All Forum Posts by: Harrison Chow

Hey Xzavion! If you're interested in starting house hacking, here are some steps to follow:

1. Determine your budget: The first step to house hacking is to determine your budget. Figure out how much you can afford to spend on a property and how much you can realistically charge for rent.
2. Research properties: Look for properties that have separate entrances for each unit and enough space to comfortably accommodate tenants. You can use real estate websites or work with a real estate agent to find properties that meet your criteria.
3. Secure financing: You'll need to secure financing to purchase the property. Consider getting pre-approved for a mortgage before you start shopping for a property.
4. Choose your tenants: Once you've purchased the property, it's time to choose your tenants. Screen potential tenants carefully to ensure that they are reliable and responsible.
5. Set up rental agreements: Create clear rental agreements that outline the terms of the lease. Make sure you include the rent amount, payment due dates, and rules and regulations for the property.
6. Manage the property: As a landlord, you'll be responsible for maintaining the property and addressing any issues that arise. Be responsive to your tenants' needs and concerns to ensure a positive rental experience.
7. Save for unexpected expenses: House hacking can be a great way to generate income, but unexpected expenses can come up. Save some money for any unexpected repairs or vacancies.

Hope this helps! Have you given the Midwest some thought though? As a resident and investor in Columbus, I can attest to the fact that investing in the suburbs here is a wise choice. It is a thriving city that is attracting several major companies, which will bring in thousands of job opportunities in the next few months and years. This, in turn, is driving population growth, with an annual increase of 0.75%. Employment growth is also on the rise, with a yearly increase of 3.58%. Rent prices in Columbus have also gone up by 6% each year. Would be happy to chat more with you regarding the subject!

As a landlord, mid-term rentals can be a better option compared to short term rentals like Airbnb. Mid-term rentals provide a steady stream of income for a longer period of time, which can help landlords avoid the hassle of constantly searching for new tenants. Additionally, mid-term rentals often result in fewer turnovers and less wear and tear on the property. This means landlords can save money on cleaning and repairs between tenants. Finally, mid-term rentals often attract tenants who are more responsible and respectful of the property, which can result in fewer issues and complaints from neighbors. Overall, mid-term rentals can provide a more stable and profitable experience for landlords compared to short term rentals.

If you are interested in the Ohio Market, I would suggest the Columbus Market. Columbus is a great place for short term and mid term rentals for landlords for several reasons. First, Columbus is a vibrant and growing city with a strong economy, which attracts a diverse range of visitors and residents. This means there is a consistent demand for rental properties, both short and mid term.

Second, Columbus is home to several major universities, including Ohio State University, which attract a large number of students and their families. These students often require housing for shorter periods of time, such as a semester or academic year, making mid-term rentals a viable option.

Third, Columbus is a popular destination for business travelers due to its central location and proximity to major transportation hubs. This means there is a demand for short term rentals from professionals attending conferences, meetings, and events in the city.

Finally, Columbus has a relatively low cost of living compared to other major cities, which makes it an attractive option for people looking for affordable short or mid-term rental options. This means landlords in Columbus can offer competitive pricing and still generate a reasonable profit.

Overall, Columbus' strong economy, diverse population, and high demand for rental properties make it a great place for landlords to invest in short and mid-term rental properties.

Let's connect I can help you find the right management team to manage your rentals! 

For Columbus you would need to look for 2-4 units in order to cash flow. Single families would be difficult to cash flow unless you force appreciate it. You can still find relatively turn key duplexes that cash flow here in columbus. But it is better if you can find a distressed property and force appreciate it. I can help you manage cosmetic to mid-size rehabs here in Columbus. 

For Cleveland, you could find both 1-4 unit properties and cash flow well. it's more of a cash flowing city. 

Turn key properties are definitely the easiest to manage, but I can introduce you to my network of people!

Reach out to me, I can introduce to the people that you would need to get it started! 

Hey Connor! I'm an agent and investor in Ohio too, and have worked with both local and OOS investors in the Cincinnati area. Let's connect and discuss how I can help you! 

Hi Jarvae!

As an out-of-state investor, you can take the following steps to get started:

1. Research the market: Look into the real estate market in the area where you want to invest. Research the demand for rental properties, the average rental rates, and the laws and regulations that apply.
2. Find a local partner: Find a local partner who can help you with the day-to-day aspects of managing your property. This could be a real estate agent, a property manager or contractor.
3. Network: Connect with other real estate investors and professionals in the area to gain insight into the local market and find potential deals.
4. Get financing: Depending on your financial situation, you may need to get financing to purchase a property. Look into options like traditional mortgages, home equity loans, or private loans.
5. Choose a property: Once you have a good understanding of the market and have a local partner, choose a property that meets your investment criteria. Consider things like location, condition, and price.
6. Due diligence: Before purchasing a property, make sure to conduct thorough due diligence by getting a home inspection and researching the property's history.
7. Manage your property: Once you've purchased a property, work with your local partner to manage the property and ensure that it is well-maintained and generating positive cash flow.
8. Monitor your finances: Keep track of your expenses and income from the property to make sure it's generating positive cash flow and it's feasible to hold it.

It's important to note that laws and regulations of real estate may vary from place to place, so it's important to check and comply with local laws before investing.

Let me know how I can help!

Hi Nicholas! The Dayton housing market has been experiencing a steady increase in property values over the past several years, making an impact on rental prices. The value of a middle-price-tier home in Dayton has increased by 23.4% (Zillow through February 2022). Rent prices in the metropolitan area are also on the rise. According to Zumper, median rents for 3-bedroom properties have increased by 8% year over year. I see properties meeting the 1% rule time and again too. Hope this helps and if you're interested in exploring this market further, let's connect and discuss how I can assist you!

Hey Harry! Glad to hear you are also considering the Midwest. As a resident and investor in Columbus OH, I can attest to the fact that investing in the suburbs here is a wise choice. In addition to still offering 1% deals, Columbus is also an expanding city that is attracting several major companies in the next few months/years. Generally, if you are looking for overall appreciation and satisfactory net rents, you are better off in Columbus. However, if you prioritize generating a substantial cash-flow, then Cleveland would be a preferable option. Choosing the right neighborhood is key though, I can provide you with a general overview. Hope this helps and if you're interested in exploring this market further, let's connect and discuss how I can assist you!

 Hey PK! I could send you some referrals if you still need one. Let's connect!

Hey Kelly! Have you given the Midwest some thought? As a resident and investor in Columbus OH, I can attest to the fact that investing in the suburbs here is a wise choice. In addition to still offering 1% deals, Columbus is also an expanding city that is attracting several major companies in the near future, which will bring in thousands of job and business opportunities. This, in turn, is driving population growth, with an annual increase of 0.75%. Employment growth is also on the rise, with a yearly increase of 3.58%. Rent prices in Columbus have also gone up by 6% each year.  I personally concentrate my investment efforts in the Columbus area and my team and I have a network of property managers, general contractors, and lenders etc. that I strongly recommend. If you're keen on identifying a profitable neighborhood to invest in, let's connect and discuss how I can assist you!