All Forum Posts by: Account Closed

Research current rentals to make sure you get a good rental rate. 

Make sure you let your insurance company know when your current residence becomes a rental so they can insure properly.

Join a local rei group for networking and resources. You will want a decent  lease agreement to protect yourself. 

Good luck, this is a great gig!

350-400 for SFH in Zanesville, Ohio. Just paid $2700 for a mixed use 12 unit building.

My opinion for you with little to start out with is buy a duplex and live in half of it. You should be able to get an owner occupied type loan which is better than an investment loan since you will be living there. Hopefully you find one where the neighbors rent covers the mortgage. Save the money you would be paying for rent for your down payment on investment #2

Here are a couple things to think about. How will you get funding to buy the properties and then funding to fix them up? If you rent you need enough cash flow to maintain the property. In a "not the best area" people tend to no care about the property they rent and give you more problems paying rent, in general. If the area is not great you would have to get the house extremely cheap and be able to fix for under what the market value is in the are to make any income to keep moving on. This is very difficult in these areas simply because people wont pay a decent price for a nicer home in an undesirable area. These are just some things to think about.

It has been tried in my area and the non profit didn't last a year. They bought 2 homes and didn't finish rehabbing the first home, it was eventually demolished after they invested money into trying to fix it up.

I would say your best bet would be to fix up hold and rent if you go this route.

Welcome fellow Ohioan! I am from Zanesville and have been it the game for about 8 years now. It's a great move!

Congrats on your first deal! Just be careful not to get in over your head to quickly. Take your time, let the dust settle from your first couple deals. You never know what kind of unexpected expenses might pop up.

I stay organized manually. I have a rent collection sheet that I mark off as each properties rent is paid for the month. I keep each of these sheets to total incomes at the end of the year.

I keep a folder for each property and put corresponding receipts and all invoices for each property in its folder and don't have to sort them all out at years end.

I know this seems like the caveman way to some but it works for me and I have 34 units. Very little time involved.

Originally posted by @Heather Roy:

Originally posted by @Account Closed:

I am from Ohio and started with 1 duplex in 2007 and am now up to 34 units. I love it! Good luck to you and your husband.

Thank you Wayne! That is inspiring :) We are soaking in all this information on RE Investing, being a landlord, and loving it too.  So motivated to build our portfolio sooner than later.

Time will become your most valuable asset. I would have started when I was 18 if I knew then what I know now. Keep on growing your portfolio!

I am from Ohio and started with 1 duplex in 2007 and am now up to 34 units. I love it! Good luck to you and your husband.

I put down 20% on a duplex. I had to secure a high interest split loan before the market collapsed. I paid to much and had a less than desirable loan terms. What a great learning experience. I wouldn't trade that experience for anything.

All deals since then have been on much better terms.