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Updated almost 4 years ago, 01/26/2021

User Stats

2
Posts
2
Votes
Michael Herczak
  • New to Real Estate
  • Cleveland, OH
2
Votes |
2
Posts

New To Cleveland Investment!

Michael Herczak
  • New to Real Estate
  • Cleveland, OH
Posted

Hello BP!

I have been following the forums and videos for several years as I have always been interested in Real Estate. After over a decade in retail store management, I lost my job due to COVID. I have decided to go back to school to complete my business degree and receive a dual-degree in Interior Design as well. I am just finishing a flip that was given to me through a family member that passed (imagine a home straight out of 1963 as you have this project when we started!). I am just wrapping up setting up the home for sale with my Realtor. I did give my family $75k for the home (which was above market value in its as-is state) and invested $22k into repairs and a highly needed face lift. I did all of the project management and design, as well as a lot of the work myself along with my father. We are about to list the home for $169k, which my realtor (top 5% in Ohio) is certain with sell above asking. I will post pictures soon, as I am trying to also show off my skills and design work. I have been extensively looking into starting a portfolio and acquiring properties to flip for immediate cash to continue building my wealth in order to have more liquidity and ability to aggressively compete against cash buyers and have liquid cash for repairs. I am also looking into using the BRRRR method to build long-term wealth. I know that I have the skill set to manage properties, design appropriately on budget (while still adding plenty of unique touches for buyer interest) and turn for high profit. The biggest issue that I seem to be running into (outside of now not having a full-time job to vet loans) is getting "in" so to speak. I feel as if Realtors and investors have a big upper hand, making it a bit harder for a new investor to dip their feet in the pool in this area. I understand that this is a common "excuse" for new investors, but I am hoping to network and communicate with investors in this area (or out of area!) in order to hopefully find some good information and guidance to work with while getting into the swing of things and finishing my degrees so that I can properly start my real estate empire and secure my future in these uncertain times. Any and all feedback is highly appreciated!

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