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Updated over 5 years ago on . Most recent reply

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Brian Jones
  • Cleveland, OH
0
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2
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Need help in navigating the Cleveland Multifamily real estate

Brian Jones
  • Cleveland, OH
Posted

Have started the quest by contacting a real estate agent and making several offers but to no avail. Obviously am missing key components to be successful. I would love any tips you may have as I go on this journey.

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45
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Lincoln Coverdale
  • Beachwood, OH
18
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45
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Lincoln Coverdale
  • Beachwood, OH
Replied

@Brian Jones - Robert has a good point about the POS system and how it affects investors abilities to get deals.  I would also consider the grade of property you have been making offers on.  Even at the $100K-$150K price point many of these homes are behind on maintenance and could have major expenses looming.  Below that price homes may be not worth much at all.  For us and our clients we work on the rule of 10.  For every one property that works out, we have looked at 10.  For every property we have looked at we have analyzed 10.  So for every 100 properties we see online we hope to get 1 good investment.  It's a lot of time and energy but having a bad portfolio of homes is much worse than missing a few deals.  

Good Luck

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