All Forum Posts by: Skyler Southern

Cold winter. I'd expect and plan for this each year. I've easily had $800-1000 bills for single units. Always push for utility bill backs or tenant covered electricity in your leases.

@Dominic M. This! Went from 1 door to 155 doors in 5 yrs. Built a 20 person company around our own portfolio. Now manage for others. Those who don't let us manage the units like we own them, often fail or get cut.

@Stephen Meyer How motivated are you to get this going? $3k is insignificant compared to your current holdings. Will the cash flow from the new property quickly pay this back? Ensure you are buying in an area you want and can see your family living in. Does switching jobs feel right? Current job sucks, new one could be better? Ones higher paying? Want to live in one over the other? Dont suffer chasing a buck. Most places in Ohio can be profitable rentals... if you can stomach those property taxes!

3.5% down is offered through a FHA lender. Call around and see if you and the property will qualify. FHA loans follow very strict guidelines when it comes to property condition.

Managing remotely works until it doesn't. If you want to manage your own properties, I would highly recommend buying within an hour of your primary. Find a better property manager. Negotiate turning the units yourself once a tenant vacates. Turnovers and vacancy kill a rentals profitability. If you can find a competent and trustworthy contractor, you can make it work.

Leave your funds alone. House hack a 2-4 unit with the lowest down payment loan you could find. 3.5% FHA or 5% conventional. Repeat every year until you get tired of moving.

@Kevin Rodriguez You're going to have to market to owners directly or find wholesalers.

@Drew Petro Lowes Procore at $1.68/ sq ft is the only flooring we use now. Great stuff at a price most liquidators can't even beat.

@Jorge Ydlibi find a template or calculator and start inputing property information. Practice makes perfect.

@Cameron Cole Vance I got mine right when I bought my first property 3 years ago. I've got 17 buildings and 41 units. I am now a managing Broker of my own property management company. No downsides that I have come across. Just make sure you know what your doing.