All Forum Posts by: Patrick Drury

@Timothy C.Reed Jr. 

Depends on how much cash you have. Have you considered using the equity and your cash together? For example a cash-out refi then you could add that cash from the refi with the existing cash you already have to increase purchasing power. Depends on what you are looking to do, though. 

@Patrick Murtagh 

If you live in New York investing out of state would probably be a good idea for you to get the most for your money. The Midwest is a great place to look more specifically, Columbus OH. It's a go-to for lots of out-of-state investors. It has lots of job opportunities and population growth. The cash flow is good as well as the appreciation. 

@Maria Ferre 

If you are looking to do a STR in OH I would recommend you look in Columbus. Columbus has lots of job opportunities and population growth. There are plenty of people I know that currently have STR in A and B locations in Columbus and are doing really good.

@Garret Anthony  

@Brandon Sturgill is 100% right. You are going to want to buy a bigger C-class multifamily that will cash flow, and have value add. When investing out-of-state in general, it's important to have your team of the core four Realtor, PM, Lender, and contractor. Too many people think they can cut PM out and just do it from California to save 7-10% it doesn't work well!

@Matt Littlepage 

I would honestly recommend you look towards Columbus OH instead of where you are currently trying to invest. Clearly, that market isn't as hot and there's no incentive for the agent to be quick whatsoever. If you're going to invest in Ohio, invest in Columbus it has lots of job opportunities and population growth. Columbus from an investing standpoint has good cash flow and great appreciation that other cities in Ohio can't match. 

@Account Closed 

I would also recommend you not invest in Upper Arlington. Deals are not going to cash flow and you will be underwater it's an A+ location with lots of old money. The best neighborhoods to invest in would be Franklinton, Whitehall, Linden, and Hilltop. Ohio is a landlord-friendly state it tends to rule in favor of the landlord and I don't see that changing anytime soon. You are overly concerned heating would be paid by the tenant via utilities, and the freezing temps aren't a problem that's why we insulate homes, snow removal isn't your job no different from mowing the grass it's on the tenant (unless it's a large complex).

As they all stated before, Columbus OH is a great place to invest it has good cash flow, but the appreciation is really good as well. There is a lot of population growth and job opportunities. Columbus OH is home to the headquarters of L-Brands (bed bath and beyond & Victoria secret), wendys, and chipotle. Columbus also has OSU and all the jobs they employ as well as the students that come across the country to attend, and OSU buys Real Estate and develops land like it's going out of style. Columbus also has lots of sports teams located in the central downtown they just finished up a new professional soccer stadium downtown for the crew and we also have the Bluejackets, which is a professional hockey team, the clippers, which is a minor league baseball team, and the OSU buckeyes, which is a college football team, but to a lot of people here, it's bigger than the NFL. 

@L. L.

I would recommend you buy the rental property first, then after a year or so do cash-out refinance, then buy another one. I would recommend looking towards Columbus OH instead of Cleveland the appreciation is a lot better, which is good for doing BRRRR's Vs Cleveland there isn't much appreciation at all, just cash flow.

@Ralph Noyes

I think you just answered your own question just have the unit deep cleaned then charge them what it cost you. If it took $400 in deep cleaning to get the property in the same condition, you gave the tenants the unit charge them $400. 

@Cristian Rivera 

Since you live on the west coast, I would recommend you get a house hack with your brother and live together on one side then rent the other side out to cover the mortgage and make a little. This is good because you would essentially have a free place to live, make a bit of money, learning how the process of buying a property works, and learn what it's like being a landlord. After you have your first house hack, I would recommend you look to invest out of state to get a better return on your money since you live on the west coast as long as you have your core 4 as David Greene calls it your realtor, lender, PM, and contractor it will make out-of-state investing possible. In terms of other markets, I would look towards the Midwest more specifically Columbus OH lots of job opportunities and population growth. In Columbus properties, cash flow pretty good, and appreciate really good. You can also find deals that meet the 1% rule.