All Forum Posts by: Jay Thoms

@Kristina Modares

I worked in insurance for years and I would recommend that you choose a successful insurance brokerage versus a captive agent who is subject to one set of policies and requirements.  If you are honest with the most successful property and casualty insurance providers in your area I'm confident there will be one who can place the insurance with a provider to fit your needs.  The more info they know the better.  Honesty is usually the best policy with the agent and they will know the right fit.  I helped a friend today in my area of Cincinnati and Dayton Ohio with their rental property because it was difficult to insure.  I sent them to a local insurance broker who really helped them out.  Referrals from local providers from other bigger pockets members are good too.

Best of Luck,

Jay 

I'll be there but I think your wife has me accounted for.

Engelo,

It's always great to hear you talking about investing and in my home area and work market of Greater Dayton Ohio.  It's great for the local economy.  Best of Luck in Chicago networking.

Best Regards,

Jay

@Steven W.

Thanks for the complement Steven.   Yes I agree with the appetite of the cash flow.  The immediate gratification of the cash flow positive rental is motivating.  I'll message you sometime soon or you can message me if you decide you want to know more about Dayton or Cincinnati.

Best Regards

Jay

@Mark Rauch

If I were to invest outside of my home area of Dayton and Cincinnati Ohio, I would highly recommend using a property manager and local real estate professional you can trust in the area you wish to invest in.  Don't make the choice fast but qualify the potential property manager and/or agent for months by asking them for advice or by asking them to evaluate properties in their area.  Also present to them what if scenarios and ask how they would handle them.  During these months of evaluating and getting their opinions on anything to do with real estate you should get a good feel for the type of person you are dealing with.  If they don't respond adequately prior to hiring them as a property manager or RE agent then they won't work once you have chosen them to represent you and protect your investment.  Also if they are always positive about all the properties you present to them they may be just interested in the business of making money and not helping you.  If they truly evaluate a property as they should they should present to you the negatives as well as the positive characteristics of the deal.

Once you choose the property manager or management company I would ask to periodically do skype or facetime meetings at the property so you can see the condition of the property.  You can also schedule these skype or facetime meetings around scheduled property inspections with the tenant to see how the tenants are taking care of the place.   You can also label these "inspections and furnace filter changes" to give your self a reason other than just making the tenants think you are snooping around.

Any other questions feel free to reach out to me individually to connect.

@Nick Taskani

Every situation is different. I like to evaluate the profitability of each deal individually. I have a couple rentals that are in a higher tax rate area but my particular properties assessed value are not high so my ROI is good. While I do agree that cash flow is extremely important, I also think areas with higher taxes can be very good rentals(usually because the school districts are rated highly) as long as you can achieve your target ROI and cash flow.

@James Haffner

You need to buy in a good area and if you qualify a good property manager to be your "feet on the ground," yes.  If you have any questions with this process reach out to me to connect.  

@James Haffner

Counting on appreciation is speculating.  

Examine the numbers thoroughly to determine cash flow with BiggerPockets calculators.

Not only would I rule out appreciation as a factor but I would never buy a property that didn't have instant equity.  I specifically target properties that are less than market value.  Also cash flow is important.  

Have you ever considered investing in Ohio?  It's a great market for investing.  

I personally like south Dayton and Northern Cincinnati.

I have a local insurance broker that I use for my properties.  His office is in Centerville, Ohio.  He has a lot of companies available to him.  I saved about 1000 dollars on my renewal for my policies because he switched me to a new provider due to my request.  His business is called Meridian Capstone Insurance.  Office number is (937)567-8900.  Ask for rep Kyle and if Kyle isn't around Ryan can help.  Best of luck!

Best Regards,

Jay Thoms

Realtor/Investor

Keller Williams Advantage

I am a local investor and realtor that lives in South Dayton Ohio and am familiar with the Greater Dayton and Northern Cincinnati Areas.  If you need anything reach out to connect.