All Forum Posts by: Marc Rice

@Allie Foland

Buy an owner occupied house hack 3-5% down on a 2-4 unit to start

@Mussa Obad

Having a real estate license helps with deal flow, paying yourself commissions when you buy your own property, building a network, and understanding your local market. You should get it.

@Jorge Hernandez

Ask a few local property managers. Normally it’s 7-10% of collected rent + 50-100% of leases signed/resigned.

@Allie Foland

“Seller to pay XYZ dollars towards closing costs, prepaid, and escrows”. Check with your lender to see what the max amount is, usually it’s 3-6%, but most closing costs total to $3-4K. Normally you’d add that on top of the purchase price I.e $130 + 3k = $133k x 20% down payment. You could even spin in “well you were going to list it for $130k and pay 6% realtor fees, if I buy it you’ll pay no realtor fees but you’ll only pay my closing costs.

What I’d really recommend is pay yourself a 6% commission on the deal + add closing costs to the purchase price so you’ll only be putting about 14% down assuming a 20% down payment

It’s a 1 % rule rental which if it’s in a good neighborhood should be good. I’d run local comps there to see

@Carly Turow

For a non owner occupied co-borrower (dad) you can only buy a single family with 5% down minimum. Or you can wait until you get your W2 job with pay stubs and go to a lender for a 1-4 unit FHA/conventional loan.

@Jarrett Mel Williams

Your property manager will work with your bookkeeper to give your financial info to your CPA to complete your tax returns, generally. I would be hesitant to only rely on the management reporting your property manager provides

@Brandon Dean

Congrats on the closing, off market deals are great

@R Bucka

You’ll find more affordable prices in the Midwest. A lot of out of state investors have been flocking to Columbus Ohio for the long term appreciation and cash flow due to the cities growth in population and economic importance.

@Nathan G.

I wonder if this was the owner of “Airbnb Automated” on YouTube Shawn R. I’m a host with a large amount of units in Columbus and we always have permission from our owners but we do provide a LOT of steps and information to make sure guests safely/smoothly enter their units.

Every host is different and it’s tough given the limitations and lack of control that Airbnb provides its host from a resource perspective.

@Angela Yan

Post on Craigslist or Facebook marketplace or join a local “RV” or “boat” group in Facebook and post what you’re offering. Probably don’t want to deal with all the nuances of having it zoned for an RV so may want to just offer it as basic storage.