The power of acting quick. Picked up rental #4

[Federico Gutierrez]

Just closed on my 4th rental property in Cleveland OH in 1.5yrs. This time I bought a double in Lakewood OH (one of the hotter markets in Cleveland right now) and it make it even sweeter I GOT PAID BUYING IT. 

This property I'll be moving into later in the year and having the DOWN tenant pay my repayments and expenses.  #WIN

I bought this investment using funds from Australia, little creative financing using a home line equity from Australian properties, not the best exchange rate but I'll make it up when I send money back. I was able to put this under contract in 6hrs after being listed.

 
I came across this property as I stay up till 1am daily looking for new listing on the MLS, learning and searching what is happening in my own neighbourhood. I was looking at the property by 10am. and put offer in by 10:15am

Everyone wants to know the numbers.

Took out a loan for $100000 AUD which converts to $71000 US. I'm paying $330/month AUD to repay the loan

Rents in the area are $750-850 for 2bed/1bath. Currently the tenants are paying very under market rent which will increase over the coming months.

I don't have to do anything really but as I'll be living in the property I'm going to do some upgrades, mainly mechanical 

ARV in this are are $110-125,000 with prices only going up.

My take away from this investments: know your area, act quick and be rewarded. 

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