All Forum Posts by: Ian Tvardovskaya

@Matthew Rosebaugh Welcome! Make sure you are up to date on Columbus short term rental local rules. I know the city was reviewing them, but I don't know how far they went!

If you want to do your first deal on your own, then I would delay your first purchase until you can learn enough to feel comfortable or partner with someone to fill in the experience you feel that you are missing.

@Michael Garfias If you done see what you like in your city I would look within an hour radius. If that doesn't give you what you want invest in Columbus! Haha

@Michael Garfias Purchase a small multifamily 2-4 units with a good downpayment.

@Ray Chambers It is not uncommon for the PM to hold the security deposit and last months rent until the money is rightfully the owners, i.e. the last month or at move out. If you think about it, the PM is required to do the move out inspection, record damages, and return the security deposit within 30 days (your state may require something different). If the PM doesn't have the security deposit it becomes difficult for them to legally fulfill their obligations. Selfishly, the PM wants the interest generated from the security deposit. I know you want the interest as well, but a good interest rate would be 2%, which of $1,000 is $20. Find a good PM that will save you a $100 through good management.

@Thomas S. Would you suggest getting an appraisal and then then taking it to the bank? Wont the bank just request a second appraisal from their own appraiser?

@Brian Dudash I would make sure that you and your partner find someone local who you trust to manage or look after your rentals. A good property manager will make or break your investment more than the city. You may want to partner with someone local to make sure everyone has skin in the game. If you are looking for cash flow, then you should be investing in multifamily. For example, in Columbus if you pick up a $40-60k SFH you should expect it to be in a C class neighborhood and rent for $700ish/mo. A duplex in the same neighborhood should run $60-80k but the rent doubles. At 20% down you only need $2k more cash to close, but double your cash flow. In general, if you are looking for build, then you will need to either build slowly with 20% down and continue to reinvest your extra cash flow or find other ways to purchase properties. $115k is a great start, but it will be eaten up quickly in 4-5 SFHs between down payment, repairs, closing, and entity creation.

@Stephan Taylor When you post an ad the 3rd step is to post pictures you have already taken. Its really easy. Just click post and follow the steps!

@Toi L Hudson Craigslist and local real estate meetings would be a great, free way to advertise. Is therea BP meet up near you soon?

@Andrew Briggs You should confront the issue now. A dog and a 2nd person are pretty minor, but little lease violations can quickly turn into major problems if your tenant learns he can do as he pleases. Maybe charge 1 pet rent but allow both pets. Allow the 2nd person if they apply and get approved