All Forum Posts by: Anthony R.

I'm in the "Ignore it and let them take you to court" camp. My reasoning being that they need to furnish DETAILED proof to the court that they're owed that money. Courts are going to side with the tenant if there's no proof or limited proof. Tell that PM to stuff it.  

@Tom B. This goes back to my original points. If you're confident when you buy, the deal is cash flowing and you're good to buy and hold for 30 years with those numbers, then let the world melt down, it won't matter. 

If interest rates drop off, then you can refinance down the road and reap the benefits. If they rocket, then you've already locked yours in and you're already cash flowing. 

For what it's worth, if you're not confident that you'll be able to survive, then it's a bad investment. 

I'd recommend saving 6 months worth of personal expenses and don't touch it. While you're doing that, you can do what I do between deals, I paper trade. I scan realtor.com every morning and every night looking for deals. I work out all the expenses, I try and figure out rehab costs, I calculate rent with rentometer.com, the works. This will make it easy for you to find a deal when you're actually ready. 

If things are tight, you could also figure out creative ways to lower your expenses. Try and get your expenses down to 30-40% of your take home at least. This will take the pressure off. Nothing is worse than getting stiffed on rent and being worried about paying the mortgage. 

and you WILL get stiffed on rent eventually. It's the nature of the business. Good luck

My two cents, Lorain is a diamond in the rough. 

• For starters, the city is spending millions right now rehabbing the downtown area. From West Erie to West 10th st. They want to make it a sodosopa  https://www.morningjournal.com/news/lorain-county/...

• Next, they're rehabbing the historic buildings  http://www.chroniclet.com/Local-News/2018/07/17/Lo...

• Lorain recently got a giant dredging contract from the state of Ohio, this is going to bring in a ton of money https://www.morningjournal.com/news/lorain-county/...
• Republic Steel has reopened in Lorain, bringing a TON of jobs back to the area (arguably the reason that the city was in decline)  https://www.wkyc.com/article/news/local/lorain-cou...

• Save-A-Lot and Domino's are committed to bringing the area back https://www.morningjournal.com/business/save-a-lot...

AND if all that wasn't enough, you can find a ton of duplexes and single fam's for sale right around 25k per unit which is really sweet considering the rents in the area are 500-700 easy per unit and property taxes are super low.  https://www.realtor.com/realestateandhomes-search/...

I'm buying everything I can in the area. I picked up a 4 fam out there last march, a duplex this month and I'm looking for another deal as we speak. 

"Whenever a wholesaler contact me I simply get the information about the property & reach out to the owner myself cutting the wholesaler out of the deal entirely"

@James Wise that's ****ing savage lmao.... 

I second what @Jeff Brower said about Lakewood being inflated at the moment. Every single morning and every single night I check realtor.com for new listings from Amherst to W117th and I consistently see Lakewood buildings listed welllllll above what I personally would consider an investors deal. Lorain and Elyria have a lot of deals popping up but almost all of them require 10-20k of TLC so that needs to be factored in. 

I'm currently invested in Lakewood and Lorain. I've house hacked 3 times now and have used FHA, Conventional loans and VA. Hit me up if you have any questions or need contacts. Welcome to BP

@Joe Splitrock yeah I wouldn't do wifi cameras ever. I'm planning on hardwiring them. I don't want to ask tenants for internet. That's why I was considering setting up mobile hotspots. They're super cheap. 

For a company to do it, run conduit, all the equipment and stuff, yeah $1000+ isn't unreasonable. I just don't want to pay that much for this setup. So it's me being cheap not them asking to much I guess.

I'll probably roll a demo out in January to see if I can get a working setup going. I'll post my results here. 

I appreciate your input and actual hands on experience. Thanks for the info. 

@John Underwood no and that's not really a scalable solution. I need something that I can roll out across all my buildings with the only hurdles being purchase and install. 

@Keith Weigand yeah I was considering that interference problem. If I want cameras around the entire exterior, the only place I could put it that wouldn't require an excessive amount of cable would be the basement. That said, I can find ways to extend the wifi signal. I can mount it someplace else, run cat 5 from a router, etc etc etc