All Forum Posts by: Patrick Drury

@Will Gebbie 

It definitely comes down to where you live and your income. Especially where you live in NYC prices are very high, also depending on your income it might take you a while to save money for a single deal that might not even give you the best returns compared to OOS investing where you could buy something in Columbus for example and cash flow at the 1% Rule. Out of all the markets to out-of-state invest I recommend you check out Columbus. My friend @Kyle Tom actually did exactly what I am talking about the first rental property he bought was out-of-state and he used to live in San Francisco California an expensive real estate market just like NYC and the prices there made no sense. So he invested in Columbus and now owns 11 units all in the last year. Feel free to reach out to him and ask about his experience.  

@Rachel Brandt 

You could just rinse and repeat what you have already done. Just wait till you refinance out of a WHEDA loan and do another one or some variation of an FHA low money down like 3/3.5%, but you have to live in it for a year, etc. With that method, you would have a duplex that you can rent both sides out cash flow and you put little money down and you would be living basically rent-free in the new duplex that in a year will be able to cash flow. I think that's probably the best method for the low money down approach.

@ Michael Grigorashenko

Hi Michael, the most important thing no one mentioned is consistency follow-up. You're probably not going to get the deal on the first call, let alone if you only call 1 property, you're definitely not going to get a deal. It's a numbers game, plain and simple. 

Definitely keep shopping around for a lender they should allow it. If you ask enough lenders bound to find one. If it comes down to no one will let the seller pay the down payment for some odd reason, the only option at that point would be to have him send it to you directly and then you pay the bank just tell them a family member donated it to you if they ask. It's definitely a gray area because you could just walk away with it from his perspective, and you can't put it in the purchase contract because the bank would see that. That's all I can think of. Good Luck.

@Kelly McClellan

Really sad to hear you had such a bad experience with out-of state investing in Ohio in general regardless of where you were planning to invest. If you ever change your mind on investing in Ohio let me know I would be more than happy to help and I can guarantee that will not happen again =)

@Akshay Johar 

There's some opportunity there just like some people see section 8 is an opportunity that can be a headache (when not done properly to add) even though your cash flowing like a tsunami very similar to Cleveland especially if you're an out-of-state investor. I definitely recommend you check the area out in person then look at other parts of Ohio like Columbus or Cincy there are better parts of Ohio.

@Akshay Johar 

Have you considered investing in Columbus OH? Cleveland is ok just a little more headache than Columbus.

@Ryan Maguire 

Great to hear man keep at it. If you want to move into Columbus Real Estate or know someone that does give me a shout I'm an investor and finishing up my realtors' license.  

@Kayla Jones 

If they pay the full amount, though, you have to accept. Don't accept partial payments when dealing with online payment apps like Venmo and cash app.

@Kayla Jones 

Cash app and Venmo are great options for collecting rent online with no fees (I did talk to a real estate attorney) but consult your own. The only problem with online payment services like cash app and Venmo is if you're evicting them and they pay you a partial payment of the rent you can't accept that because then they paid you and you can't evict for non-payment of full rent, you have to go back to square one of the eviction. For example, if rent is 800 they don't pay for a month you are evicting them and they pay you $20 and you accept it you have to go back to the beginning of the eviction process because that dollar amount is wrong you can't just full steam ahead so you have to decline payments from tenants if you are evicting or accept and send back if it's a service you can't decline it could cause problems.