New construction on a Multi Family lot (Cleveland, Ohio)
Member since 2022 · 11 posts · 4 votes
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
Hey Eduardo, welcome to BiggerPockets! You would have to do some serious research on this. Find out what type of neighborhood it is on, you'd never want to be in an area where you'll have a hard time finding PMs and Contractors to do the work for you. You'd have to remember that the cheapest option is not always the best. I personally have multiple units in Cleveland giving me steady returns, if you need help finding a good neighborhood to start on, let's connect and discuss how I can help you out.
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
Hey Eduardo, welcome to BiggerPockets! You would have to do some serious research on this. Find out what type of neighborhood it is on, you'd never want to be in an area where you'll have a hard time finding PMs and Contractors to do the work for you. You'd have to remember that the cheapest option is not always the best. I personally have multiple units in Cleveland giving me steady returns, if you need help finding a good neighborhood to start on, let's connect and discuss how I can help you out.
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
You can buy a MF for A LOT less then it will cost to build. I have a 10 unit off Kinsman its about 10- 13k sq ft it would cost over 1.5mill to build, I am going to be all in $360k brand new everything, with net rent of about 58k on gross of about 88k. Not sure how big you plan on building, but it will cost at least $150 a sq plus all the headaches , and good luck finding workers. Also not sure where you land is but if its one of the Heights, even more of a headache.
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
Hey Eduardo, welcome to BiggerPockets! You would have to do some serious research on this. Find out what type of neighborhood it is on, you'd never want to be in an area where you'll have a hard time finding PMs and Contractors to do the work for you. You'd have to remember that the cheapest option is not always the best. I personally have multiple units in Cleveland giving me steady returns, if you need help finding a good neighborhood to start on, let's connect and discuss how I can help you out.
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
Hey Eduardo, welcome to BiggerPockets! You would have to do some serious research on this. Find out what type of neighborhood it is on, you'd never want to be in an area where you'll have a hard time finding PMs and Contractors to do the work for you. You'd have to remember that the cheapest option is not always the best. I personally have multiple units in Cleveland giving me steady returns, if you need help finding a good neighborhood to start on, let's connect and discuss how I can help you out.
where ?????
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
You can buy a MF for A LOT less then it will cost to build. I have a 10 unit off Kinsman its about 10- 13k sq ft it would cost over 1.5mill to build, I am going to be all in $360k brand new everything, with net rent of about 58k on gross of about 88k. Not sure how big you plan on building, but it will cost at least $150 a sq plus all the headaches , and good luck finding workers. Also not sure where you land is but if its one of the Heights, even more of a headache.
Thank you I'm just starting on real estate and want to go step by step. Have two properties (SF) in Chapel Hill, added a Dwelling to one of them, and transformed a Screened porch into a Master bedroom at this moment rented with good tenants and a good income. (no headaches there next door from my home)
This Lot is in is in a Subdivision: James M Roys, and to make matters worst don't know much about Cleveland
I'm thinking to move this summer to Cleveland to start with all processes for this project.
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
Hey Eduardo, welcome to BiggerPockets! You would have to do some serious research on this. Find out what type of neighborhood it is on, you'd never want to be in an area where you'll have a hard time finding PMs and Contractors to do the work for you. You'd have to remember that the cheapest option is not always the best. I personally have multiple units in Cleveland giving me steady returns, if you need help finding a good neighborhood to start on, let's connect and discuss how I can help you out.
where ?????
6804 hague avenue
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
Hey Eduardo, welcome to BiggerPockets! You would have to do some serious research on this. Find out what type of neighborhood it is on, you'd never want to be in an area where you'll have a hard time finding PMs and Contractors to do the work for you. You'd have to remember that the cheapest option is not always the best. I personally have multiple units in Cleveland giving me steady returns, if you need help finding a good neighborhood to start on, let's connect and discuss how I can help you out.
where ?????
6804 hague avenue
Not a bad area , again it will be about 150 a sq to build, you can buy one for much much less,
Again, not easy for you to get contractors, (I have 30 )
Good luck
In an area like Cleveland, Where there are lot of vacant buildings, not sure if its a good idea to build for renting. Depends on specific area but in genera. I have seen that several class A apartment building finished recently and renting with a premium. Probably rents are twice the that of class Cs around in prime areas. But those large projects are well planned with lots of common amenities like gym and pools, hence probably makes pencil well. Without a solid plan like that, I would be hesitant to build new.
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
Hey Eduardo, welcome to BiggerPockets! You would have to do some serious research on this. Find out what type of neighborhood it is on, you'd never want to be in an area where you'll have a hard time finding PMs and Contractors to do the work for you. You'd have to remember that the cheapest option is not always the best. I personally have multiple units in Cleveland giving me steady returns, if you need help finding a good neighborhood to start on, let's connect and discuss how I can help you out.
where ?????
6804 hague avenue
Not a bad area , again it will be about 150 a sq to build, you can buy one for much much less,
Again, not easy for you to get contractors, (I have 30 )
Good luck
Thanks
In an area like Cleveland, Where there are lot of vacant buildings, not sure if its a good idea to build for renting. Depends on specific area but in genera. I have seen that several class A apartment building finished recently and renting with a premium. Probably rents are twice the that of class Cs around in prime areas. But those large projects are well planned with lots of common amenities like gym and pools, hence probably makes pencil well. Without a solid plan like that, I would be hesitant to build new.
The plan is to build a two-story building with a two-bedroom apartment on each floor, the lot has one house there that can possibly be fixed be rented too (A long shot might need too much).
Hi, I'm looking at a property in Cleveland, it's a home that is in serious distress (the 1900s) and probably won't be able to fix it, it is in a multifamily lot. it's a property that belonged to a relative. And I'm buying so cheaply that won't want this opportunity to pass. I'm a handyman for trade and have some experience in construction, have built three 600 + sqft apartments, in the Chapel hill, NC area. This property faces two streets, I.'m looking at building two stories apartments. and the plan will consist of having two buildings one on each street, I Have checked the rent in the area and it ranges from 700 to 1,200 confidence high, being a new construction might help keep on the high side.
Been from Mexico and now living in the Chapel Hill area, this plan looks good to me but need feedback from y'all experience guys.
Worried about: city permits, demo, Asbestos, lead paint, etc.
Hey Eduardo, welcome to BiggerPockets! You would have to do some serious research on this. Find out what type of neighborhood it is on, you'd never want to be in an area where you'll have a hard time finding PMs and Contractors to do the work for you. You'd have to remember that the cheapest option is not always the best. I personally have multiple units in Cleveland giving me steady returns, if you need help finding a good neighborhood to start on, let's connect and discuss how I can help you out.
where ?????
6804 hague avenue
Not a bad area , again it will be about 150 a sq to build, you can buy one for much much less,
Again, not easy for you to get contractors, (I have 30 )
Good luck
Thanks