All Forum Posts by: Marc Rice

Very curious about this market, been doing some research to determine if its viable. I'd love your perspective if you invest in Cleveland! Happy to chat as well. Let me know!

I am a small real estate investor in San Antonio, TX looking to diversify my portfolio with some long-term units in Ohio. I have landed on Akron as a potential. Since I am not local I am hoping some of the experienced investors can tell me which neighborhoods make for great rentals. 

Thank you all. Happy Investing.  

Hello all!

I am interested in learning as much as I can about real estate investing. I have formed my own LLC for real estate properties and would like to focus on rentals in college towns (I.e. Miami University in Oxford, Ohio or The Ohio State University in Columbus, Ohio) and major southern cities (Charleston, SC, New Orleans, LA, or Tampa, FL). Any advice/mentorship or leads on properties in these locations would be greatly appreciated. Thank you!
 
  

I am a newbie investor who just launched my very first investment property as an STR late last fall. I spent so much money trying to bring that place together that I am literally tens of thousands of dollars in high interest credit card debt. My market is seasonal and I was begging for enough revenue just to cover my mortgage so I wouldn't have to pay my own rent AND a mortgage. Now that the weather is getting warmer, my occupancy has improved and I am FINALLY starting to generate decent revenue that can even help pay some of my business debt.

Enter...medium-term rentals. I listed my property on Furnished Finder last year but didn't get any bites. About two weeks ago, someone finally reached out and expressed interest. I think I was so excited about finally securing a medium-term rental that I moved forward with drafting and sending a lease for them to review and sign. As soon as I did that, however, it dawned on me that I will be taking my property off the market during the highest earning months for my region. My expected revenue next month from confirmed STR bookings is literally DOUBLE what I will earn from my medium-term rent. If I am 50-75% occupied for the rest of the summer, I still make almost-to-more than double the medium-term rent. To make things even more complicated, I could possibly have roof issues, which means more $$ spent that I won't earn. The fact is, I need the extra income STR rentals bring in and don't want to leave any money on the table. Who's to say that occupancy next year will be the same or even increase?

The lease has not yet been signed by either party. Is it at all possible for me to "retract" the listing and inform the guest that the space will not be available during the summer as expected? What should I tell them? Clearly I don't want to give any impression that it's due to discrimination of any kind.

Thank you in advance for any advice!

I’m looking to purchase my first property budget is 1 million. I want to purchase a property that cash flows. What do you suggest I buy and which area? It can even be in Nevada? Please help 

I'm looking into investing in Ohio (possibly Cleveland), because of the cash flow. But I heard a lot of bad reviews about property management companies. Is it possible to self-manage in D areas? Here's what I'd want to do either way: I want to install security cameras on each property I buy and put them on a sim card plan so I can view my properties at any time. Perhaps I should also get one of those smart locks like they have for airbnbs. 

The problem is, how do I have someone do showings for tenants? I would actually like to screen the tenants myself and set my own minimum specifications for them. 

I currently own rental property in a high cost state, and I've never used a management company. I just use an online platform to collect rents automatically. 

Another question I have is - how would evictions work with a self-managed D property? How much does it cost to hire someone to evict a tenant, or are there all-in-one services for just eviction only? 

Any other tips on self-managing D properties from out of state? Or should I just forget it and hire a property management company? 

 Hi everyone, 

I’m looking to come into a large sum of money soon so I’ve been using bigger pockets to educate myself to make few purchases on out of state rentals later this year! 

Hello BiggerPockets Community,

I'm reaching out for some guidance as I embark on my real estate investment journey with a budget of $350K. Here's a breakdown of my current plan and aspirations:

Current Situation:

- I have $350K earmarked for real estate investment.

- Currently renting an apartment in New York, but planning to relocate to Massachusetts with my wife.

- Eyeing areas like Worcester, Shrewsbury, Grafton, and Millbury for a single-family house, priced around $500K, with a planned $100K down payment. I understand this is not an easy task as the price in those areas are increasing, but we're trying our best to keep the maximum budget at $500K for the primary residence.

- We have started the pre-approval process with a lender and have a realtor we're working with to purchase the house

Investment Strategy:

- Aim to maximize cash flow while seeking appreciation.

- Ideal cash flow target is $2K+ per month.

- Planning to allocate the remaining $250K towards purchasing two properties in the Midwest market (e.g., Cleveland, Columbus, Indianapolis, Kansas City and open to exploring new areas where the entry point is affordable but the cash flow is stable).

- Seeking properties that can generate $2K+ a month in combined rent after factoring in property management, insurance, and property tax expenses.

Seeking Advice:

- Would purchasing two houses in the Midwest to achieve $2K+ cash flow per month be a sound strategy, or do you recommend alternative approaches?

- As a rookie investor, I acknowledge that I may be overlooking crucial factors. I welcome any advice or insights you can offer to refine my investment strategy.

Exploring Future Opportunities:

- Assuming I successfully acquire two properties, would I be eligible to obtain loans against these properties to further invest in real estate? I'm particularly interested in exploring the BRRRR strategy, despite the initially lower monthly cash flow.

Long-Term Goal:

- The ultimate objective is to achieve a monthly income of $15K+ through real estate investing within the next 10~15 years.

I greatly appreciate any guidance, tips, or perspectives you can share based on your experience. Thank you in advance for your valuable input!!

Hey Everyone!

As a new investor based in Israel, I'm searching for the BEST team to work with and  build a rock-solid portfolio by the end of this year!

Must say, I got my eyes on Garfield Heights,44135 and Euclid so far, but I'm open to suggestions! My first move is a rental property, but BRRRR and Flips are the ultimate goal.

Anyone have recommendations for contractors, boots, property managment companies, agents, insurance companies, or inspectors in Cleveland? All tips are welcome!

Thanks a lot!!

I am starting out my journey in real estate investing. I live in orange county, California where there is basically nothing under $1 million. Is investing in California still viable? Say if I have 100K available for downpayment, what are some markets for out of state investing? I would like to have a good balance of positive cash flow as well as appreciation. I have heard of Midwest but any recommendations for which cities to look into?