All Forum Posts by: Michelle Fenn

What is the name of the street of the rental?    I once listed a home for rent on Winchester Dr and they shut down my account for a week.      This was after an appeal which they denied.   They claimed I was selling a gun.   LOL

That is the  most succinct and accurate piece of PM information I have seen in a long time.    Thumbs up

Listing that I have posted since Thanksgiving till now, get requests for information but I have had showings where even the confirmed potential tenants are no-show.  I am in the "cold" Mid-west.    No one wants to move around the holidays or until the weather breaks.  Though I do get interest from tenants with low credit scores and evictions.  Even with a slow rental market I still maintain my minimum requirements.    I am a PM and I am not getting to concerned until March.

I am an agent and landlord myself in Cleveland.  I would be happy to keep you out of trouble in Cleveland

4 of the 6 units are 1 BR Large units though almost 1,000 sq ft.   The basement units are a 1BR and a 550sq ft efficiency.   Furnaces in closet in unit and HWT in basement common area.

If you want to be a section 8 landlord look to Akron, OH   much better run program.

I can not with Cinci but I can give you numbers from Cleveland.     I manage a 6 unit apartment.   Tenants have there own furnaces and HWT so no gas.   Electricity for common areas and laundry $125-150.00.  You can find service providers to provide a coin operated laundry service but you will pay for water & electricity.   Small commission in return.    Water/Sewer $300.00/month, dumpster 88.00/month, landscaping 75.00 per cut.  Do not forget to budget 10% monthly for Property Manager Fees and another 10% for maintenance budget.    Hope this helps.

I would look for a new agent.    I am an agent and I will tell you that at most brokerages there are very few agents that will or want to work with investors.   The primary reason is real estate is a commissioned sales position and investors making low ball offers can create a lot of work with little return on investment.    If I were you I would search out property management firms operating under the umbrella of a local real estate broker.   In the Cleveland area, Keller Williams and REMAX franchise holders offer property management.    I would then look to work with an agent working in the property management group.    They will understand the financials of buy to hold and buy to flip investments and be able to offer you off market deals on currently managed properties that owners are looking to unload.  

Great Advise. I am a true case of the accidental investor. My husband died in 2009 crash leaving me at 52 with a key employee insurance policy. The market was tanking, so I invested in real estate. I am now 65 and own a dozen rentals that all cash flow. I no longer need to work, but my journey has led me to a real estate license, owning a commercial general contracting company and property management. A big change from my former life as a computer consultant that left her company to take care of her husband. Though I agree with much of what you say, I disagree that duplexes are easier to manage than single family homes. You always have the problem of finding compatible tenants. My experience with property management highlighted to me that it is a lot more work to manage a small apartment building than a duplex or SFH. My favorite investment is a single family home in a good neighborhood. Tenants tend to be longer term, they will do their own landscaping and pay all the utilities. They are also easier to sell if you need to raise capital quickly. Due to the pandemic eviction moratoriums many investors that were denied writ of possession by the courts elected to sell to owner occupants. I have seen data suggesting that up to 20% of the SFH rentals were sold during the pandemic. This is the preferred housing option of most tenants and they are getting difficult to find. Duplexes are my cash cows but my SFH are the investments I will count on for my retirement income as I grow older and continue to self manage. I am also looking more seriously at seller finance to reliable existing tenants. The time window makes it a good option for retirement planning. Cash flow without the maintenance calls.