Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.

While I’m new to the business, I’m eager to learn, grow, and connect with local investors, landlords, and fellow real estate professionals.

If you can house hack where you are at, that alone will be enough learning to give you a good taste of what you might be looking for.

We are learning as we go here and I am curious on the approach others have used when going for their first property after getting their HELOC set up alongside an LLC and so forth.

Lessons learned?

Sold Lessons learned?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Purchase price: $190,000 Cash invested: $34,000 Triplex, ranch style.

These were homes you we used to live in so the transition to managing them (lessons learned along the way aside) has been good for us.

He would be one of the best to learn from.