All Forum Posts by: Account Closed

Awesome, thank you!

@Joshua Dorkin Awesome! There is never a shortage of great articles on BP!

Personally I am a buy and hold investor so I am a little biased. I think @Neal Bratton hit it on the head with the question about 5K. It all depends on your risk tolerance. I like borrowing money while the interest rates are low so I would evaluate how much I need in reserves and put the rest towards a down payment for another property. 

Only caveat to that would be the interest rate you have on that property, if it is high I would try to refinance. If for some reason you could not refinance and it was stuck at a higher rate then I would look at paying down the loan quicker. 

Good luck!

Welcome!

South Florida to Ohio….has to be a tough transition! 

Wish you the best of luck and I recommend checking out the BP podcasts, lots of great content, ideas, and topics that you might not have thought of. 

Welcome! 

I have no idea what the Nevada market is like, but this is not atypical. What are you looking to do? Flip? Buy and hold? I would assume the place is going to need a bit of work but don't shy away from that, dig in and see why it is discounted.  

@Brian Stump

I would say that a lot of people would look at the house as a burden. If you offer them an easy and quick option to unload the house you are doing them a favor. Having said that you know the family and situation so do what you think is best. 

I do not see a problem with renting a house next door, there are tons of people who buy 1-4 unit properties that live in one unit and rent the other units.  You can keep an eye on the house.  You can pick your neighbor.  Go for it!

Best of luck!

I am not sure the amount of money that is involved but my general rule it to keep my focus on bringing money in. 

If he clears your check, great, get him on the lease and keep that rent coming in. Normally it isn't worth it for me to pay a lawyer to try to track someone down and get a couple months of rent money. At the end of the day I MIGHT get the rent but I am DEFINITELY paying money out to the attorneys in those situations. 

Good luck

@Debra Lamm

Welcome to BP! I started out purchasing foreclosures and have shifted into buy and hold single family rentals in the suburbs of Cleveland. I have a full time job in education. Feel free to reach out if you need anything and good luck!

@Nicholas Varner

I appreciate the input! I totally agree that  "When you live here, it sure does not feel like everyone is leaving."

I live on the west side and my personal opinion is that Cleveland is buzzing and has a lot of things going on right now. I am biased because I love Cleveland and I see the potential of the city (whether or not the community  and government maximizes the potential is another story) and I am trying to look more objectively at the numbers.

Functional vs Non Functional housing is a great point! Definitely something that will be in the back of my mind from now on.

Thanks!

@Steven Gesis

I appreciate the input! I really like your comment "buy value, not blindly". 

@Federico Gutierrez

Congrats on the deal that is awesome! I actually saw that earlier today, I have been following your company and saw James post a picture about it. 

I know the occupancy rates in Cleveland are high, does the decreasing population concern either of you?