All Forum Posts by: Steven Foster Wilson

I'm looking for any recommendations for a good property management company in Cleveland or ones to stay away from. Thanks

Hello Everyone, 

I have started looking for multi family investment properties in Dayton Ohio area. Wanted to start this thread to learn from fellow OOS investor. Whats your best advice for someone who is just getting started ? 

- Favorite areas 

- Areas to avoid

- Any other advice. 

Hi there, I'm an investor from Canada, and will be flying into Cincinnati for the first time next week to check out the market. I'm planning to explore the different regions of the city with the aim to identify specific neighbourhoods that would work for my investment goals (ideally a value-add multifamily, for long-term to mid-term tenants). 

Are there any agents here that would be open to connecting, to provide a read on market opportunities? I'm looking to establish some roots in the region – splitting my time primarily between Ontario, Ohio, and Montreal – so hoping to connect with real estate professionals with a solid grasp of the market to inform a long-term investment strategy in Ohio. 

As a Canadian - would be great to connect with folks that have facilitated investing cross-border. 

Thanks in advance!

Elise

Howdy,

I'm having a tough time finding deals on MLS, and I'd love to see what off market deals are out there.

I'm looking to connect with wholesalers in the Youngstown/Canton/Boardman/Girard areas. I'm mainly interested in 3 to 4 bedroom houses.

Thanks in advance,

Peter

Hello all,

My name is Ryan, i currently live in the Bay area and work as a Police Officer in San Francisco. Ive been trying to read and learn as much as i can over the past year while building up my capital and working lots and lots of overtime. I have my sights set on Ohio as a potential area to start my investing journey. Looking to use the BRRR method. the area seems to be cheaper and less volatile which makes it enticing for a first time investor. Im looking to connect with anybody with some roots in this area as i have much to learn about the market. I feel i can only get so far by endlessly scrolling Zillow and breaking down deals with numbers i don't even know are accurate. Here are some of the questions i have. What is one way to improve estimating rehab costs? What are some good examples of recent deals that have been made in this area? What is a ballpark number for buying a house under market value in this area? And what are some tips for beginner investors getting comfortable with spotting good deals and/or things that instantly make you walk away from a deal? Answers to any and all questions are welcome or any other tips for a newbie. Thanks guys!

Thanks all! Some good thoughts for sure!

@Steven Foster Wilson, I'd say our main goal right now is to build cash flow in the most passive way possible. We both have W2s and are building a family, so we don't want real estate to require a lot of "active management" at the moment. We are hoping to reach ~$10k/month in cash flow in the next 6 years. 

@Corby Goade Thanks for the thoughts. We actually already have a HELOC on the primary at the moment (total $220k) (used it to creatively get the first few properties) but I'm hesitant to deploy it at the moment since it has a variable interest rate that's not favorable with the market (I think it would be around 9.5% currently). Agreed that the 2.5% interest rate is tough to give up and that the current house would cash-flow quite nicely as a rental. I'd be left with $1800/month after mortgage payment (which includes PITI), so maybe $800-$1000 in pure cashflow after expenses?

Appreciate the input all! Keep it coming!

Hey BP!

Wanted to bring a current decision I'm facing and leverage the power of this community for advice. 

Long story short, my family and I are considering moving, and I'm trying to figure out the best financial move for our primary residence. We've owned our primary residence for 6years and seen dramatic appreciation. Principal on our mortgage is $395k (interest rate 2.5%) and it's worth about $800k, conservatively. Mortgage payment is ~$2200. If we keep it, the house will rent for about $4000/month.

(As an aside, we own one triplex and one short-term rental (both out-of-state) which combined bring in ~$1500 in cash flow.) 

Options as I see it:

- Leading option: Sell the house now and roll all equity into stable, passive REI investments (what kind exactly, I'm not sure). At 12% COC return, the $400k equity could make $4,000/month in cash flow. This would leave no capital to buy our next house so we'd have to rent (Which we're not opposed to, especially since it'll likely be a new location). I expect rents to run around $3500 in a new location.

- Sell the house and roll all the equity into buying a new house where we decide to move. For ease of analysis, I'm assuming "apples to apples" with the old/new house and that anything we'd buy would be ~$800k (albeit with a MUCH higher interest rate).

- Rent it out and continue to hold it with the current mortgage as-is.

- Keep it, do a cash-out refinance to use some equity for other investments, and rent it out.

I know that everyone's situation is nuanced, but I would just love some general thoughts on how YOU would think about this! Is this a good idea? Are there risks? I've love to hear both the analytical and philisophical sides of this equation! I've done my own spreadsheeting, but hit me with your thoughts & wisdom.

Cheers!

Im looking to get into multi family investing. Any suggestions on how to partner with someone more seasoned in the field.

Hi all, im a newbie when it comes to investing. Im very motivated and looking for a mentor that could walk me through my first commercial multifamily deal. Any suggestions?

I been in car sales since 2011, started working for my brother in his used car lot , then on 2016 to present day i became self employed, still in the car sales field, buy vehicles at dealer auctions(using a DL license) and put them up for sale in my brothers car lot , once i leave the car  they are in charged of advertising and selling the vehicle, i do small scale usually ill have 5-12 vehicles on the lot ,  dont make huge amounts of money but enough  to be self employed semi retired and live a life style that im in total control off.

I been eyeing real state for sometime now  but in my situation don't know how that is even possible as being self  employed don't have proof of income, most of my money is tied up in my vehicles , so don't have too much liquid cash and dont want to get screwed getting a hard loan  or getting a loan from my brother, also the fact that in Az (PHX) home prices are still crazy high doesnt help.

Like i mentioned before i know nothing of the real estate field but im assuming the process of selling a home takes a lot longer than selling a car .