All Forum Posts by: Brandon Schlichter

As I said each investor has a completely different structure , the first investor has a wildly different one that I really don't want to explain on here. The other ones are a lot more straightforward with a simple 65/35 split most of the times. 

I have like 16 on section 8. I'm trying to limit myself to no more than 20% of my portfolio to it. If I'd go all out and do only sec8 I'd make a ton more money.

No, 29 sfr, 61 multi families with a bunch of them. Being duplexes. I have one solitary triplex. 

I've got three 5 units and 2 4 units. 

 

Sure thing.

Networking and connecting with landlords IMO is all about having a sense of being in a community, making sure you're deep into the market and willing to be personable. 

As others said, maintenance will be extremely dependent on the condition of the house. Out of my ~90 rentals, easily 70 of them are pre-1920. They're not TERRIBLE on maintenance but with every.single.one. we went through and fixed/replaced everything that we expected to cause a problem in the next 5-10 years. On some houses it wasn't much, on others it meant ripping out all the plumbing/electrical and starting over which wasn't cheap at all. Some easy $10k rehab properties became $30k jobs when we found out they were improperly wired in the past causing us to start from scratch again.

From what I've seen outside of 270, just about all the reasonable rentals are gone from the MLS. They hit once in a while and you have to be ready, willing and able to get them inspected/complete due dilligence and be ready to close almost immediately.

But off market deals...........There's still thousands upon thousands of them. There's tons of wholesale activity all over the place, and with just a modest system in place you can generate tons of leads. Anymore I do no advertising and still get 2-3 calls a week on fantastic deals.

Congrats! I hear there's a few other well-known-names from the world of Professional sports dipping their toes into Columbus rentals as well. It's a fantastic market with TONS of opportunities! 

Maybe 50k-ish? 

Now? Well over a million. 

I tell the story in our REIA to new people pretty often : After the first 2-ish years of real estate, my absolute poorest client drove a BMW and wore a rolex (I had never seen a Rolex IRL up till the time I started showing this client houses). Started off at 300k , then 200k , then 100k. I didn't think much of it, and stupid me I didn't pre-qualify them. We ended up looking at a $40k house that they 'fell in love with'. Sent em to a bank and.......they couldn't get a loan for the $40k to save their life. This was even during the time of Alt-A loans which pretty much anyone with a pulse could get.

Then around the same time I got a call from a guy asking to see a $60k-ish house. Show up and it's a clean-cut guy in a late 80s Cutlass. Looked at the house, didn't like it too much, he said he wanted to try his hand at rentals/flipping. Told him that this $60k house wouldn't be profitable but a $30k one down the road would be. So we went and looked at it, he said he wanted it and who to make the check to. I laughed because this was THE first guy who had that kind of money where $30k to buy + $30k in rehab wasn't anything.

He invites me over to his house to do the contract and whatnot. First time I ever saw a heated inground swimming pool. Nice $300k+ house, wife drove some sports car while he drove this old oldsmobile. Great guy, nice, showed me his checkbook at some point for some reason, in just one of his accounts he had $350k cash.