The agents at VP Realty pride themselves on being investors in the Real Estate Market.

During the webinar on May 12, 2020, Real Estate Investor Lauren Patrick and VP Agents shared their experiences and knowledge while covering some common questions often asked by people looking to begin investing in rental properties.

Here are the Key Points from the webinar:

• The best place to find a rental property is through a Realtor. They can represent you for free 99% of the time, they have access to multiple listings and will be notified as soon as a property hits the market. 
  • If you would like to start the process of finding a property please fill out the form at sellvp.com/buyer
• When a home forecloses the bank has its own outlet to liquidate the property. This can be a long process. It may be listed through an agent or go up for auction.
  • You can find these properties on auction sites: Hudhomestore
  • When it says pre-foreclosure on websites such as Zillow and Realtor.com it means a person has missed some payments and a default notice may have been filed. This does not confirm the property will be foreclosed or be on the market in the future.
• To determine how much a property could be rented for you can check comparable properties on Facebook Marketplace, Craigslist, rentometer, and gosection8.com
• Typically with section 8 the renter has to pay a portion and section 8 covers the rest. You can go to gosection8.com to search for section 8 listings and get an idea of what landlords are charging.
• When looking at a property that may need repairs, make a list, and talk to a contractor. Real Estate agents are often present for things like home inspections and also offer knowledge when looking through properties.
• Cap ex is when you set money aside for big-ticket items such as furnace or roof repairs. When creating a budget for a rental this is an important thing to keep in mind.
• It is up to the landlord if they would like to have a property manager take care of things like repairs and making sure the property is rented. If you decide to go with a property manager, don’t forget to budget this cost in. They typically charge $79/month or 10% of the rental fee.
• Calculate every expense you have and create a budget. You will be able to calculate the return of return by the following formula. Rate of Return = Net Profit / Total Investment X 100
• Make sure you are aware of the types of financing available to investors looking for rentals.
  • Rehab loans, non-owner occupant loans, cash, and hard money
    

    Additional resources for Landlords:

    • Great Lakes Reia
    • Greater Cleveland Reia
    • Mr. Landlord conference
    • Ohio Reia
    • Meetup.com

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