All Forum Posts by: Sam McCormack

I have 5 single family townhomes. They all cash flow and are easy to manage (so far). Is there a good strategy to scale my investments or should I just keep what I’ve got?  

Hi, still new to the forums, please pardon any oddities in my post. I've tried to include relative information, without writing a novel. 

I'm a newer investor looking to get some cashflow. My strategy for the foreseeable future is 'buy and hold' with long-term tenants. I'm fine with doing some minor fixes and improvements to a property: Adding overhead lighting/fans, better flooring, maybe redoing a main bathroom. My current portfolio includes two 3-Bed/2-Bath Single Family's in my home state. I did minor improvements to both of those, but unfortunately had to replace the roof on each (Flat roofs suck, lesson learned). I have $60k-$100k that I'm willing to deploy, and do some learning with. I also have ~$20k that I've resigned for the scripted "mishap" that always comes up after purchase...lol

I've read a number of other threads and I've seen a fair amount of talk about Ohio. While that is pretty far from me, the prices there are far more manageable than my current state and would let me deploy my capital a bit better. I'd love to hear some more savvy investor's thoughts on Ohio, or a similar market. Normally, my preference would be a Duplex for ease of learning, but after looking at the price point in a place like Cleveland, I theoretically could purchase two Single Family's there. Thanks in advance for your time.

Hello everyone,

my wife and I want to start our real estate investing journey to boost our wealth and retirement fund. Long-term single or small multifamily rental would be our strategy to go. We live in California at the moment and I have W2 job and my wife a small online business. So we don't have a lot of money to start with. CA is an expensive market and regarding tenant laws in my eyes more complicated/difficult as a rookie landlord. Has anyone experience to share how the get started in a market in a different state? What are things to look our for in this situation? Any tips are welcome. Thank you in advance and happy holidays to everyone.

Denise

I am just getting started in my real estate business.  What tips do you have for someone just getting started?

Hello,

My name is Carl from Eastvale, California.

I'm highly interested in purchasing my first rental property, but have no idea where to start. 

I have some money saved up and am convinced that my only option is out-of-state rental properties.

I just signed up for PRO. Other than just going in and looking at what's on Redfin.com and using the tools on here to evaluate a deal, is there anything else I can do on here?

Is there a way I can meet local like-minded investors in my area within BiggerPockets?

It would be incredible if I can meet someone who can coach me through my first deal... some sort of a mentor.
 

Hi everyone,

I’m new to real estate investing and looking for guidance on where to start. I currently live in upstate New York but am considering relocating and would love advice on where to move based on strong real estate markets.

I’m particularly interested in:

• -Investing in either short-term rentals (like Airbnbs) or long-term rental properties.
• -Markets with promising ROI potential and steady demand.
• -Locations that offer a good balance between affordability and growth opportunities, especially for someone new to real estate investing.

If you’ve relocated for real estate opportunities or know of hot markets to consider, I’d love to hear your thoughts.

This house has all the 'feel' of a "satanic cult". 

The people that lived there must have had severe mental and behavioral problems. Before I owned it, I visited the house and the "Elder" condoned and encouraged the 7 other family members deviant behavior. 

You can see by the pictures that this home was severely abused and turning around a house like this may or may not be worth it.

What do YOU think? Should it be gutted and rehabbed or sold?  

Hi! Novice looking to get into multi family investing in Detroit, Cleveland, Columbus, or Cincinnati. Currently own my home and two other properties which I do STR and LTR in. Hoping someone could help me get into multi family in these areas for under $150k.

Thanks!

Hey everyone,

I’m 19 and about to close on my first rental property! It’s a fully renovated, modern-styled, 2-story townhouse with 3 bedrooms, 2 bathrooms, and a basement in Baltimore County, where I live. I got the property off-market for $250k from a trusted family friend. It’s less than 15 minutes by car from two major universities (Towson & Morgan) and just a 7-minute walk from a shuttle that services both campuses.

I plan to rent the property by the room, targeting mainly college students due to its proximity to the schools. With 4 rentable rooms (including the basement), I expect to generate $3,600/month with full occupancy. My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.

I also set up an LLC and a business account to track rental income and expenses.

Questions:

1. Do you have any advice for me as a young real estate investor?
2. Do you think my age will impact my authority as a landlord?
3. I’m debating whether to furnish the shared areas or just stage them for photos and viewings. Which would you recommend?
4. I plan to put a $600 utility cap in the lease. Is this a good or bad idea?
5. What are your best tips for screening tenants, especially for student renters?
6. Are there any specific clauses I should include in a room-by-room lease for a shared living space?
7. What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?
8. Based on the numbers and my strategy, do you think this is a good investment for my first property?

I’m excited but also know there’s still a lot to learn, so I appreciate any insights you can share. Thanks in advance!