All Forum Posts by: Ryan Evans

I've talked to my attorney a fair bit about this. You'll need to keep your LLC in Ohio.

@James Seed don't let the conventional financing and credit issues get in your way. I bought 7 units in CLE the last 18 months and during none of those purchases did I have a job. I do contract consulting work sporadically and travel a few months of the year, but the conventional route is not an option for me either. You just have to get creative and add value to other people's businesses!

One of the last things I always say after a prescreening call is that I don't like having my time wasted and I will not waste your time. If you don't call me 30 mins, or whatever, prior to showing up then I will not be there. If you're late then I will leave (I say this in a nice way). 

Texting is a passive way out for a lot of people. When you get someone on the phone you're training them to be a good communicator. Plus, if they're running late or need to reschedule, they can actually explain themselves and in some cases, it's a legitimate reason to reschedule. But most of the time if they try to reschedule, I simply won't.

Pro tip - I always insist on walking tenants back to their car after a showing so I can take a peek inside. How they take care of the inside of their car is a good indicator of how they'll treat your house. If they've got a back seat covered in McDonald's wrappers they are immediately disqualified! 

Ok that's good, but just know that there are a lot of people who will tell you anything you want to hear. I see out of state investors get taken advantage of all the time, so always do your homework!

I've given up on conventional loans completely. I've been self-employed for several years, but I have an odd habit of moving to another state or country on a whim and taking 2-6 months of the year off of working to travel and focus on other things. 

I have to use a virtual mail service because I move around so much. In addition to having a stable income, apparently, banks want you to actually know which state you live in! hah. So now I'm working with commercial style lenders that look at properties as a business. 

Through all that I've still managed to pick up 7 units by age 27 through a combination of cash and private money. So for all you people with decent paying w2 jobs, you've really got no excuse :) 

I don't know that specific part of town, but I'm pretty sure it's not in the "desirable" areas of Shaker. 7 people sharing an under 700 square foot house is not a good sign. If the property pencils out then that doesn't mean it's a bad deal, but the price does seem high. And I'd plan on doing an eviction and walking into a place that's severely neglected or trashed, afterward. 

And for the record, almost any seller is going to tell you that the tenants are planning on staying whether or not it's true. As a rule of thumb, I'd recommend assuming they will be moving out or having to get kicked out, especially in this property class. 

BP has some great podcasts, webinars, and blogs on exactly this. It's a good starting point.

And what makes you think you might be getting played? Are you talking to a wholesaler or turnkey provider who you might be unsure about? 

Started at age 26, now I'm 27 and have 7 units. Not all of us millennials are afraid of a little hard work! 

Welcome to BP! I might suggest narrowing down your focus. It's easy to get distracted chasing too many directions when you're starting out. Plus, wholesaling and investing are very different things. And wholesaling is a very tough business to start, so be sure you're ready to go all in on whatever direction you pick! 

I've had rentals this time of year in the past and it's just a tough time of year. I've even got a unit up for rent currently, but I think I've found a good tenant. It's a massive difference between spring/summer. 

The timing of your dates might be a factor too. Once you're already into a month, finding someone ready to move at the end of the month is tough since even month to month tenants need to give notice prior to the first and all. 

It looks like you're out of state, but do you have a local contact who'd be willing to go talk to some neighbors? Plenty of people have friends/family that would like to live closer to them. I've used that strategy in the past successfully.