All Forum Posts by: Kristopher Hanks

Nicely done!

@Quin Weidner I used BiggerPockets to answer that question for me. I searched the community for old threads about the best cash flowing rental markets. I even found one that talked about ranking them from good to best. I looked at the top three that were talked about by experienced investors. I chose the one that was closest to me. I started doing my research on the area to find out why it would be a good rental market and then I started to practice analyzing deals that I found on the MLS. I compared those deals to the rent ranges that applied to the same area the houses were located in. I made sure the numbers would work for me and then I went after it. I wanted high cash flow even if it meant more risk because I was going to be paying cash for the properties and wanted my money back from the deal as quickly as possible. That's how I got started.

I have heard a lot of negative comments as well but I did not let that stop me. Some people are cut out for dealing with those situations and some are not. Just like some people can be landlords and some would not even last a month being a landlord. I take it as a challenge. 

I can not really talk about the experience yet because I just acquired the property. So in the future I will try to talk about my experiences good and bad. I want to see if I can do it, which I believe I can. It's all about the level of patience you have and time that you can spend on the business.  

@Jim Cran I got a fully rehabbed 5 bedroom section 8 property in North Collinwood, yeah not afraid of the higher crime areas and the other in in the Mount Pleasant neighborhood, lower crime area but this house needs a little work. Both cash flow really well. 

I analyzed many condos before I realized I was barking up the wrong tree. Every time I factored in Association fee increases not to mention everything else Greg S mentioned, I was going in the red in about Two to 3 years it seemed. I live in a condo and the HOA fees have doubled since 2012. A lot of that has to do with financial mismanagement, which you as an owner do not have that much control over. I moved on to SFRs in HOA free neighborhoods. They cash flow nicely.

I have to admit I got lucky when I found my agent. I called her directly because I was interested in a property that she was representing. I wanted to ask some questions because I needed a lot of info about the area so I could determine what the possible rent could be. I was trying to finish my analysis to see if the property would cash flow. From there we just hit it off and became fast friends and she loves working with me. The big thing though has already been mentioned above, Please be a serious buyer. Do not waste the professional's time. Good agents are very busy. Mine constantly works through the night finishing paper work and emails because she is a single mom. Just remember that their time is just as valuable as their time. This is how they make their money. If you respect that they will respect you and then your agent will go the extra mile for you, 

I agree especially if you plan on doing any investing in the New York City area. Mentor would be a big help to you. With all the Co-ops and differences in the market there you probably need one to be successful. 

Welcome to BP. I love Ohio. That's where my rentals are. Make sure to attend the weekly webinars on Wednesdays hosted by Brandon Turner. So very helpful. Different topics every week and they are full of valuable information. It was the webinars that put me over the top and gave me the confidence to make my first offer and just go after my dream. Being in college your time will be limited but try to make time for them. They are scheduled for an hour but most of the time they go about a half hour over time, which is great, cause that means more info is flowing. Try researching the old posts in the community section. I read a lot of them until my eyes turned bloodshot. It was worth it though. Good luck on school and real estate. 

Yes I agree the weekly webinars are the way to go. They helped me a lot. They helped me build the confidence to just go after it and make my first offer.  Different topic each week and all the info is valuable and helpful. Welcome and good luck.