All Forum Posts by: Mike Paolucci

Hello BiggerPockets community! I’m currently on the hunt for my next real estate deal and have narrowed my focus to Columbus, Ohio. I’m working with an agent but am looking for assistance in sourcing potential deals, both on and off-market. My primary interest is in small multifamily properties (1-4 units) priced under $300,000. Any help or suggestions would be greatly appreciated!

After hearing to lot of bp episodes on negative cash flow, I have a question.

I am currently living in my primary residence and planning to purchase an investment property, and obviously it is going to be a negative cashflow (bay area), but I am of the opinion that as long as the rent on the investment property is atleast going to be greater than my current primary residence mortgage it can still considered as positive cash flow investment.
The investment property is going to be in a much better location (for office commute, bay area proximity) than my primary residence. I might be totally wrong in my thinking, what am I missing? Is it still not recommended to invest in this negative cash flow property.

Hello BP ,

im in the process of closing on another 4unit multi family , this time in Columbus Ohio. I wanted to see if there were any recommendations on good management companies, and ones to avoid.

Did a bit of research on my own and came across R&L property management. They seemed good, and looks like they have prior experience managing the building I’m buying (based off the leases that were submitted to me) but way to expensive to what I’m use to … $137 - $184 per door (over 10%) and then $750 per door for the maintenance reserve. 

I also heard a guy named “ Donnie” who has been recommended to me .. the only issue is he dosent pay his owners until the end of the month .

Is this the norm for Columbus property managers , or am I missing something? 

I have several multi families on the west coast  ( one that I actually manage my self in California) and it’s just one maintenance reserve fee for all doors , and a % of the total rent usually 

( 8%-10%).   And Rents usually get paid around the 10th of each month.

All input is appreciated. 

Im looking for other out of state investors that own property in Ohio and have excellent property management. Aside from my realtor I consider this the most important member of my team and I would like to find someone others truly can vouch for. Please send any recommendations my way!

For those who invest out of state, if you could go back to when you first started, what would you do differently? Would you choose a different market, build a better team, or take another approach? Looking to learn from those with experience in remote investing!

Hi BP Community,

My husband and I have been preparing to begin our real estate investment journey, and we could use some insight.  We've essentially ruled out investing in our local community because we can't seem to find a good deal (we live about 1.5 hours north of NYC, so purchase prices are very high), so we are considering (1) investing out of state; or (2) investing in some northern NY localities (Syracuse, Albany, Rochester, etc.).  We would love to hear from anyone who current invests in any of the northern NY cities/towns about how their experience has been, what the pros/cons are to these markets, general thoughts.  If you have specific thoughts about any particular area, we would love to hear about that too.  It would be our preference to invest in upstate NY because we could drive there relatively easily, but if there are better deals elsewhere, we would be more inclined to go with option (1).

Anyone have experience with multi family section 8?

Hey everyone! Nice to meet you (electronically).

Currently renting a single-family home in a very expensive coastal Southern California city. Not able to buy in this area without going house poor. Not able to move (at least for a while) due to my job.

Looking to use savings that would’ve been for a primary residence down payment to invest in rental property out of state.

Would love to make connections, hear thoughts on good markets to look into, strategies to maximize return, etc. 

Happy to answer any questions and excited to chat with you all!

For the past 6 months I’ve been looking for houses (both SF and MF) that can produce at least a little bit of cashflow with around 20% - 30% down.

However, I’ve started to realize that this is pretty much impossible these days.

I currently have $110k sitting in my bank ready to be invested but I just can't find anything that will at least produce a 3% COC return. I've been looking for properties in and around Tampa, Orlando, and St Pete but I can't find anything that's worth it.

I’m starting to realize that I need a new strategy. I can’t keep looking for properties that will cashflow because I feel like I’m wasting my time at this point. I really want to invest in RE but I just don’t know what to do. Any recommendations? What other ways can I invest in RE in the current market.