All Forum Posts by: Michael Wentzel

I'm looking for a Realtor in Akron who works hard, knows the market and has worked with investors. I would love it if they are investors themselves. Are you that person? Do you know who they are? Let me know. Thanks.

Mike

My memory has failed me, so I'm looking to the collective memory of BP. 

I think I heard on one of the podcasts that most landlords in the United States only own 1 or 2 properties. In my mind it came out of @Brandon Turner's mouth. The point was most landlords don't run their real estate investing like a business and often burn out. I would love to use the statistic in my business plan that I am using to pitch investors and banks. Unfortunately, I've been searching the internet for statistics and haven't come up with anything.

Does anyone else remember this? Do you have a source to back it up? Or did I make it up?

Mike

Many investors use a 2% guideline as one way to analyze deals. In the end you need to run the actual numbers on the property with your projections for expenses. 

Overall house-hacking into a triplex that you could eventually moved out of sounds like a great plan! It is a great first step into REI.

But you still need to run your numbers. I would also get some local input from investors and property managers so you know what you will be able to rent the units for and how desirable the location is.

Mike

@Account Closed

I was just up in Akron this week looking at properties. I would like to talk to you about his portfolio. I will send you a PM.

Mike

@Nada Mohamed

You sound like a great person to talk to about getting foreign investors into properties in Ohio. I will follow-up via PM.

Mike

One investor mentioned Hayes at the REIA last night. So it seems like they are worth a sit-down meeting. It will be interesting if any others are recommended.

Mike

We were looking for one or two markets in Ohio to start acquiring cash-flow properties this year. We are now leaning strongly towards making Akron/ Canton our first new market in Ohio. I am in Ohio at the moment so I would like to go up and interview three property management companies in the Akron/ Canton area next week. Do any investors have recommendations for who they use in this market? Or maybe who not to use?

Mike

@Daniel Thomas

BP is a great place to learn and network. I highly recommend the Ultimate Beginner's Guide in the Education tab up above. I also highly recommend the podcasts. Between those to resources and the forums, you can learn a ton. There are many different strategies even among investors who are focused on buy-and-hold.

Beyond education, you will need to get out from behind the computer. REIA's are another great way to learn and network locally. I attended one in Akron last night and it was awesome to meet investors, Realtors and contractors with experience in the community.

Mike

@Nada Mohamed

Thank you for echoing James' comment. I know the propertym management is key. 

I will send you PM. I might need an attorney for myself and other foreign investors I hoope to bring into the Ohio market. 

Mike

@Nate Richards

Thank you for sharing your target areas and rough numbers. Those are the numbers I was hitting in Pueblo for the last couple years, but as the prices have edged up there have been far less deals on the market. That's part of the reason I'm looking for a second market with a bit more population and hopefully a bit more inventory.

Mike