All Forum Posts by: Rich Rodman

Hey, Ben - great to meet you! Just sent you a DM. 

Welcome to the site, Heidi!

I prefer the high salaries that San Francisco pays. I take that money and invest it in Cle RE. For me, it’s all about access. I lived in CLE for 22 years and have been able to raise more cash and invest in more real estate in half that time as a result of being in a major US city and having access to successful people with cash. Unless you’re a landlord or want to start a family, there isn’t much of a reason to move to CLE. And this is coming from a Clevelander who thinks CLE is the best city in the world ;). Go Browns.

I am a Cleveland native living in San Francisco. I invest back in multifamilies back in the Midwest. Happy to have a phone call and answer any questions you have about the market or OOS investing in general.

If this were me, I’d be honest with my tenant and let them know that pitbulls aren’t supported in your insurance and that he has to either get rid of his dog or move out. Chances are you’re going to have a vacant unit as a result (people rarely just abandon their pets) but that’s something you can account for. I 100% would not try to go around your insurance provider and I wouldn’t mention that they’re paying below market. This is black and white - you can’t have pitbulls and he/she has one. Your options are to get rid of the dog, or move out.

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Residential properties are appraised based on comparable properties. An appraiser would look at your house, compare square footage, location, amenities, number of bathrooms and bedrooms, etc. and come up with an ultimate value. 

Keep in mind, if you're in areas like Lakewood, Ohio City, and Tremont, the value of a house can differ drastically from block to block. 

I own a single family with four girls renting it out. They all signed one single lease but split the rent evenly amongst them. I had a call from one of the tenants yesterday explaining that she wants to move out of the house and in with her boyfriend, asking if she can break the lease. 

What is a good option here? I could tell her she can't break the lease, but I think providing a real solution may be a better and more frictionless option. My thought is to give her 60 days to find a new tenant to take over her lease, and I'd obviously look in that time as well. 

Thoughts? 

I think these questions can and should be answered before you even make your first investment. The real question is not whether you should sell or hold, the real question is what should your strategy be? And if your original strategy was to buy and hold a cash flowing property, why are you deviating from that strategy?

There is no clear-cut answer here, which is why I like to lay this out before purchasing a property. I set clear standards that look something like this: I am buying this property for cash flow and will only sell if the house appreciates to $XXX,XXX value. This way, anytime I get the idea of selling and buying a small island in Fiji, I look back to the statement I made when I had a clear, rational thought process and stick to it. 

I may be missing it but I can’t seem to find the link to the video...