All Forum Posts by: Barry Cohen

And don't forget to conduct an independent home inspection. Get your own inspector. Do not rely on a referral from the provider. Make sure the Turn Key home has been properly renovated. If your paying top dollar, the mechanicals, electrical, plumbing, roof, foundation should all be in good shape. Those are what will cost you big bucks if you need to replace.

A home inspection is not pass/fail. What does it mean "the electrical needed to be redone"? Was it not a GFCI receptacle? Did the electric not work?  Either way, its not on you. If the home inspector tested the outlet and it failed to operate and did not make note of it in the report then maybe the buyer can go back to the inspector. Either way, this isn't an issue that you should have remedy.

Yes, Yes, Yes, have home inspection if you are serious about the house. There can be some obvious issues just on the surface that may help you make a decision.

A home inspection is not a code inspection. Every house will have some issues, especially older homes with the non GFCI outlets. Sounds like the inspectors likes to scare the buyers.

I would would recommend a live training class. Do not waste your time with online classes. I’m sure there are plenty in ohio. Look around on the ASHI and Internachi site for recommendations. I would also recommend finding an experienced hiome inspector that you can shadow/ride along with to get some first hand knowledge of the home inspection process.
 
Getting a license/training may be the easy part. The real challenge may be getting business. The HI market is competitive in some markets, and tough to break into. As said earlier, finding a network of RE agents is important, but you can live and die with them. Generally, they have no loyalty and will drop you like a hot potato for a variety of reasons( you killed their deal, cheaper inspector). It will take a while to build a reputation and get referrals so plan for that. Good lucK. HI can be an extremely rewarding profession.

Hi @Sam Maule. I have a few rental in the Rochester area for a number of years now. It can be a really good area as the price point is still low, but you need to watch out for the areas you go into. Also do not let the low  price of some of these homes fool you. You may think you’re getting a deal, but many times the repair costs and non paying tenants starts to add up erasing what you think was a solid roi. It’s taken a while, but I finally have decent PM, and a great contractor that I actually trust. PM me if you have questions. Happy to chat.

Best...

@Bob Prisco yes the Cleveland area.

This is a really great thread with great insights of what true turnkey investment properties should be. With that said, can anyone recommend a provider in the area that fits this model?

Some added thoughts....In the price range you are looking at you are going to be the rougher neighborhoods, and the homes will likely need work as well. And it will be harder to find good quality tenants. Finding a good property manager will be key. You will likely not be able to finance a property at that price. Good luck.

I had a loan with canandaigua national bank for a 4 family. Give them a call.