analyzation process, I can't seem to gain a positive cash flow.

A majority of the homes are duplexes, so I would live in one and rent the other.  The rent income isn't enough to break me even or generate a positive cash flow.  A real estate advisor told me I could have a friend live with me or possibly do an air bnb.  

My question to the group is, even though I would be generating a negative cash flow, is that bad?  What other options do I have.  I understand trying to find a triplex or fourplex but they are hard to come by.  

Thanks

@Andrew Weiner That totally makes sense.  I think I do need an advisor.  Do you have any recommendations at all?

@Bjorn Ahlblad  Ideally I would really want a triplex over a duplex but they are difficult to come by.  What would you suggest?

Good afternoon everyone!  I just had a couple of questions I've been pondering while looking at duplexes in my local area.  I am struggling with knowing what a good investment is.  I really want to be proactive, however, I get skeptical when looking at houses to buy and rent out.  I just do not know what a good deal is even after analyzing the property on BP rental property calculator.  

A lot of the properties are mostly occupied and my goal is to live there while renting it out to create cash flow.  What do I do with the tenants?  Do I fix it up first or do I just move?  My price range is low so a lot of the properties need cosmetic fix ups.  I am just afraid that I am going to buy a house and it will being the wrong deal.  

Lastly, how do I know that the market is good?  I am searching primarily in the Cleveland area and have a real estate agent.  A lot of the properties do generate cash flow but I do not really like the area but it is what I am stuck with in my price range.  

Any help would be greatly appreciated!

I have posted something similar a couple of months ago and received a lot of helpful advice. I am currently newer to investment real estate. Since my last post I have found a real estate agent and have been analyzing properties everyday through the MLS portal and using BP calculators. I have saved up some money as a down payment. The areas I am looking at are on the West Side of Cleveland. I am still new and would like to learn from someone that has made it through the beginning stages.

I would like to find a triplex and househack; however, most of the properties are duplexes, which I am opened to investing in.  When I run my numbers a majority of them look good since I am only putting down 5%, but I get a little confused in the expense category.  A lot of the demonstrations I see on the BR Webinar and through books, it is suggested that you should let the tenants pay for the expenses.  However, when I look up rentals I have noticed the landlord paying for water and sewer.  

Lastly, I am very motivated to learn and am interested to hear what you have to say.  
 

Shaker Heights and Cleveland Heights would be intriguing!  I work in Euclid.  

Thank you everyone for your advice.  I will take into consideration everything that was mention.  I guess starting off, cash flow isn't totally ideal.