First rental in contract!

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First rental in contract!

Leah Gonzalez
Real Estate Agent · San Marcos, CA · Member since 2018 · 22 posts · 27 votes

I'm excited to share that finally I am in contract for my first rental property! Duplex in Cleveland OH! Having the inspection tomorrow and probably won't see the place in person until after closing... eek! I am OOS investor in San Diego. Any tips for this newbie?!

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Martha Rodriguez
Member since 2021 · 15 posts · 9 votes
5y

@Leah Gonzalez congrats!! I'm also a newbie looking to invest in Ohio also. It would be nice if you could share your experience in Ohio... Congratulations again!!!

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  • Dan H.Pro Member
    Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
    5y
    Originally posted by @Leah Gonzalez:

    I'm excited to share that finally I am in contract for my first rental property! Duplex in Cleveland OH! Having the inspection tomorrow and probably won't see the place in person until after closing... eek! I am OOS investor in San Diego. Any tips for this newbie?!

    >probably won't see the place in person until after closing

    I hope you have a very trusted team.  Maybe a family member or friend checking on things.  This sounds like this could easily turn into a horror story for a couple hundred dollars of cash flow per unit that historically has not kept up with inflation and property values that historically have not kept up with inflation.

    >Any tips for this newbie?

    I am a strong advocate of newby RE investors starting local.  So Tip #1 is start local.  Have you read David Green's book on long distance investing?  I hope you are as educated as you can be because even if you are well educated the process can have challenges.  If you are trusting a new/unknown team with minimal knowledge it could be a disaster.  Tip #2 is to be as educated as you can be.  Related to Tip #2, Tip #3 is make sure you build and maintain a quality team as that is necessary for OOS RE success.

    Good luck

    1Reply
  • Ron Szmik
    Real Estate Agent · Brecksville, OH · Member since 2011 · 166 posts · 75 votes
    5y

    Leah Congrats and welcome to the CLE!  Let me know if you need any references for work / contractors after your inspection.  Thanks

    2Reply
  • Martha Rodriguez
    Member since 2021 · 15 posts · 9 votes
    5y

    @Leah Gonzalez congrats!! I'm also a newbie looking to invest in Ohio also. It would be nice if you could share your experience in Ohio... Congratulations again!!!

    2Reply
  • Jesse DeLeon
    Member since 2021 · 3 posts · 0 votes
    5y

    Congrats @Leah Gonzalez! Could you share who you used as a lender?

    0Reply
  • Martha Rodriguez
    Member since 2021 · 15 posts · 9 votes
    5y

    @Leah Gonzalez I don't have a team in place to invest in Ohio yet

    How did you find your team to trust? if you don't mind sharing. It would very helpful for a newbie like me. Thank you!!

    1Reply
  • Matt King
    Attorney · Cleveland, OH · Member since 2020 · 4 posts · 3 votes
    5y

    @Leah Gonzalez

    Cleveland is the place to be! Congrats!

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Leah Gonzalez

    Congrats! I’d recommend getting 3 opinions on anything you do...I.e interview 3 property managers, 3 contractors, etc

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    1Reply
  • David Frandsen
    Real Estate Agent · San Diego, CA · Member since 2014 · 205 posts · 123 votes
    5y

    @Leah Gonzalez Congratulations! You will learn a ton. Keep us posted on how it goes. 

    0Reply
  • Wesley I.
    Investor · San Diego, CA · Member since 2019 · 286 posts · 135 votes
    5y

    @Leah Gonzalez

    Congrats fellow San Diegan! Im currently under contract as well! Exciting times

    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Martha Rodriguez:

    @Leah Gonzalez I don't have a team in place to invest in Ohio yet

    How did you find your team to trust? if you don't mind sharing. It would very helpful for a newbie like me. Thank you!!

    I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager.

    https://www.biggerpockets.com/blog/core-four-real-estate-team

    I invest locally in Columbus, Ohio

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    1Reply
  • Martha Rodriguez
    Member since 2021 · 15 posts · 9 votes
    5y

    @Remington Lyman thank you! I will look into it.

    1Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    I would just continue to make good connections in your OOS market. Congrats on getting started! @Leah Gonzalez

    [email protected]614-963-3340
    1Reply
  • Ari Hadar
    Investor · Member since 2020 · 401 posts · 86 votes
    5y
    Originally posted by @Leah Gonzalez:

    I'm excited to share that finally I am in contract for my first rental property! Duplex in Cleveland OH! Having the inspection tomorrow and probably won't see the place in person until after closing... eek! I am OOS investor in San Diego. Any tips for this newbie?!

    Could you specify the numbers and math? 

    0Reply
  • Leah Gonzalez
    OP
    Real Estate Agent · San Marcos, CA · Member since 2018 · 22 posts · 27 votes
    5y

    Thank you everyone! I'll dive into the details when we close as we are still negotiating after the inspection.

    0Reply
  • Leah Gonzalez
    OP
    Real Estate Agent · San Marcos, CA · Member since 2018 · 22 posts · 27 votes
    5y
    Originally posted by @Jesse DeLeon:

    Congrats @Leah Gonzalez! Could you share who you used as a lender?

    I am using a lender that is local in SD and I have used professionally before. His name is Joel Berman with Synergy One Lending. 

    0Reply
  • Jesse DeLeon
    Member since 2021 · 3 posts · 0 votes
    5y

    Thank you for responding! Good luck the rest of the way! 

    0Reply
  • Lisa King
    San Diego, CA · Member since 2021 · 13 posts · 3 votes
    5y

    @Leah Gonzalez Yahoo!! Congratulations!! Must feel great...and it’s only the beginning!

    0Reply
  • Joseph Hummel
    Rental Property Investor · Crystal Bay · Member since 2019 · 59 posts · 38 votes
    5y

    @Leah Gonzalez

    Congrats! What drew you to Cleveland? I almost bought there- and I might have a contractor contact still. Prop taxes are super high and most of city has laws in place to upkeep exterior (grass, paint, railings etc) or you get fined- but lots of good deals. Also I think city requires inspection for rentals. Don’t get taken by some property manager companies who promise to do everything and they will buy. They charge all your cashflow into $0 for you.

    0Reply
  • Account Closed
    Rental Property Investor · Indianapolis, IN · Member since 2020 · 562 posts · 554 votes
    5y

    @Leah Gonzalez congrats!! Awesome that you made your first move!!!

    0Reply
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