All Forum Posts by: Jimmy Lieu

Quote from @Kendric Buford:

Hi, still new to the forums, please pardon any oddities in my post. I've tried to include relative information, without writing a novel. 

I'm a newer investor looking to get some cashflow. My strategy for the foreseeable future is 'buy and hold' with long-term tenants. I'm fine with doing some minor fixes and improvements to a property: Adding overhead lighting/fans, better flooring, maybe redoing a main bathroom. My current portfolio includes two 3-Bed/2-Bath Single Family's in my home state. I did minor improvements to both of those, but unfortunately had to replace the roof on each (Flat roofs suck, lesson learned). I have $60k-$100k that I'm willing to deploy, and do some learning with. I also have ~$20k that I've resigned for the scripted "mishap" that always comes up after purchase...lol

I've read a number of other threads and I've seen a fair amount of talk about Ohio. While that is pretty far from me, the prices there are far more manageable than my current state and would let me deploy my capital a bit better. I'd love to hear some more savvy investor's thoughts on Ohio, or a similar market. Normally, my preference would be a Duplex for ease of learning, but after looking at the price point in a place like Cleveland, I theoretically could purchase two Single Family's there. Thanks in advance for your time.

Hi Kendric! I'd suggest also checking out Columbus OH. Our market is stable with strong job growth from major employers moving and developing here like Meta, Intel, Amazon, etc. Plus our population is growing steadily which helps maintain property values and rental demand. We still see postive cash flowing deals here and lots of appreciation potential. Happy to send over some resources regarding the Columbus Ohio market and why it's a great market to invest into!

Quote from @Mike Figueroa:

I have 5 single family townhomes. They all cash flow and are easy to manage (so far). Is there a good strategy to scale my investments or should I just keep what I’ve got?  

Hi Mike! First off, congrats on building such a solid portfolio! Maybe you can also consider partnering with other investors. You've got the experience and track record. Maybe team up with someone who has capital but lacks your expertise? You could structure it where they provide most of the down payment while you handle the management side. Just throwing ideas out there. But personally, sometimes the best strategy is protecting what you've built rather than pushing for more. Happy to connect and answer any other questions you may have.

Quote from @Denise Lang:

Hello everyone,

my wife and I want to start our real estate investing journey to boost our wealth and retirement fund. Long-term single or small multifamily rental would be our strategy to go. We live in California at the moment and I have W2 job and my wife a small online business. So we don't have a lot of money to start with. CA is an expensive market and regarding tenant laws in my eyes more complicated/difficult as a rookie landlord. Has anyone experience to share how the get started in a market in a different state? What are things to look our for in this situation? Any tips are welcome. Thank you in advance and happy holidays to everyone.

Denise

 Hi Denise! When investing OOS, consider targeting markets with major corporate relocations and expansions. For example, here in Columbus we've got Intel building their mega-fab which is already driving up property values and rents in certain submarkets. The same is also happening in areas getting new manufacturing plants, tech campuses, etc. These markets often have strong population and job growth and strong rental demand.

But the reality is that even in more affordable markets like Columbus, you'll need about $50k-60k household income just to qualify for a conventional investment property loan (this assumes good credit and reasonable debt). The down payment requirements are also steeper, typically 20-25% for investment properties. Plus you'll want reserves for maintenance and vacancies.

Have you checked what you can actually get approved for? That's step one before looking at markets or building teams. If the numbers aren't there yet, I'd suggest focus on growing your income, look into house hacking as previously suggested, or consider partnering with other investors who can qualify for the loans. Happy to connect and answer any questions you may have.

Quote from @NA Lewis:

Hello All and happy holidays!

Excited to learn and get insight on investing in a new market. We are looking to invest in multi family properties in Dayton, Toledo, Cleveland or Columbus Ohio. Happy to make acquaintance with any agents or experienced investors in these markets.

Thanks

Hi NA, happy holidays and welcome to the BiggerPockets community! While I can't speak for the other markets, Columbus is a solid choice as an investor myself. We've got strong job growth (tech, healthcare, education), stable population growth, strong rental demand, and plenty of value-add opportunities in multifamily. The multi-family scene here is pretty great, with good cash flow and appreciation potential. Happy to connect and answer any questions you may have.

Quote from @Danny Goss:

Hey guys! I joined after reading 5-6 of the BP authored books and I've loved growing my understanding of the world of real estate investing.

I made my first investment this summer and my family is partnering to make a few investments in the next year. We're currently deciding whether we'll want to go with a BRRRR vs. turnkey duplexes. Clearly there's a lot more ROI and work for a BRRRR.

After finishing David Greene's BRRRR book and combing the forums, my impression is it'll come down to building the right team and doing our due diligence on finding and analyzing deals, estimated ARV, rehab costs, and rent /demand for an area with the most conservative estimates. I'm looking to understand how the Columbus market may stack up for opportunity in BRRRR's. I'd love any insights for those who are familiar.

Thanks!

Hi Danny, welcome to the BiggerPockets community! First off, congrats on doing your homework before jumping in! About BRRRR in Columbus - I'll be straight with you. While it's definitely doable here, our market has gotten pretty competitive over the last few years. Finding those juicy BRRRR deals takes a lot more work than it did even 2-3 years ago. Most of the easy "lipstick on a pig" transformations are gone - you're often looking at more serious rehabs to make the numbers work.

That said, we do have some advantages: strong rental market (lots of students, young professionals), still relatively affordable deals, and good appreciation potential in many neighborhoods. For a first-time investor though, I'd seriously consider starting with a turnkey duplex. You can learn the local market without the stress of a major rehab while you start building relationships with property managers and tenants. It's way lower risk while you're getting your feet wet.

BRRRR definitely has better potential returns, but it also has way more moving parts that can go wrong. If you're dead set on BRRRR, focus on areas like Linden, Hilltop, and parts of the South Side - but make sure you really understand the micro-markets there. Happy to connect and answer any questions you may have.

Quote from @James Bolt:

Good morning all,

I'm Jim Bolt and a new investor. I live in Jacksonville FL and Just bought my first Duplex in Ashtabula OH.

I have a licensed Real Estate Agent, Licensed Property Manager and two Lenders (conventional and Hard).

To be honest this is to be my retirement. If i had known about this years ago I would have done it then. 

Any advice, mentorship or direction would be greatly appreciated. 

Thanks again,

Jim

Hi Jim, welcome to the BiggerPockets community! Since you're investing from out of state, make sure you have a reliable handyman or contractor on your team too for when small issues pop up. Also, consider joining local real estate investment groups in the Ashtabula area - even if you attend virtually. The networking and local market insights are invaluable.

For retirement planning, focus on building steady cash flow and consider setting aside a healthy maintenance fund (I usually recommend 6 months of expenses) to protect against any surprises.

If you're looking to expand your portfolio, Columbus is a great market where we still see positive cash flowing deals with lots of appreciation potential. Happy to send over some resources regarding the Columbus Ohio market and why it's a great market to invest into!

Quote from @Kris Lou:

Hi,

Curious what PM fees are for an out of state investor on 1 duplex?

Thanks.

 Hi Kris! PM fees typically run 8-10% of monthly rent for a duplex plus often a leasing fee of 50-100% of one month's rent when placing new tenants. Some companies might charge extra for maintenance coordination or inspections. But honestly, you'll want to shop around and compare a few local PMs since fees and services can vary quite a bit. Just make sure to read the management agreement carefully, the monthly % isn't the only cost to consider! Happy to connect and answer any questions you may have.

Quote from @Bobby Macik:

Hey there, I'm a real estate agent in CA and OH, I just closed on my client's first single-family investment in Akron Ohio. We're looking for a handyman/contractor/company that can complete the low-income housing checklist. The home is a flip and in great condition but several issues must be addressed to receive approval. I live and work in CA and OH, my client is in CA. I'll be in Akron this week and weekend if anyone around who can help or offer any referrals. There are also a few other things my client wants repaired/changed outside of the HVCP approval. Thanks!

Hi Bobby, happy to connect and share my GC contacts if you haven't found anyone yet.

Quote from @Itay Heled:

I have a sfh rental in Maple Heights Ohio. 4bdr 1 bath. I would like to rent for section 8 tenant . 

it was posted on Zillow for few weeks now.  house in decent condition . no application / no interest so far.is that make sense?

I thought there is big demand . I know its winter but still.. Any idea why?? are there any other platforms for such listing?

Hi Itay! Are you already registered as a Section 8 landlord with (CMHA)? If you're just listing it as "Section 8 welcome" but aren't set up with CMHA yet, tenants might be skipping over it. You can also list on Facebook Marketplace, join local Section 8 Facebook groups, or contact CMHA directly - they often have a list of people looking. Also, 4 bed/1 bath can be a tougher combo for Section 8. Many families looking for 4 bedrooms usually want at least 1.5 baths. You might want to consider adding another bathroom if possible. Happy to connect and answer any questions you may have.

Quote from @Bryant Troupe:

Looking for someone in Ohio that could help draft a seller finance agreement?  It would be our first seller finance deal and I'm looking for someone that could also help us better understand the process, risks, rewards, and pitfalls.  I'm guessing this would be a real estate attorney but looking for details, advice, and contacts.

 Hi Bryant, happy to connect and introduce you to some helpful contacts.