South Euclid, Cleveland

[Kaira Resch]

Well as you know it’s hard to find a deal. So gave that up. Was invested in Garfield Heights purchased two single family homes in 2015 sold in 2020 (ouch). Nightmare with tenants and property management. 

Back in Cleveland looking this time South Euclid. Found a property It’s a 3/1.5 single family. Listed at $140,000 but have to go to $155,000 to even have a chance. Looking to put 30% down. Rent is hard to nail down zillow says $950 (would be negative cash flow for sure) property manager says $1200- $1300, realtor says $1,500. Anyway, at best at $1,300 I break even. Looking to buy and hold. Any thoughts?

Is waiting better? Seems like prices not coming down. Have to go Turnkey as I’m out of town investor. Looking in Cleveland Heights andLakewood too. 

[Nicholas Misch]

Quote from @Jonathan Oh:

@Kaira Resch Have you considered working with a realtor to purchase properties needing cosmetics? Not as risky as full rehab, but manageable remotely. And you can prob get in at better price points. Otherwise, you'll be paying a premium for turnkeys with minimal cashflow.

This was my first thought. Get a good agent investor who can help with a small rehab. You’ll find better prices on properties that need a little work. Many people successfully do this out of state.