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Updated 3 months ago, 09/24/2024
Investing remotely in Cleveland/Akron
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
I have an entire team there, Properties, Contractors, PM, and much more. Happy to help
BTW I have done 100s and 100s of deals there all remote. Currently doing 3 renos, two rental turns and I have move in this week, again, all remote.
Quote from @Bob Stevens:
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
I have an entire team there, Properties, Contractors, PM, and much more. Happy to help
BTW I have done 100s and 100s of deals there all remote. Currently doing 3 renos, two rental turns and I have move in this week, again, all remote.
I should have hit you up in the past, I have had nightmare dealings in cleveland with local authorities.
- Chris Seveney
@Bob Stevens
No time like the present, anything I should be avoiding? I have heard horror stories of evictions with section 8 tenants and am going to be aiming at c+ to b- neighborhoods, so hopefully I won't need to worry about that.
Quote from @Alex Baxter:
@Bob Stevens
No time like the present, anything I should be avoiding? I have heard horror stories of evictions with section 8 tenants and am going to be aiming at c+ to b- neighborhoods, so hopefully I won't need to worry about that.
Avoiding, no, well if you are going to " go it alone " then YES, everything LOL. Horror stories, not sure whom you are speaking with, but they do not have a clue. You evict exactly like any tenant. You are reading way too many books and wasting a lot of time online. I live on the beach and do it all in Cleveland, little to know issues,
Good luck
Quote from @Chris Seveney:
Quote from @Bob Stevens:
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
I have an entire team there, Properties, Contractors, PM, and much more. Happy to help
BTW I have done 100s and 100s of deals there all remote. Currently doing 3 renos, two rental turns and I have move in this week, again, all remote.
I should have hit you up in the past, I have had nightmare dealings in cleveland with local authorities.
Not sure why? I have done let's just say one or two there, very few issues. Doing two renos, 3 rental turns, have two or 3 move ins this week plus closing on two duplexs, ALL remote.
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
Hey John!
It's great that you want to start investing in the Cleveland area. I have many connections over there and would be happy to refer you to some great contractors and property managers.
- Kerlous Tadres
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
John
Quote from @Alex Baxter:
@Bob Stevens
No time like the present, anything I should be avoiding? I have heard horror stories of evictions with section 8 tenants and am going to be aiming at c+ to b- neighborhoods, so hopefully I won't need to worry about that.
If you need help in Akron, I’m local and can help with a second opinion on neighborhoods you’re looking at. Just message me with an address you’re looking at and I can help. Definitely @Bob stevens for great advice, he knows everyone! Bob, what beach you on? I’m putting my OBX house up for sale
Quote from @Richard Schubert:
Quote from @Alex Baxter:
@Bob Stevens
No time like the present, anything I should be avoiding? I have heard horror stories of evictions with section 8 tenants and am going to be aiming at c+ to b- neighborhoods, so hopefully I won't need to worry about that.
If you need help in Akron, I’m local and can help with a second opinion on neighborhoods you’re looking at. Just message me with an address you’re looking at and I can help. Definitely @Bob stevens for great advice, he knows everyone! Bob, what beach you on? I’m putting my OBX house up for sale
Hello, Boynton,
Hi, welcome! Yes, Ohio is a good place to invest in real estate buying and selling properties. I agree do your homework regarding your real estate portfolio and you should be fine. Please reach out with any questions. Best Wishes!
Quote from @John Salcedo:
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
John
Yes I'm currently located in Orlando but have roots in the Tampa metro. So far it looks like most of the PMs I'm seeing love to nickel and dime you on random things like the lead paint inspection or utilities etc. Hard finding someone who will just take a simple 10%/mo and 1mo rent on turnover. I have a property in FL and the only costs I have are 10%/mo and 50% of 1st months rent on tenant placement. I get markets are different but when I see literally a dozen different 25$-50$ fees I'm not at all interested in working with those people. Unfortunately that's been the last 3 or so PMs I've looked at.
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
Hey Alex - I would look to connect with other investor friendly agents. They are going to be your best in terms of connecting you with the right team of folks.
First step is to connect with a realtor
Then get deal flow both on-market and off-market
Connect with lenders, PM, and contractors that meet your purpose
With what you are looking for in terms of project management, you will need to either manage the project yourself or hire your PM (who will charge you extra).
Reach out if you have any questions about the process. I do 12-15 deals every month here in Columbus and send you resources that can help.
- Alfath Ahmed
- [email protected]
- 614-802-5698
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Flipper/Rehabber
- Pittsburgh
- 3,820
- Votes |
- 4,898
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#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Flipper/Rehabber
- Pittsburgh
Hi. Why not just invest in Florida? If your immediate area is too expensive then just go out an hour or two. You lose home-court advantage going out of state to a market you don't know.
@Bob Stevens crushes it in Cleveland because he has a team there. If you want a team there, fly there and set up a team. And if you can't do that, don't invest there.
Quote from @Nicholas L.:
Hi. Why not just invest in Florida? If your immediate area is too expensive then just go out an hour or two. You lose home-court advantage going out of state to a market you don't know.
@Bob Stevens crushes it in Cleveland because he has a team there. If you want a team there, fly there and set up a team. And if you can't do that, don't invest there.
Fl I will not touch it, there is a crash coming its already started. I have been working in the clev, markets for 10 +years, all remote,
Quote from @Nicholas L.:
Hi. Why not just invest in Florida? If your immediate area is too expensive then just go out an hour or two. You lose home-court advantage going out of state to a market you don't know.
@Bob Stevens crushes it in Cleveland because he has a team there. If you want a team there, fly there and set up a team. And if you can't do that, don't invest there.
Florida's major metros are all far more expensive than the Midwest with the exception of Jax which I am between 3 and 5 hours away from. May as well be Midwest at that point. I'm not interested in investing in any property more than a 45 minute drive from a major metro, regardless of the state.
As far as setting something up in person, that's great and all but if I don't know who I'm talking to I'm not going to have any better a time in person vs remote. I'm looking for references here and hoping to find people who come recommended by others as a starting point. People can lie to your face just as easily as over the phone. If I'm going to trust someone with something like this, I don't think a recommendation is an unreasonable goal.
Hiring a PM was a solid suggestion, I'm fine doing something like that but would again want a recommendation.
Quote from @Alex Baxter:
Quote from @Nicholas L.:
Hi. Why not just invest in Florida? If your immediate area is too expensive then just go out an hour or two. You lose home-court advantage going out of state to a market you don't know.
@Bob Stevens crushes it in Cleveland because he has a team there. If you want a team there, fly there and set up a team. And if you can't do that, don't invest there.
Florida's major metros are all far more expensive than the Midwest with the exception of Jax which I am between 3 and 5 hours away from. May as well be Midwest at that point. I'm not interested in investing in any property more than a 45 minute drive from a major metro, regardless of the state.
As far as setting something up in person, that's great and all but if I don't know who I'm talking to I'm not going to have any better a time in person vs remote. I'm looking for references here and hoping to find people who come recommended by others as a starting point. People can lie to your face just as easily as over the phone. If I'm going to trust someone with something like this, I don't think a recommendation is an unreasonable goal.
Hiring a PM was a solid suggestion, I'm fine doing something like that but would again want a recommendation.
Of course you must vet the person 100%. I built a team and have hired and fired many over the years. I still have my core guys from 10+years ago. They are doing to renos right now. I will have two move in this week, and two more closings next week, then reno starts, again all 100% remote.
Good luck
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Flipper/Rehabber
- Pittsburgh
- 3,820
- Votes |
- 4,898
- Posts
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Flipper/Rehabber
- Pittsburgh
all valid points and I appreciate how well you've thought this through.
i'm just reacting to the numerous threads of people on BP who buy OOS, get crushed, and give up. I BRRRR, for example. I don't know how I'd do it out of state. For my 2nd one I had to call 30 contractors to get 2 bids. I met both and vetted them, looked at their other work, picked 1 and he knocked it out of the park.
and yes, the best way is to get referrals - so if i were serious i'd fly to your chosen market, go to meetups and get referrals. i just don't see how you do it all over Internet.
I just received this email. THIS is why I love govt programs, I would get 650 MAX, This is for a 1 br in my 7 unit, at about 33k per unit, so do the math abut 23% net. whoop LOL,
Ok, based on the rent reasonable the most we can approve is $909.Do you accept this as the full contract rent amount?
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
Your best bet will be to find a good investor-friendly agent. Make sure it is an agent who owns property themselves. If they cold-call and find off-market deals that will be a plus+.
I have several referrals in Cleveland for contractors, handymen, PM that I can share with you. For deals, I recommend buying in at least C+ locations. Be careful of the east side and buy a turnkey deal.
Definitely get familiar with rental registration in Cleveland and lead cert laws.
- Alfath Ahmed
- [email protected]
- 614-802-5698
Quote from @Alfath Ahmed:
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
Your best bet will be to find a good investor-friendly agent. Make sure it is an agent who owns property themselves. If they cold-call and find off-market deals that will be a plus+.
I have several referrals in Cleveland for contractors, handymen, PM that I can share with you. For deals, I recommend buying in at least C+ locations. Be careful of the east side and buy a turnkey deal.
Definitely get familiar with rental registration in Cleveland and lead cert laws.
Agent? IF you're a cash buyer you do not need an agent. I have done let's just say one or two over the years, never once using an agent
Quote from @Bob Stevens:
Quote from @Alfath Ahmed:
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
Your best bet will be to find a good investor-friendly agent. Make sure it is an agent who owns property themselves. If they cold-call and find off-market deals that will be a plus+.
I have several referrals in Cleveland for contractors, handymen, PM that I can share with you. For deals, I recommend buying in at least C+ locations. Be careful of the east side and buy a turnkey deal.
Definitely get familiar with rental registration in Cleveland and lead cert laws.
Agent? IF you're a cash buyer you do not need an agent. I have done let's just say one or two over the years, never once using an agent
I would not buy cash in east side of cleveland. If anyone is telling you to buy cash they are trying to scam you. Use a lender because a lender will tell you the true comps. Properties will probably not appraise if cash is advised.
- Alfath Ahmed
- [email protected]
- 614-802-5698
Quote from @Alfath Ahmed:
Quote from @Bob Stevens:
Quote from @Alfath Ahmed:
Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
Your best bet will be to find a good investor-friendly agent. Make sure it is an agent who owns property themselves. If they cold-call and find off-market deals that will be a plus+.
I have several referrals in Cleveland for contractors, handymen, PM that I can share with you. For deals, I recommend buying in at least C+ locations. Be careful of the east side and buy a turnkey deal.
Definitely get familiar with rental registration in Cleveland and lead cert laws.
Agent? IF you're a cash buyer you do not need an agent. I have done let's just say one or two over the years, never once using an agent
I would not buy cash in east side of cleveland. If anyone is telling you to buy cash they are trying to scam you. Use a lender because a lender will tell you the true comps. Properties will probably not appraise if cash is advised.
WOW this is a such a misleading /terrible statement I have ever read on BP. So, for 10 years I have been getting scammed? So, the 81 unit we paid all in 1 mill that nets about 300k for the last 7 years with an appraisal of 2.5 mill, 5 years ago, was a scam? So, the 7 unit we purchased last summer all in 230k with 52k in rent was a scam? The duplex I am closing on this week at all in 80kish fully renovated with 2k in rent is a scam? I can provide dozens of examples. Also, anyone can run comps in 5 minutes Your response is very irresponsible.
Now are there people out there selling props based on income just because it makes sense, absolutely. I see investors from around the world paying much too high. I have advised people here on BP not to purchase just because it's a great return. So, it's very important to have a team in place. But to make a blanket statement as you did well, I expressed how I feel
All the best
Careful of buying on the east side! The crime rates, break ins, vacancy are some of the highest in the country. You really have to be careful where you purchase. Cleveland is very street by street. Some can make it work (rare) and most cannot. Want to see the best evidence? Go to the auditor link below and see how many times a place has sold in the last 20 years let's say. it's frequent to see the places turning over 6-12 times. That means that the investment is NOT working. You really need to have solid boots on the ground to be successful in these areas. Talk to people who grew up there or around it and understand versus the rare OOS investor that has 1 duplex or single family go well there for 6 months. That's not realistic hence why you can buy distressed houses there for $5,000 or less.
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Quote from @Alex Baxter:
Hi guys, I'm new but I do a lot of research. I have put in over 100h and feel confident I know what I'm doing from a functional standpoint. I don't have a team and need to build one. Before I start calling everyone in the metro area and interviewing them I figured I would come to you fine folks for recommendations or advice.
I need a good PM, contractor, handyman, and an agent. I'm unlikely to sell anything and plan to either fix and hold or buy turnkey. I am also not super flush with cash and won't be doing a ton of deals right away, so I might not be worth the time of a big player. I am perfectly happy working with a PM or Agent who can handle everything for me from start to finish, but am skeptical and want references. I understand these services cost money and have no problem paying people for their work. Everyone's gotta eat.
I want someone who is going to hold the handyman/contractors accountable and validate that they are completing work on time and up to standard. Videos and photos of the work as it's being done are a big help. I need people who understand my perspective and will not fight me on holding them or others accountable. Trust is earned, as the relationship grows I will be less nosy, but early on I might be annoying and someone who understands that and will put up with it is a must. I am not unreasonable, just afraid of losing money halfway across the country trusting people I don't know.
If anyone has any recommendations in the area I'm all ears. If anyone has any alternative suggestions for me or words of wisdom I'm always open to learning more.
Thank you all for reading!
Is Cleveland still Landlord Friendly in 2024? | Ask James Wise 120