All Forum Posts by: Patrick Drury

@Tyler Gilpin
Go online and check the local housing authority for that city. They usually have the rent amounts listed by bedroom count. You may have to do a little digging on the website to find it. If you can't find it call the housing authority and ask them what the payment standards are for the bedroom count you are looking for. If the property is sub-metered/ if you intend to have the tenants pay utilities make sure to mention that to them. 

@Anna Bee
If you are looking in Cleveland I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying 

@Rene Hosman
I use QuickBooks plus and then have a bookkeeper login to each account and categorize the expenses for each one then have my accountant review. I have multiple properties in each LLC. With QuickBooks plus you can set it up and categorize expenses in one place. For example, you may have one account for 5 different properties in 123 LLC and in another account, you have all the E main st LLC properties. It helps keep the books together for each LLC.

@Mike Tikh
Keep in mind if you are buying an FHA 4-unit it needs to meet the sustainability test. I don't believe triplexes need to. A lender can probably chime in on that. The sustainability test is that 3/4 of units need to cover 75% of the mortgage from my understanding. The last thing you want to do is put a deal in a contract pay money for inspection and get an appraisal when you could have just ruled it out from the start with that. The sustainability test usually makes it hard to owner occupy 4 units in A locations in Columbus. If you can find smaller local banks in the market you pick they may have more unique products that they keep on their balance sheet or try and do the 5% down conventional on a 4-unit

@Tanya Maslach
I don't believe RL does MTRs last I checked. I believe Heart and Home does MTR. RL property management is extremely picky about where they will manage though in Columbus

@Loan Nguyen
In some markets on the west coast, you won't be able to find cash flow because the price points are too high compared to rents. If you put enough down you can make it break even, but it just comes down to how much capital you have and how creative you want to get to make a deal work. You could also house hack and rent all the rooms out to friends, but some people would rather have their own space. If the deals locally don't work no matter how you cut it then look at investing out of state

@Vishal M.
The 43206 zip code is a solid area proximal to the Nationwide Children's Hospital. It spans a few different neighborhoods that are all different so it just depends on the price range and where you are looking for. German village and Schumacher place are more A locations more owner-occupants and you won't find cashflow there. Southern Orchards there is a lot flips and renovated duplexes. Driving park is more rentals and would be better for cashflow. 

@Venecia Baez
If you can invest locally do that if not look elsewhere. 9 times out of 10 when people are stuck and unable to take action I usually see people worrying about things that either won't happen or aren't an issue. In reality, you are never going to be fully prepared by watching YouTube videos on how to invest in real estate. You just got to pull the trigger and learn as you go and adapt as issues come up. Let the first rental be a learning experience. It's fine to make mistakes on the first one as long as you learn from them and don't make them again. 

@Sharad Bagri
In terms of Columbus, I recommend areas like Hilltop, Linden, Eastmoor/ Whitehall, and Franklinton. These are areas where you can cash flow in Columbus because the rent-to-price ratio is favorable. Out of these areas, Franklinton and Linden are seeing some of the most developments. With things like the ONE Linden plan in Linden, which is a 50M plan to improve the neighborhood. Of that 50M, 25M was allocated for the construction of a new recreational faculty that has since been completed. Franklinton has been seeing lots of developments like the completion of Gravity Phase 1 and phases 2 and 3 on the way. As well as coffee shops like Bottoms Up Coffee are moving in and small microbreweries like Brew Dog and Land Grant 

@Robert Morris
I have about 25 units in Hilltop. You'll want to reach out to a PM. There really aren't any agents that do just leasing for people of residential homes