First rental in contract!
19 Replies
Leah Gonzalez
Real Estate Agent from San Marcos, CA
posted 16 days ago
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?!
Dan Heuschele
Investor from Poway, CA
replied 16 days ago
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
Ron Szmik
Real Estate Broker from Brecksville, OH
replied 16 days ago
Leah Congrats and welcome to the CLE! Let me know if you need any references for work / contractors after your inspection. Thanks
Martha Rodriguez
replied 16 days ago
@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!!!
Jesse DeLeon
replied 16 days ago
Congrats @Leah Gonzalez ! Could you share who you used as a lender?
Martha Rodriguez
replied 16 days ago
@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!!
Matt King
Attorney from Cleveland, OH
replied 16 days ago
Cleveland is the place to be! Congrats!
Marc Rice
Real Estate Agent from Columbus, OH
replied 16 days ago
Congrats! I’d recommend getting 3 opinions on anything you do...I.e interview 3 property managers, 3 contractors, etc
David Frandsen
Real Estate Investor from San Diego, CA
replied 16 days ago
@Leah Gonzalez Congratulations! You will learn a ton. Keep us posted on how it goes.
Wesley I.
Contractor from San Diego, CA
replied 16 days ago
Congrats fellow San Diegan! Im currently under contract as well! Exciting times
Remington Lyman
Real Estate Agent from Columbus, OH
replied 15 days ago
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
Martha Rodriguez
replied 15 days ago
@Remington Lyman thank you! I will look into it.
Brandon Goldsmith
Real Estate Agent from Columbus, OH
replied 15 days ago
I would just continue to make good connections in your OOS market. Congrats on getting started! @Leah Gonzalez
Ari Hadar
Investor from Israel
replied 15 days ago
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?
Leah Gonzalez
Real Estate Agent from San Marcos, CA
replied 15 days ago
Thank you everyone! I'll dive into the details when we close as we are still negotiating after the inspection.
Leah Gonzalez
Real Estate Agent from San Marcos, CA
replied 15 days ago
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.
Jesse DeLeon
replied 15 days ago
Thank you for responding! Good luck the rest of the way!
Lisa King
from San Diego, CA
replied 15 days ago
@Leah Gonzalez Yahoo!! Congratulations!! Must feel great...and it’s only the beginning!
Joseph Hummel
from Crystal Bay
replied 15 days ago
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.
Dave E.
Rental Property Investor from Indianapolis, IN
replied 15 days ago
@Leah Gonzalez congrats!! Awesome that you made your first move!!!