All Forum Posts by: Ryan Rominger

Hey, welcome to the grind! For a first out-of-state deal, many investors I’ve worked with lean toward simplicity—Class B turnkey can be a great way to ease in, especially if you’re not hands-on. It helps you learn the ropes without getting hit with major surprises. That said, light value-adds in Class C can work if you’ve got a solid team on the ground and a PM who’s experienced in that space. Just make sure your numbers still hold after those small renos.

Hey Breanna, congrats on your first property! For Philly-specific leases, definitely make sure your agreement complies with the city’s landlord-tenant laws—like lead paint disclosures, bed bug addendums, and the Partners for Good Housing guide. PA Association of Realtors has solid templates if you can get access, or consider running a draft by a local attorney just to be safe. Also, welcome to the Philly market—it’s got quirks, but there’s good potential if you stay proactive with tenant communication and property upkeep.

Totally hear you—Chicago HOA rules can really limit your flexibility, and after a rough eviction, it makes sense to reassess. A lot of investors shifting from condos are leaning into single-family homes or small multifamily properties in landlord-friendly states like Texas, Florida, or parts of the Southeast. Places like Indianapolis, Birmingham, and even some Central Valley spots in California have decent cap rates and are more Section 8-friendly with lower entry points. Just make sure to dig into local regs and neighborhood comps before jumping in.

I've seen few investor pairs who've done exactly what you're describing—two-member LLCs owning multiple single-family rentals. It’s a solid structure for keeping things organized and protecting both of you. Just make sure your operating agreement covers how decisions are made, how capital contributions work, and what happens if one of you wants out down the line. Definitely helps avoid misunderstandings later.

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Absolutely agree — numbers are just one piece. The neighborhood vibe, buyer demand, and real project timelines can make or break a deal. Gut checks and local knowledge save you from a lot of hidden headaches. Patience is huge too — not every "good on paper" deal is worth chasing.

Hey, you’re on the right track. $130K is definitely workable here. Those $100K homes, especially pre-1940s, usually need serious updates though — think roofs, HVAC, electrical.

If you’re open, you could also snag a small duplex or townhouse, maybe with lighter rehab and better cash flow.

For rehab costs, I start ballpark estimates early — like $20–$30/sq ft for basic updates, $50+ if it's rough. If pics suck, I assume worst-case until I can walk it or find better info elsewhere.

You're in a solid position with good credit and the ability to qualify for first-time buyer programs. The timeline might be tight, but it’s possible if you act quickly—getting pre-approved now is key. From there, the home search, offer, and closing can take 30–45 days if everything lines up. It’s smart to explore both options side by side in case the purchase doesn’t come together in time. Either way, you're thinking strategically, and that’s a great start.

You don’t have to hire an attorney, especially if you’re familiar with the process and your case is straightforward. But if the tenant is contesting the eviction, there's a history of issues, or you're unsure about the legal steps, it might be a good idea to consult with one to avoid delays or mistakes.

That definitely sounds like a property worth digging into, especially given the location. Condemned properties can sometimes present great BRRR opportunities, but the key is understanding why it's condemned—structural issues, environmental concerns, or legal/title complications can make or break the deal. The upside is the neighborhood, but the current loan balance being higher than the reported value is a red flag. If you're able to negotiate with the lender or buy it through a short sale or auction, there might be room for upside—but only if renovation costs and holding time are reasonable. I’d say don’t run just yet, but proceed cautiously and bring in a good inspector and contractor early.