All Forum Posts by: Joshua Janus

I am cold calling now 5 hours a day and trying to make 10-20 good contacts out of that. I am still very new but it is definitely creating momentum. 

Sell it and get the CRV. Might at well get to your goals quicker, right? No sense wasting time until then. 

I third this question about Toledo and not Columbus. 

One strategy with a huge payoff is the house hack. Spend as much time learning about it as possible and see it that is something you would be willing to do. 

If you experiment enough and are patient, hiring a virtual assistant from somewhere like Upwork would be a great move. You just need to train them on how to find the numbers manually, and once they understand your good to go. Try multiple and continue to hire the best one. Your numbers will be much more accurate this way and will probably be a cheaper cost in the end due to the amount of time wasted with wrong numbers.

Good luck, Josh

I like to use the One Percent Rule (monthly gross rent is >=1% of purchase price) as a rough rule for my market in Columbus, Ohio at least. Some areas that is never possible, and others it's every single property. Take into account all of the other expenses associated with the MF property as well. Does the area have high property taxes, hoa fees, condition of the roof, appliances, units etc. 
Are you asking whether lenders require a larger return as it is a multi family property versus single?
-Josh

Negative cash flow is putting yourself in the hole from the start which isn't the goal. I'm slightly confused but would it cash flow well once turned into a triplex? How much capital investment is required for that transition, and what financing are you currently applying to this deal? Seems like there is room for other choices but at the worst, choose another deal. 

Getting yourself into a turnkey, or close to, property that is your investment in definitely a smart way to ease into this game. How are you finding the deals to analyze, and where are you from? Pinpointing newer buildings will definitely decrease your chances of major repairs, but checking in with the current owner and paying close attention to the inspection seems to be the best bet to make sure you know what you are buying. What expenses are you referring to covering completely in the first year with cash?
-Josh

Try wholesaling, or do as much research as possible to setup yourself up to be eligible to house hack for an FHA loan in 1-2 years down the road. Save up money for the small (3.5%) down payment, find every way possible to build your credit, and develop a consistent income or stable work history. All of this setup will help you in the future.

Good luck, Josh

Here is a general rule that you would want to meet for a rental property: 
One Percent Rule: You want the monthly gross income to be 1% of the property purchase price. The utility of this rule fluctuates with numerous factors such as HOA fees, high property taxes etc.

-Josh