All Forum Posts by: Harrison Chow

I’ve realized most of these things I can do myself. One thing that I might have difficulty with is finding tenants. I don’t really know how to do marketing.

What would be some ways that I could find tenants? What questions should I ask them?

Where can I draft a good lease agreement?

What app or website should I use to collect rent?

Should I try managing myself or should I just keep the PM?

I'm currently using Zillow and Facebook! Post your criteria such as credit score, rent to income ratio, employment status/history etc.

0 Votes

Quote from @Account Closed:

TL;DR: If capital was not an issue, where do we start?

Hi everyone! My husband and I are new investors in the Tampa Bay area. We ran a successful business that provided us with a lot of capital, but we will be selling it in the next few months. We are in a position where we have cash but will not have an income soon so our ultimate goal is to create an income stream through real estate investing.

We live in Tampa Bay where housing prices are through the roof and we cannot make the numbers work to BRRRR. We are working with a wholesaler to do our first fix and flip, but due to the slim margins, are unsure if this is the right path to follow.

My question is do we look at out-of-state investing to make the numbers work? Is it foolish to start our first project out of state? If not, are there other specific regions or cities you would recommend us to research that provide strong cash flow in the current market? What would be the smartest first move to learn and get experience with a successful deal to start our RE journey.

Hi Mishal! I would generally recommend starting local but understandably for some, that may not be feasible for various reasons. In such cases, you might want to consider OOS investing.

Look for markets with strong economic fundamentals, such as job growth, population growth, and low unemployment rates. This can help ensure that there is a high demand for rental properties in the area. One state you might want to consider is Ohio, which boasts thriving cities like Columbus, Cincinnati, and Cleveland.

I personally focus my investments in Columbus, which has seen a significant increase in property values and is expected to continue this trend in the future. This is due in large part to major corporations like Intel, Honda, Nationwide Children's Hospital, and Wexner Medical Center investing heavily in the region and creating numerous job opportunities. Additionally, Ohio has favorable landlord-tenant laws that provide landlords with more rights and protections.

If you're interested, please let me know how I can assist you further. My team and I also have a good infrastructure in place for out of state investors (i.e. connections to contractors, property management companies, lenders etc.) I would be delighted to discuss this topic with you in greater detail!

3 Votes

Quote from @Phil Nelson:

Hey BP! Thanks partly to BP podcast and this great community I was finally able to leave the rat race and quit my factory job. I'm up to 37 doors, mostly single family houses, and I was able to pull out some equity recently and purchase a flooring store in Indianapolis, IN. Thank you everyone! Feel free to connect with me anytime.

Wow, congratulations!!

0 Votes

Indianapolis, Indiana

Quote from @Mike Boss:

I’m looking to buy 2-4 unit out of state rental properties in the $150k range. My goal is to cash flow around $600/m from every property I buy. I currently own a duplex that cash flows $650.

For a duplex I would prefer 3 bed on each side with rents of $900-$950 on each minimum. Price $150k and below.

For triplex and 4 plex I would like it to be under $200k with a goal of hitting $150k price range. Gross rents need to be $2200 or more.

I prefer realtors who own rental properties or have many clients that are investors. I plan to talk different strategies. I normally put 25% down with a DSCR loan. However, I'm thinking about doing brrrrs. My goal is to one day own 10 properties cash flowing $600/m each.

Some markets im interested in are Midwest. Ohio (Cincinnati, Dayton, Columbus, Cleveland). Indiana (Indianapolis), Pennsylvania (Scranton and Western PA)

Florida (Jacksonville, Orlando, Panama City, outside of Miami).
Texas (Dallas, Wichita Falls).

I prefer the Midwest and am liking Ohio. Plan to invest by the end of the summer.

Hi Mike! Just sent you a DM.

1 Vote

Quote from @Alicia Morrow:

Hello everyone!!!! I’m new to the game. I’m trying to gain more information about real estate and finding an agent for STRs. Can’t wait to see what it’s all about!!!! Super excited!

Hi Alicia! Welcome to BP! Here a few things to consider when starting out with STR's.

Research the market: It's important to research the market and demand for short-term rentals in the area you're interested in. Look at occupancy rates, seasonal trends, and competition in the area.
Understand local regulations: Make sure you understand any local regulations or zoning laws that may impact your ability to operate a short-term rental. These can vary widely from location to location.
Choose the right property: Look for properties in desirable locations that are close to popular tourist destinations, business centers, or other attractions. Consider the number of bedrooms, bathrooms, and amenities that will appeal to your target audience.
Set competitive rates: Price your short-term rental competitively based on the local market and demand. Keep in mind that pricing will fluctuate based on seasonal demand and events in the area.
Provide excellent guest experiences: The success of your short-term rental depends on providing excellent guest experiences. Make sure the property is clean, well-maintained, and stocked with everything guests may need. Respond promptly to guest inquiries and requests.
Consider working with professionals: Look for an agent who is knowledgeable about the STR market in your desired location. They should have experience working with investors and understand the unique challenges and opportunities of STRs. Consider a professional property manager too to handle day-to-day operations and ensure everything runs smoothly.

Hope this helps and best of luck on your real estate journey!

0 Votes

Quote from @Jahannes Wilder:

Hey there, I'm Jahannes Wilder, a 24-year-old in the Houston area. Having just moved from Cleveland, Ohio, I'm excited to immerse myself in the city's thriving market and connect with other like-minded individuals who share my passion for the industry.

As a bus operator and rookie investor, I'm constantly seeking out new opportunities to grow my portfolio and build a better future for myself. But real estate has always been my true calling, and I'm thrilled to be diving deeper into this exciting field.

With my unwavering ambition and dedication to learning, I'm confident that I can achieve great things in the world of real estate. And that's why I'm eager to join the BiggerPockets community - to connect with fellow rookies and industry pros alike, learn from their experiences, and grow my knowledge base even further.

Hi Jahannes! Welcome to BP! Here are a few suggestions to keep in mind to get you started:

Educate yourself: Before investing in real estate, it is important to educate yourself on the market and the various investment strategies. Attend seminars, read books, and take online courses to learn about real estate investing.
Define your investment goals: Determine what you want to achieve through real estate investing. Are you looking for passive income, long-term appreciation, or short-term profits? Your investment goals will dictate the type of property and investment strategy you pursue.
Develop a plan: Create a plan that outlines your investment strategy, budget, timeline, and target properties. This plan should include your criteria for selecting properties, such as location, property type, and potential return on investment.
Build your team: Real estate investing requires a team of professionals to support you. You'll need a real estate agent, a property inspector, a contractor, and potentially a property manager. Networking with other investors and professionals in the industry can be a great way to build your team.
Get pre-approved for financing: It's important to know how much financing you can obtain before searching for properties. Getting pre-approved allows you to make offers with confidence.
Start small: As a rookie real estate investor, it is often best to start small and work your way up. Consider investing in a single-family home or a small multi-unit property first, this will allow you to gain experience and develop your skills before taking on bigger projects.
Develop a network: Building relationships with other real estate professionals can be incredibly valuable. Consider joining a real estate investing group or attending local networking events to meet other investors, real estate agents, and property managers.

Hope this helps and best of luck on your real estate investing journey!

2 Votes

Houston, Texas

Quote from @Marijana Vukovic:

I am looking to purchase a turnkey rental in Ohio within the next few months. Toldeo looks interesting to me, but I could use some guidance. Can anyone give me more insight on how taxes are in Ohio, and if there’s any specific areas of Toldeo that I should be keeping my eyes on or avoid? Any advice is appreciated.

Thanks everyone!

Hi Marijana! Just sent you a DM.

0 Votes

Toledo, Ohio

Quote from @Chris S.:

Hi,

I am a management consultant based out of the Chicago looking to begin my real estate investment journey. I have saved up some capital that I would like to deploy over the next couple years in a few properties. BP podcast has been a great place to get my bearings but still very new to this and looking to connect with folks either in a similar place in their REI journey for comeraderie or more seasoned folks willing to part some advice/mentorship in the Midwest in both local and out of state investing. Contacts for good real estate agents, property managers, loan officers, real estate lawyer, real estate tax professional would also be much appreciated. Ideally I would like to partner with someone on my first deal where I can supply the capital and learn how to be an operator in this space through hands on work through the life cycle of the deal. Thanks bp and community in advance for all the value you guys provide.

Katy.

Hey Katy! I just sent you a DM.

0 Votes

Quote from @Maryam Mostafa:

what are the best startgies to make sure the property is worth it or not site unseen? some neighborhoods can be tricky. do you send a contarctor out? somebody other than the agent, how do you manage renovation out of state?

Hi Maryam! Here are a few suggestions:

Use technology: With the help of technology, you can get a good idea of what a property looks like without physically being there. You can use virtual tours, video calls, and high-quality photos to get a sense of the property's condition.
Conduct thorough research: Before investing in a property, it's essential to conduct extensive research on the area, neighborhood, and local real estate market. Look at comparable sales, local crime rates, school ratings, and other relevant factors that could affect the property's value.
Hire a local inspector: It's always a good idea to hire a local inspector to check the property's condition and identify any potential issues. A professional inspector can provide you with a comprehensive report that outlines any necessary repairs or renovations.
Work with a local contractor: If you need to manage renovations out of state, it's essential to find a reliable contractor in the area. A local contractor can provide you with updates and oversee the renovation process, ensuring that everything is done according to your specifications.

Hope this helps and let me know if you'd want to discuss this further!

2 Votes

Quote from @Manuel Avila:

Hello! My name is Manny and I'm from LA. I wanted to take the next step towards REI by posting my intro. Im excited to leaning more and ultimately making my first purchase. Thanks having me and I look forward to meeting people in the REI world.

Hi Manuel, welcome to BP! Let me know if you'd be interested in the Midwest, specifically Ohio. Best of luck on your real estate journey!

3 Votes

Los Angeles County, California

All Forum Posts by: Harrison Chow

Harrison Chow has started 7 posts and replied 274 times.

Post: How do you find tenants?

Post: Unsure Where to Start

Post: Finally Left the Rat Race

Post: Looking to buy 2-4 unit properties in different markets

Post: New to the game

Post: Hello BiggerPockets Community

Post: Searching for Turnkey Property

Post: New to REI based out of Chicago looking to invest out of state.

Post: PURCHASING OUT OF STATE PROPERTIES?

Post: Excited to Learn More