All Forum Posts by: Erin Dorsey Robinson

@Les Edwards Hi Les, it's great to see that you have thought this through so thoroughly on the front end. I agree with much of the advice that has already been offered to you, so I won't repeat. My husband @Dwight Robinson and I own property here in Cleveland and would be glad to have a call or Zoom chat with you to talk about our experience investing here. We are biased, for sure! But it has been great for us and there's no question that you could be successful here also. Let me know if you'd like to talk further. Best of luck!

@Mysonne Johnson what @Cameron Tope suggested may be true for SOME people. It may even be true for most. But, the best part about being an agent is that you determine what will be true for you. Yes, there are all kinds of circumstances that could make things challenging. But there is no rule that says you can't make money as a real estate agent for 1-2 years. That certainly is not my story or my husband's story and it doesn't have to be yours if you do the work. We are both investor agents and we have multiple streams of income. Thinking bigger and building a diversified business has been a smart move for us, not a distraction. Personally, I consider it a privilege to encourage others who would aspire to do the same. Please let me know if I can connect you with some other successful investor agents who can talk with you about what is possible.

@Mysonne Johnson Go for it! What else is multiple streams of income, opportunity to build a team and generate income from the sales of your team members, the opportunity to sell the properties you don't want to flip yourself to someone else who might.  It's been great for us. We own property, we sell property, we buy property. I think the better question is why would you NOT get a license if you're considering it anyway?

@Michael Reilman I have a guy would be worth talking to. I'm pretty certain he can help. His name is Greg. I will make an email introduction for you if you like.

One of the most challenging things about being a real estate investor is finding and keeping great contractors and tradespeople to work on the properties. I don't know if it's different in Cleveland than other places but there is a lot of diligence that goes into finding a contractor to do the work. It's checking with the better business bureau, reviewing google and social media ratings, interviews about what time they start and finish work typically, checking references, building relationships with city building departments to get the inside scoop.

What is your process for identifying great contractors to work on your properties?

@Steve Salzman in addition to the BP calculators, which are great, there was a webinar a few weeks ago about this exact topic. It was called "How to Evaluate and Offer on Rental Property" Brandon went through some examples and gave the metrics he uses as a benchmark for his investments. He suggested the following as rules of thumb:

• Multifamily $100/month/unit
• Single Family $200/month
• Cash on cash return 10-12% (annual cash flow/total cash invested)
• Equity of at least 25% (property value-debt)
• Total return over 5-10 years 15% (double the stock market) as measured by (total profit/total cash invested)/number of years
• 1 or 2% rule-- rental income generated/purchase price = at least 1% or 2%

Even if you know all these things, the webinar was a good refresher. Worth watching if you're able to find it in their library on here.

As for my clients here in Cleveland- do they follow these guidelines for all of their deals? No. Do my husband and I follow these exactly for our investments? Nope! As has been said, every investor has their own objectives for which one of these metrics might carry more weight than another. It depends on your risk tolerance, your long term plan, what kind of financing you're using, and so on. As you're starting out, make sure you find someone to work with who understands real estate from an investor's point of view. It will make a difference. Let me know if I can help! Happy to talk further.

Hi @Stuart Fox. I just noticed your post. I would be glad to make a couple of introductions for you. Send me an inbox and let's go from there.

@Gregory Porter Welcome to the world of Cleveland investing! Let me know if there is anything I can do to help. My husband and I invest here also, so glad to share our experience or insights from the field.

@Delvon A Byrd There are SO many! I've met several over the last month or so. I'd be glad to introduce you to some other people who are here in the area and starting out. 

@Jacob Bluestein Can you send me a message and say more about the qualifications you seek? I'd be glad to make some recommendations if I can.