All Forum Posts by: Ryan Evans

Garfield Heights can be a good option for starting out. It's a stable area and it's not as old as a lot of the city proper. Euclid, Parma, Brooklyn... There are plenty of good options out there. 

@James Wise should be along any minute now with his trusty neighborhood map!

Your safest bet is always going to be Fanily and friends. In This instance it might make sense to offer a flat dollar amount for a six month loan or something similar to entice someone  

Almost anyone who approaches you online about private money is a scammer so be diligent! 

The easiest route is probably give them access to your place even though not ideal. Can you lock off the bedrooms/other parts of your unit? A Six person rental is going to set you back quite a lot. 

Maybe see if they have someone they can stay with and give them a discount on rent for the month. Or toss them some money for the inconvenience?

A set of security cameras on Amazon is pretty cheap reassurance that they don’t go snooping around too much. 

Zillow charging for rental ads was a huge debate on BP a while back. The fact is it provides tremendous value and was free so I don't think it's unfair for a company to charge a small fee for probably tens of millions of dollars worth of development resources.

As investors, we have to just roll with the punches and this is one of them. I don't like it when my taxes jump up, but I deal with it. Zillow is still the best place for rental leads so you'll probably just need to build it into your numbers from now on. 

If you have to ask then yes, absolutely get an inspeciton. Until you're an expert in rehabbing properties you need someone on your side. Plus, if nothing else it gives you an easy out of the deal when something unexpected pops up. 

Don't let her use any of the money you make from real estate and maybe she'll come around! haha 

Just a word of caution, when a seller says "long terms tenants," that doesn't always mean much. Tenants often move when properties sell. Maybe not now with all that's happening, but don't be surprised if they stop paying rent or move out soon after you buy it. Point being, don't make assumptions about tenants staying around. In my experience, the majority of tenants who "want to stay" according to the owners will leave or need to be evicted.  

I have come across a few studies by real estate focused media agencies that report stats not even close to what the general media is saying. It's more along the lines of the experiences people in this forum are having. It seems rents are still getting paid for the most part.

Not to get political, but part of the confusion is because news reports don't have to be based on any kind of data or facts whatsoever. Their job is to make up stories that get clicked on. That's why they use the word "report" instead of wording they can be held accountable to. 

So was this was a recent case if the courts factored in the unpaid rent stemming from covid? I didn't know eviction hearings were even going again. Though, if the court ruled that they pay the back rent and won't actually force the eviction then you might be screwed until you can get another hearing. There is almost no chance they will pay $15k+ to get back on track and they likely won't even try to keep up on payments going forward because they already have a negative judgment. 

As for who gets it on their record, it's going to be the people on the lease, unless you can prove someone else moved in as Erik said. 

A lot of lenders have minimum loans of 60k (80k purchase) so always be up front with what your low end is. I see a lot of new investors looking at these 50-80k properties and those are much harder to find lenders for than even the 80-100k range.