Investor · Scottsdale, AZ · Member since 2011 · 509 posts · 134 votes
Hi Guys,
Pretty excited on my first rental, which happens to be out-of-state in a Cleveland Suburb called Brook Park, OH. Lead came through our sales funnel, negotiated for about 10 minutes, locked it up. Rehab was 28k, which was completed in 6 weeks.
@Jared Vidales Congratulations on putting this deal together. Very nice rehab- looks like you now have a high quality rental in a limited inventory market. Also a huge equity gain that I almost never see local investors achieve.
@Jared Vidales a real estate agent who is active in Brook Park can do a better job at estimating value than I can, but it looks like $110,000- $115,000 to me which I think was about the value range we talked about when we first discussed this property. I've got a flip in progress in Fairview Park so have been watching that city closely (west side not far from Brook Park) especially the lower end of the market (<$150K). Houses there that are either totally renovated or have obviously been kept updated are going pending in a week or two at premium prices.....looks like pent up demand. In general we get a little market surge here when the weather warms up in the Spring so I expect values to stay stronger if not inch up further.
Hi Jared and all. I read Brook Park can be a difficult when dealing with the building commissioner and building department? is that so? Did you have this experience?