All Forum Posts by: Michael Orlando

I'm a member of Jake & Gino's community and it's been great! Really helped me build confidence in the beginning and give me enough education to start taking action. You also get a personal coach!

Congrats in doing your first deal! Looks like a great little property. 

What were you able to achieve for rents? What kind of cashflow are you getting? Where's the property at?

@Joe S. I have a few partners on the deal

@Cameron McNulty Job market is more "traditional" if that makes sense?? Good amount of manufacturing, lots of banks, pretty good diversity of small businesses.. Not as progressive or tech oriented as Columbus for example, but stable. 

@Hans Suljic I'd recommend looking for some deals here! Bang for you buck is true!

I would not shy away from larger deals if you have the time or the proper partners to take the deals down! My first deal was a 22 unit and now we have a couple hundred units in the pipeline and I'm sooo happy I didn't first purchase something much smaller. That being said, there is a big difference between 22 units and 100 on your first deal. So I recommend starting "smaller" which to me would mean between 10 and 20-ish units. 

Just a repeat of what others said, but as long as you've lived there for a year you can move out and rent the house out. However, if you want to refi you'll have to make sure you're at at least 80% leverage. So you'd need to appreciate past your initial 3.5% leverage using forced appreciation or just paying down the loan. 

I really like Killing Sacred Cows and have heard Atomic Habits is great! That one is next on my list.

@Cameron McNulty I live and invest in Cleveland and am a big fan to be honest! The affordability is there, the purchase price to rent ratios are pretty solid for how strong the market currently is, and although there isn't huge population or job growth, Cleveland has always been a pretty stable market - not a lot of ups or downs. Occupancy has been good historically too. In addition, Columbus and Cinci are both strong markets. I think the fact that Ohio has 3 major metros that are all solid places to invest makes Ohio special. Many of the smaller, more blue collar cities are strong rental markets as well such as Akron/Canton and Dayton, but tend to have less competition than the larger markets allowing smaller investors to thrive. Obviously I'm a bit biased, but I do love being in Ohio!

@Alaina Redfern Hey Alaina! I'm in Cleveland and invest here currently with my partner. We buy 20+ unit apartment buildings. I'm happy to answer any questions you may have about Cleveland and share contacts as well in regards to realtors, contractors, inspectors, etc... Let me know what I can do to help and I'm happy to jump on a short call. We're always look to connect and work with Cleveland investors! 

@Leslie Hsia Hey Leslie! Cleveland is my hometown and also where I invest in multi family. Despite the stats, we've seen very strong occupancy and cash flow as well as Cleveland being very affordable compared to many major metros. Having good knowledge of the market also helps mitigate any risk which I can definitely assist you on! I have a number of contacts I can share here if you are interested at looking into Cleveland :) we generally see higher than 8% COC and overall pretty solid metrics!