All Forum Posts by: Ryan Ingram

I have a few section 8 leases in Ohio, I don’t mind them. 
I hear other investors complaining about the annual inspections. The biggest complaint being that the first inspector will make a list of items that need to be completed. After those items are completed, a second inspector will come back and verify they’ve been done...it could be a different inspector that also finds different items that need to be completed that were not annotated the first time.

I have yet to experience that, but I can see how that is very frustrating.

I think that sounds fair. When refinancing with a traditional lender, I’m happy with anything in the 5-7% ballpark. I’m ecstatic if it’s below 5. However, over the course of 30 years, a few points makes little difference.

My brother and I have several properties in the Dayton area, we also use the $600 annual or $50 per month estimate for insurance.

Dramatically increasing premium like this is generally a sign that the insurance company is no longer interested in that kind of risk. I’m not sure which company it is, but I’d highly suggest getting in touch with an independent insurance agent. 

I have several clients in the Cleveland, Toledo, Akron areas and I’d say that $600 rule of thumb is accurate there as well, especially for actual cash value policies.

@Bruce Lynn

I’d echo what Bruce says.

This is the only way I’ve seen it done, other than having two people on the deed.

Having and LLC would make everything more clean cut and organized, in my opinion.

@Felipe Cortinas I highly recommend @Phillip Weickert he is my CPA and specializes in taxes for real estate investors, he is also an investor himself with a lot of units. Very informed and professional.

@Mark Sandvig

I agree with @Remington Lyman and @Jack Smith. I think you’re on to something with moving to Oh. I moved to Dayton in 2017 and I couldn’t have achieved half of what I have without the wonderful Midwest. I’m up to around 40 units at this point (all in the Dayton and surrounding areas).

Columbus and Cincinnati are both growing very well. However, from my understanding it’s getting more difficult to find 2% or better properties in that area.

They are still plentiful here in Dayton and the Cleveland area.

I’m not nearly as familiar with the NE area, however, I know @Matt Motil is doing a great job up there.

Let me know if you have any other questions, I’d be more than happy to help!

@Leslie Posvancz

Thanks so much for investing here in Ohio! We need all the help we can get. What part of OH is the property?

Also, I work closely with @Phillip Weickert, he is a CPA that specializes in real estate investors. He is also a successful investor himself, so he is completely familiar with all of the nuances of REI.

Hey @Mayi Nelson, @Charles Carillo is right, finding a solid independent agent that can write insurance in your state is the best bet. Insurance is pretty nuanced and each insurance company has their own “appetite” of things they look for in a property.

An independent agent has access and strong relationships with multiple insurance companies. The agent will be able to have a conversation with you and determine what type of coverage is best for you, then he/she will be able to run your property through multiple insurance companies to find the best rate.

Good work! Congrats on the investment!

Yes sir, I wouldn’t say completely covered....the only way to be completely covered is to buy an RC policy for the calculated amount; however, the strategic move would be to do exactly what you suggested.

Just understand that I’m the event of a total loss, you wouldn’t receive enough money to rebuild the property as it stands....but rather just enough money to demo the property and walk away with the amount you invested in hand.

Insurance is so incredibly litigated, and people can be so quick to sue....that definitive statements are the things nightmares are made of, especially for insurance agents.

But, as I said before, I can confidently tell you that I have RC policies for the purchase price plus 25k, and I am very happy with them. I think they are very practical.

Nonetheless, you should speak with your agent before making a final decision :)