Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Richard Schubert

Richard Schubert has started 8 posts and replied 99 times.

Post: Looking for Cash Flowing Rentals for Under $200k

Richard SchubertPosted
  • Akron, OH
  • Posts 100
  • Votes 76

As @James Wise said. Pretty much anywhere in the Midwest. 

Post: $5M To Invest: Please send me deals

Richard SchubertPosted
  • Akron, OH
  • Posts 100
  • Votes 76
Quote from @Dan Mcguire:

@Richard Schubert

Any experience with a mobile home park. We will be listing ours in Ohio. The park will need homes brought in to fill the community.

I had a small bit of experience from a home builder I worked for many years ago who also owned a 20 space community just north of Akron. There are a lot of mobile home communities in my area. Where is yours located?

Post: $5M To Invest: Please send me deals

Richard SchubertPosted
  • Akron, OH
  • Posts 100
  • Votes 76

Have you thought of being a hard money lender? You have the capital for it. 

Quote from @Ka Vang:
Quote from @Richard Schubert:
Quote from @Ka Vang:
Quote from @Ivana Ivanovic:
Quote from @Ka Vang:

My experience working with RTR and their affiliates have been both good and bad. I have had direct conversations here on BP with Zach and he is a pretty humble guy with a wealth of knowledge. It'd be great if he could be the one to work directly with all of his investor clients but I guess that's what his investment strategists are for. I will say that RTR is not a scam, they are legit. Their ads are very appealing to new investors and those interested in turnkey (like myself). However, I do think there is opportunity for improvement on their process and maybe even the communication as well. The process from start to finish is not as smooth as I would like but it's not awful. Then again, I am that rookie investor that has a TON of questions all the time. I would say that my problem or "bad" experience isn't really with RTR directly, its more so with their affiliates like the property provider or lender or property manager, etc. and I don't know how much control RTR has with their affiliates. On a positive note, I guess I could say I do appreciate that RTR exist and because I decided to use them I was able to use their resources/affiliates. But after getting to a certain point in the process (keep in mind I haven't closed yet) I am left feeling extremely nervous with what the future holds on this property as far as some things go. Overall, I would agree with some other reviews that I've seen...you will either hate them or love them. It all really comes down to what your investment goals are. RTR may or may not be for you.


 What are your good experiences seeing that you have not closed on a property, have no idea how it will perform, and don't like the communication nor their affiliates (which are a big promised part of the turnkey deal)????? 

I understand your concerns. My good experiences come from the knowledge I've gained and the initial support I received from RTR. While I haven't closed yet doesn’t mean that I am not closing. Actually, I do have a close date. From a number standpoint (after doing my own due diligence) it works and should perform number wise. The performance of the property management? Of course no one ever knows until it’s in action. I don’t think I said I did not like their affiliates. You might have misread it. I said my bad experience was with their affiliates, there’s a difference. Sure there were communication challenges and that’s where I stated they and their affiliates can improve on. My review reflects both my optimism and my apprehensions as a new investor, and I'm still navigating the process. Thanks for your question.

If you need a second opinion on a neighborhood I live, invest, and work in the area.
@Richard Schubert

I’d love to get your insights on the neighborhood since you have firsthand experience. Locals say Goodyear Heights closer to Tallmadge is better than most surrounding areas in Akron. What are your thoughts on this?

I’m sure every city has areas that should be avoided, so your perspective would be invaluable for many.



Tallmadge itself is a nice city, Goodyear heights is spotty and can be nice in a few block area and turn poorer as you drive down the street . There are nice areas all around Akron and in Akron itself. Cuyahoga falls, Stow, Monroe falls, fairlawn, some highland square areas. There are a few up and coming neighborhoods near the Copley road/downtown area where a developer is building new inner city homes just north of the zoo. You can always shoot me an address if you like. Kenmore can be spotty as well. Some areas are nice well kept neighborhoods and some as you get close to southwest Akron get into a poor area. I would buy in Kenmore. 
Quote from @Ka Vang:
Quote from @Ivana Ivanovic:
Quote from @Ka Vang:

My experience working with RTR and their affiliates have been both good and bad. I have had direct conversations here on BP with Zach and he is a pretty humble guy with a wealth of knowledge. It'd be great if he could be the one to work directly with all of his investor clients but I guess that's what his investment strategists are for. I will say that RTR is not a scam, they are legit. Their ads are very appealing to new investors and those interested in turnkey (like myself). However, I do think there is opportunity for improvement on their process and maybe even the communication as well. The process from start to finish is not as smooth as I would like but it's not awful. Then again, I am that rookie investor that has a TON of questions all the time. I would say that my problem or "bad" experience isn't really with RTR directly, its more so with their affiliates like the property provider or lender or property manager, etc. and I don't know how much control RTR has with their affiliates. On a positive note, I guess I could say I do appreciate that RTR exist and because I decided to use them I was able to use their resources/affiliates. But after getting to a certain point in the process (keep in mind I haven't closed yet) I am left feeling extremely nervous with what the future holds on this property as far as some things go. Overall, I would agree with some other reviews that I've seen...you will either hate them or love them. It all really comes down to what your investment goals are. RTR may or may not be for you.


 What are your good experiences seeing that you have not closed on a property, have no idea how it will perform, and don't like the communication nor their affiliates (which are a big promised part of the turnkey deal)????? 

I understand your concerns. My good experiences come from the knowledge I've gained and the initial support I received from RTR. While I haven't closed yet doesn’t mean that I am not closing. Actually, I do have a close date. From a number standpoint (after doing my own due diligence) it works and should perform number wise. The performance of the property management? Of course no one ever knows until it’s in action. I don’t think I said I did not like their affiliates. You might have misread it. I said my bad experience was with their affiliates, there’s a difference. Sure there were communication challenges and that’s where I stated they and their affiliates can improve on. My review reflects both my optimism and my apprehensions as a new investor, and I'm still navigating the process. Thanks for your question.

If you need a second opinion on a neighborhood I live, invest, and work in the area.

Post: Under contract for 3rd SFR

Richard SchubertPosted
  • Akron, OH
  • Posts 100
  • Votes 76
Quote from @Michael Smythe:

@Richard Schubert can you get a 401k loan?

HELOC on your primary?

HELOC on a relative's primary?

How much can you get on a personal loan?

Also, how much did you offer the seller? If you low-balled them, you have to be careful doing that when asking for seller financing. There is value in the seller financing, so price it into your offer.

Does the seller have a loan on them or are they free & clear?

Keep offering ever 2-3 weeks until seller counters!


 The seller had 5 homes for sale. 4 rented and 1 vacant. I offered them asking price on all of them as a package with 50k down, amortization for 30 years and balloon out in 24 months. They did not take the offer . I also heard they had a loan on all of them that would not allow it. So I ended up with 2 of them. One being the vacant and the other rented. I should net a good amount from a house I have for sale and I don’t really want to tap into my reserves right now. I have pretty good w2 income so it’s just a matter of sometime before I have cash to buy another. There will always be another deal if it does not work out.  I will probably open a helix on my primary after I sell my secondary 

Post: Under contract for 3rd SFR

Richard SchubertPosted
  • Akron, OH
  • Posts 100
  • Votes 76
Quote from @Ryan Arth:

@Richard Schubert If the house next door is a solid enough deal you could always raise the money from people in your network to tie it up.

My network is very small at the moment and I have asked around my first tier already. I could buy it now but then I would be thin on reserves and renovation funds for the one I have not closed on yet. I still have a few trees to shake yet and will see if anything falls. Thanks for the advice again.

Post: Under contract for 3rd SFR

Richard SchubertPosted
  • Akron, OH
  • Posts 100
  • Votes 76
Quote from @Ray Hage:

Great finds and nice to have multiple homes on the same street! You might want to speak with the owner of the house next door and let them know you'd like to buy it. Maybe if they would even finance you. 

The neighbor house is for sale , just lacking the capital at the moment. I tried to get the owner of three of the houses to carry a short note but no dice. I have a vacation house hack for sale and if it sells it will free up some capital.

Post: Under contract for 3rd SFR

Richard SchubertPosted
  • Akron, OH
  • Posts 100
  • Votes 76
Quote from @Alfath Ahmed:
Quote from @Richard Schubert:

Under contract for my 3rd SFR in Akron, Ohio. A vacant house across the street from one I just purchased was also for sale at 51k. It sat for a bit and the price was lowered to 46k so I toured the house and made an offer of 36k after adding up renovation cost in my head. Owner sat on the offer for a week or so and then I got a call that they accepted.

Just waiting to close now and then I’ll get started on a renovation. It’s a 3/1 of about 1000 sq ft. Typical inner city early 1900’s Akron house. Needs gutters, full kitchen and bath, floors, paint with some drywall repair, windows, front porch and the deck on the rear is pretty poor as well. I’m budgeting 45 to 50k on the renovation as it may need a few incidentals here and there. 

I may look to sell after it’s done or place a tenant, refinance, and hold as part of a portfolio I want to build. 

The house next door to this one is for sale also, so going to see how fast I can save up to buy it also. It’s a short dead end road so I have this notion to own the whole street and control the look and quality of the neighborhood . 

I will post some progress as I get into the renovation after I close and share more numbers of my cost.


 How is the market in Akron? I have heard mixed reviews about the market. I own almost all of my properties here in Columbus and have a few in dayton. 


I am familiar with the Akron market since I live directly next to it. I think it is a typical Midwest market with a mixture of A through D neighborhoods scattered about. There are plenty of jobs and opportunities if you know where to invest and where not to. 1.5 rent to market value ratio is pretty attainable and closer to 1:1 in nicer areas. With Canton, Akron, Youngstown, and Cleveland all within 45 minutes of each other it’s a pretty big and diverse area.

Post: Under contract for 3rd SFR

Richard SchubertPosted
  • Akron, OH
  • Posts 100
  • Votes 76
Quote from @Ryan Arth:

@Richard Schubert Congratulations. Another example of finding opportunity by being on site. 

I completely agree. This deal and the one before it came about from networking, building a relationship with my property manager, an investor friendly realtor, and learning what makes a deal a deal. I can already see the deals starting to find me rather than me searching for a deal.