All Forum Posts by: Jimmy Lieu

Quote from @R. Elle Berry:

Every landlord eventually runs into the issue of late rent payments. I’m wondering how other investors/landlords handle this. Do you stick to a firm process (late fees, notice to cure, etc.), or do you take it case by case depending on the tenant’s situation? I’d love to hear what’s worked best for you, especially in balancing professionalism with tenant relationships.

Late rent is one of those things every landlord has to deal with sooner or later, and in my experience having a clear, consistent process is really important because it sets expectations and avoids confusion. I always recommend sticking to the lease terms with late fees and notices, but also keeping open communication with tenants—sometimes life happens and if it’s a good tenant with a solid history, a little flexibility can go a long way. That said, I avoid making a habit of case-by-case exceptions because it can turn into tenants testing boundaries. In markets like Columbus, Ohio, where I invest, the landlord laws are very fair and the process is straightforward, which makes it easier to enforce policies without dragging things out like you might see in other states. It’s one of the reasons Columbus is such a great place to own rentals—you get steady demand, cash flow that hits the 1% rule, appreciation potential from all the job and population growth, and a system that actually supports landlords when issues come up. Happy to connect and answer any questions you have!

Quote from @Isidro Rodriguez Jr:

Hello, I'm new here. I'm at a point in my life where I think I want to get into rental properties. I own a home in Southern California and have a HELOC. I've been looking at properties in Cleveland, Ohio and Memphis, TN. At the prices I'm looking at, I know the property will need some rehab. I'm thinking about the type of loan that will put the purchase and rehab together. My down payment will come from my heloc. Also the fact that I don't know the area is making it difficult. How do you guys decide when a property is good enough to invest in and keep as a long term rental?

Welcome to BP, Isidro! When deciding if a property is good enough to keep long term, I’d focus on two main things: does it cash flow after all expenses, and are the market fundamentals strong enough to support appreciation and tenant demand down the road. Rehab loans like a conventional renovation loan or hard money into a refi can work if you’re rolling purchase and rehab together, just make sure your numbers leave you with equity and positive cash flow when it’s all said and done. Since you mentioned out-of-state, I’d definitely suggest checking out Columbus, Ohio—it’s one of the few markets where you can still find affordable homes in the $120–180K range that hit the 1% rule, cash flow from day one, and have massive growth drivers like Intel, Amazon, Google, Facebook, Honda, Microsoft, and LG moving in or expanding here. The city’s population and job growth are both strong, and it’s very landlord-friendly, which makes it easier to manage from afar. A lot of out-of-state investors are having success here by building the right local team (agent, contractor, property manager) to handle the things they can’t. Happy to connect and answer any questions you have!

Quote from @Sid Verma:

We recently took over the management of our own rental units. We currently have 4 units and we were looking for solutions to help with emergency call services. What do you guys recommend to help deal with emergency calls (eg. fire, flooding, leaks etc.) tenant call screening. Would love to hear your thoughts.

Great question and props to you for taking on management yourselves, that’s a big step and gives you a ton of control over your rentals. For emergency calls, a lot of smaller landlords either set up a dedicated phone line with a call answering service or use a virtual assistant type service that screens calls and only forwards true emergencies to you. Some even keep a reliable handyman or plumber on call so if a leak or similar issue comes up, they don’t have to scramble in the middle of the night. Another option is to eventually bring on a property management company if the calls get overwhelming, but plenty of owners handle it with systems in place. Since you’re already in the game with 4 units, if you ever consider expanding, Columbus Ohio is a market worth looking at—it’s still very affordable compared to most metros, has strong job and population growth with companies like Intel, Amazon, and Google moving in, and you can find deals in the $120–180K range that hit the 1% rule and cash flow. It’s also super landlord-friendly, which helps a lot when managing from afar. Happy to connect and answer any questions you have!

Quote from @Rachel Gutierrez:

Hello, my name is Rachel.  I am a nurse practitioner by trade, absolutely love my job, but it is demanding and I would love to scale back and be able to spend more time at home! I've always had an interest in real estate and am just now getting to it! Any tips or advice on how or where to begin would be appreciated! 

Welcome to BP, Rachel! That’s awesome that you’re taking the leap into real estate, especially with a clear goal of buying back your time and creating flexibility—it’s one of the biggest reasons so many people get into investing. The best advice starting out is to really focus on education while also looking at markets that give you a balance of affordability, cash flow, and long-term growth. Columbus, Ohio is a great example of a market that checks those boxes—it’s still affordable with properties in the $120–180K range that can hit the 1% rule and cash flow, plus the job and population growth here is huge with Intel, Amazon, Google, Facebook, Honda, Microsoft, LG and others expanding in the area. That growth means strong rental demand and appreciation potential, which is exactly what you want when starting out. From there, building a good local team (agent, PM, contractor) makes long-distance investing very doable. Don’t feel like you need to know everything before you start, the first deal will teach you a lot and get the momentum rolling. Happy to connect and answer any questions you have!

Quote from @Aaron Arguelles:

Hi everyone! My name is Aaron. I am a new real estate investor based out of Utah. My strategy and goal are to buy rental properties, specifically small 2-4 unit multifamily properties, and then scale up to larger commercial rental properties. I'm currently looking at the Mid West market and properties in Ohio, like the Cleveland and Akron area. I've been listening to some episodes from the Real Estate Rookie podcast and reading some books as well. I would love any advice or tips as I am going through this journey and working on finding my first property! Thanks everyone! 

Welcome to BiggerPockets, Aaron! Sounds like you’ve got a solid plan starting with small multifamily and then scaling up, that’s exactly how a lot of investors build a strong foundation. Since you’re looking at the Midwest and specifically Ohio, I’d definitely suggest you put Columbus high on your list along with Cleveland and Akron. Columbus has been on fire the past few years with major population growth, strong job creation, and a ton of big companies moving in or expanding like Intel, Amazon, Google, Facebook, Honda, Microsoft, and LG. The best part is the affordability is still there—you can find 2–4 unit deals in the $120–180K range that hit the 1% rule and cash flow, which is tough to find in a lot of other metros. The appreciation potential here is also strong because of all the development and economic growth happening. Out-of-state investors are very active in Columbus because it’s landlord friendly and easy to manage with a solid property manager. Keep building your knowledge through podcasts and books, but at some point jump in and let the first deal be your best teacher. Happy to connect and answer any questions you have!

Quote from @Kevin Day:

I am looking to buy a sfh to rent in Cleveland area. I am going to have it professionally managed. 
I am from California and will be doing everything remotely/virtually. One of the properties I am looking at does not have appliances, does anyone know the best way to get these installed since I’m not there? Does property management do this?

Which made me think of another question, if I buy a home from out of state and I am not present, where do the keys go?😂

How soon after purchasing does property management start working for you, do they assist getting these installed since home completely rent ready?

Another question, when having an inspection done before purchasing does that normally include a lead safe risk assessment/inspection?

Thanks for any answers. I have a million questions and am tired of YouTube and singular opinions. 

Great questions and you’re not alone—most out-of-state investors run into the same ones early on. In most cases, your property manager can coordinate things like appliances, handyman work, and getting the house fully rent-ready, so you don’t need to worry about being there in person—they’ll usually have vendors they trust. When you close on a property, the title company or realtor will typically provide the keys to your PM so they can take over right away, and if you line them up before closing they can usually step in immediately after the sale to handle any prep work. As for inspections, the standard home inspection typically won’t include a lead-safe assessment unless you order it separately, which can be worth it in older housing markets. Since you mentioned Cleveland, I’d also encourage you to take a look at Columbus, Ohio—very similar affordability but with stronger long-term fundamentals like rapid population growth, big employers moving in (Intel, Amazon, Google, Honda, Microsoft, etc.), and still plenty of properties in the $120–180K range that hit the 1% rule and cash flow with professional management. Happy to connect and answer any questions you have!

Quote from @Rick Albert:

Hello!

I'm analyzing properties and wholesalers are bringing me deals. The challenge I have is it appears to be so much risk tied to it, especially for an out of state investor. Here are some concerns I have:

1. There isn't a "due diligence phase." I can't lock up the property and go through the loan process, inspections, etc. Basically I lock it up and have to buy it.

2. How do I verify this is a legit transaction? These are people with no license, etc. with no fiduciary responsibility to anyone, so how would I know this is actually a legit transaction? Can I choose the closing company that I trust?

3. How do disclosures work? The Sellers typically have to disclose any material facts about the property, but you are flying blind is my understanding?

Obviously I have some bias being a Realtor in my market, but if I'm spending my cash I want to know it is somewhat protected.

Any assistance would be appreciated.

Thank you!

Those are all great questions and definitely things worth being cautious about. When you're working with wholesalers, the main difference is that you usually don't get the traditional due diligence period you'd have on an MLS deal, so you want to build that "due diligence" into your own process up front—do quick numbers, comp checks, repair estimates, and rental analysis before you sign. You can absolutely choose your own title/closing company (and I recommend it), which gives you a lot more peace of mind around whether the transaction is legit since the title company will verify ownership and handle the paperwork correctly. Disclosures are a little different—since wholesalers often don't live in or own the property long-term, they don't provide much in the way of disclosures, which means you're essentially relying on your own inspection, your contractors, or boots on the ground to tell you the condition. For out-of-state investors, this is why having a reliable local team is critical. A lot of people look at markets like Columbus, Ohio because the macroeconomics are so strong—tons of job growth, population growth, and companies like Intel, Amazon, Google, Honda, and Microsoft moving in—and you can still find affordable deals in the $120–180K range that hit the 1% rule and cash flow even after factoring in PM and repairs. It's definitely possible to do this long-distance, but the key is lining up trustworthy people on the ground so you don't feel like you're "flying blind." Happy to connect and answer any questions you have!

Quote from @Adam Macias:

Wholesaling houses has become a hot topic because some states are making new rules or even banning it. For anyone who is new, wholesaling is when you get a house under contract and then sell that contract to another buyer, usually an investor. The problem is some states say this looks too much like being a real estate agent without a license. Places like Illinois and Oklahoma have put strict limits, and others are starting to follow. Some require you to have a license, while others say you cannot advertise a house unless you own it. This makes it harder for wholesalers to do deals the old way. Before trying to wholesale in your state, it is smart to check the local real estate commission rules and maybe even talk with an attorney. Laws are changing fast, and what is fine in one place might not be allowed in another. I want to hear from others here, what states are you seeing changes in, and how are wholesalers adapting?

I remember when the Colorado state approved contract from DORA had assignability as the second clause of the contract. THE STATE contract approved and used by all real estate professionals had it. But that was at a time where also there wasn't even this idea of a wholesaling guru or double closings to hide how much you're earning.

I say all of this to say if you're a newbie in real estate and you're interested in wholesaling you should partner with someone and do away with wholesaling in general. Find an investor or two and have an agreement to act as their acquisitions manager. In other words, you help with the marketing, you help with the appointments, you help with the sales. Everything you do as a wholesaler anyway except you're saving someone time so they can work on the business, but you work in the business.

You’re spot on that wholesaling has become a gray area because so many states see it as practicing real estate without a license, which is why you’re seeing new laws pop up and more restrictions around advertising or assigning contracts. The truth is, if you’re new, you’ll save yourself a lot of headaches by avoiding the wholesaling “guru” route and instead building real partnerships with real investors. Acting as an acquisitions manager for someone who’s actively buying is a smart way to learn the ropes, make money, and avoid the legal risk of misstepping on contracts or marketing. You’re basically doing the same work—finding deals, negotiating, and bringing opportunities—but you’re working with a buyer who can actually close, which gives you more credibility and faster results. At the end of the day, it’s all about building relationships and adding value to others in the business, and if you do that, you’ll find opportunities no matter how the laws change.

Quote from @Robert Johnson:

Who are some DSCR lenders in that are US based that are good for for first time multi-family investors?

Hi Robert! Welcome to BP. I can send some on my list. You can send me a DM.

Quote from @Maria Carter:

Hi! I am new at BP and considering STR in the state of Ohio or near by Kentucky, seems like good places for STR are Hocking Hills and/or Red River Gorge. Any thoughts, recommendations about moving forward with a STR, or should consider other options or locations? Thanks

Hi Maria! Welcome to BP! Hocking Hills and Red River Gorge are both really popular STR spots and definitely have the natural attractions that drive consistent demand, but just know they can also be competitive and seasonal, so having a strong property manager who knows that niche market is key. Something to consider is that while those rural vacation areas can cash flow, you might want to also look at larger cities like Columbus, Ohio, where STR demand is growing because of business travel, university traffic (Ohio State brings in 68k+ students plus tons of visitors), and big events tied to all the new development like Intel, Amazon, Google, and Honda. The nice thing about Columbus is that it’s a diverse economy with population and job growth, so even if STR laws shift, you’ve still got a solid long-term rental backup exit strategy. That’s harder to find in smaller vacation-only markets. If your main goal is cash flow and appreciation, Columbus could give you both while still leaving you the option to run STRs in the right neighborhoods. Happy to connect and answer any questions you have!