Cleveland Ohio - Long Distance Investing

[Devin Collins]

Hey BP Community!

It's been sometime since I've posted on here so I'd thought I'd strike up another conversation around some questions I've had and where I've gotten so far. 

So my local market in Florida is still booming and finding anything under market value to BRRRRR seemed to be causing more work than results so I decided to adjust my strategy and find more stable markets via long distance investing primarily in Cleveland, Ohio with the help of this guide:

The Ultimate Guide to Grading Cleveland Neighborhoods

So rather than strictly BRRRRR in Florida I am also interested in Turn Key and BRRRRR projects in Cleveland with its very welcoming prices. My previous partner was mainly interested in finding a huge flip project in Florida so I am still on the hunt for an equity partner and building my Core 4. I am primarily interested in buy and holds in B and C+ neighborhoods to create enough income to do REI full-time (currently in the Air Force). I've gotten pretty good at running comps and numbers and learned to spot a bad deal when I see one. Currently waiting to HELOC my primary residence to get started unless I can find an investor interested in taking the profit from a BRRRRR or share the cashflow from a Turn Key property.

A few questions that have been on my mind:

JV or LLC? I am wondering if a JV is enough to cover any concerns relating to partnership strategies or if I should be concerned with an LLC. I am familiar with the land trust method to put a property under LLC protection which seems to have a level of risk. And as far as ownership goes, whose name should be on the title?

Building relationships: I know the real estate game is all about relationships and while we are all here to help each other become more successful how do you maintain relationships out side of making each other money? How do you guys consistently make good impressions? 

Loans: As far as private lending and hard money loans go how do you spot a bad deal? I know a 10-15% interest rate is average here and costly up front fees are a red flag and always do your due diligence. What are some other things that point out that a lender is less than trust worthy?

Anyways just looking to strike up some interesting conversation around Real Estate Investing. Feel free to follow or contact me. 

Happy Investing!