All Forum Posts by: Ryan Harrell

Hi @Isaac Terry!

Make sure to do your due diligence when selecting a property management company to hire. It's best practice to interview several candidates. This step is crucial and can make or break the success of your investment.

How did you narrow down your search to Akron and Cleveland?

Hi Saul,

Vegas and Phoenix are on the pricier side, so you'll need to put a large down-payment down if you want to cover all your expenses with some cash leftover. 

Have you considered markets like Memphis or Little Rock? These markets are attractive because of their diverse, resilient economies, lower priced homes, and stable home price appreciation. Great for someone looking to buy their first investment property. 

Hi @Vanessa Lozano!

I have some family in San Antonio and grew up visiting often. Going to the Rainforest Cafe on the riverwalk as a kid is a core memory for me lol.

Good luck on your investment journey! Feel free to connect if you'd like to talk real estate. 

Hi @Brooke Zollinger,

Welcome to BP! Congrats on taking the first step. What's your motivation to get into real estate investing? 

Hi @Elias Halvorson,

Both markets offer lower costs of entry and opportunities for cash flow. Cleveland seems to be the more stable market if you're looking for growth and stability. Detroit would be a solid option if you're strategy involves a little more risk for potentially higher cash flow. 

Have you considered investing in any other markets and how you plan to manage the property? 

Hi @Malcolm Brown,

Welcome! It's best to approach 2-3 lenders to compare their rates, terms, and loan programs. It'd be a good idea to work with lenders who have found their niche working with investors. BP is a great resource for connecting with lenders. 

Have you considered what property types or markets you're interested in?

Hey @Brian King, welcome to BP! Have you considered which markets or property types you're interested in? 

Hi @Zachary Young,

Investing in other cities is a great way to build a diverse portfolio. Markets like Memphis, Little Rock, and Oklahoma City offer affordability under $200K, solid rental demand, and better population and job growth trends. These cities often provide positive cash flow even with higher interest rates.

Since you’re investing out of state, a turnkey solution might be worth considering. Turnkey properties come fully renovated with tenants already in place, reducing the learning curve and allowing you to focus on growing your portfolio.

You could also leverage local expertise by connecting with real estate agents and property managers who know the market inside and out.

Feel free to connect if you want to discuss further. Good luck with whatever route you choose!

Hi @Brandon Morgan

I'm a little late to the party here, but whether or not to get an LLC is something many real estate investors consider, and it often depends on your specific goals and circumstances. You may not feel the need when you own just 1-2 properties, but it may be more relevant if you plan to expand.

LLC's separate your personal assets from your investments and offer you protection from lawsuits related to your property, they can help to establish a more professional image if you plan to expand, and they provide some flexibility on how you are taxed.

There are some drawbacks, included fees and administrative work, but it's ultimately best to consider speaking with a CPA to determine the best option for you. 

Good luck and hope to hear more about your success!

Hi @Johan Tejeda Welcome to BP! 

More than anything, real estate is a people business. There's always more to learn and building a network is essential to growth and success. 

Would love to connect to see how we can help each other grow. Looking forward to hearing more about your journey!