All Forum Posts by: Brian Mcmenamin

@Maureen Nixon Evaluate your property managers well. They will make or break your investment. You can find a great deal but have a terrible manager and the place falls into chaos. While you are out also find some GCs and handymen. I'd go with Columbus if I had to pick one of your three. Columbus is having massive job growth, and Google is building a huge campus out there. 

@Steve K. Good catch Steve. I missed it being her primary residence

@Faye Omar Be wary of HOA assessments especially if there are plans to renovate the lobby area. I think you could make out on the depreciation, but expect to pay capital gains after the sale unless you 1031 exchange the property in a year. Without knowing the specific address or comparable sales in the area, I couldn't give you an accurate estimate of the ARV. PM me if you have more specific questions.

@Adam Eng Double the market rental rate and lease them to him on at least 5 year term. PM me if you want to talk more. I am just starting to look at getting into this business. 

@Michael Newman LLCs are great to limit your liability. If you are a sole owner of the LLC, people can still come after you. The real benefit to an LLC is for lending once you are over 10 properties. You can do lease options in your personal name. I cannot think of any circumstance where LLC's will help you gain any advantage in a lease option scenario.

@Kyle Patterson As long as you can maintain cashflow. When market turns down, expect to have an increased vacancy rate. Market turns down, government decreases rates, and former renters will look to buy. Cashflow is key to making it through the tough times. 

@Virginia Jones It is difficult to have a bank lend on cash payments because you need to have proof that funds are being deposited into your account. I did hear about a program through 7/11 where they deposit cash at that location and it goes direct into your account similar to Venmo. Re-financing would be the biggest problem with accepting cash.

I have purchased one so far this year. working on getting some more here soon

@Neftali Mercado The bank owns the home if it was foreclosed. I'd recommend checking with the county, they should have it on their tax records who is the current owner as well as the amount of taxes owned. If you can find the bank then I'd recommend talking to someone in their REO department about purchasing the property.

@Joseph Eaton You won't get any more access to deals. Access to more deals comes through networking and brokers who will send you off-market or soon to market deals. If you want to be an agent to buy/sell homes, get your license. You don't need a license to invest in real estate. Best of luck