Introduction From Cleveland, OH

[Mario Gagliardi]

Hello from Cleveland, OH! My name is Mario Gagliardi. I started investing in real estate last year when I purchased a home from the Cuyahoga County Sheriff Sale. My occupation is Dentistry. I work 14 12 hour shifts a month at an urgent care dental clinic. Dealing with contractors can be more difficult than pulling teeth. My real estate/ life inspirations are Arnold Schwarzenegger, Tim Ferris, Tony Robbins, and Robert Kiyosaki. I confess to enjoying Clayton Morris’s podcast. Real estate/ business books that I have enjoyed have been Rich Dad Poor Dad, Loopholes of Real Estate, The Book on Rental Property Investing, and Getting More.

I am a registered general contractor in Cleveland. Many of my family members are tradesmen or landlords. The first house I purchased at the sheriffs sale was in a nicer area of Cleveland (West 143rd) but turned out to be a level 5 hoarder (yes there are different levels of hoarders- look it up!). Originally I intended to rent the property but after a lengthy rehab I’m going to try and 1031 exchange it with the guidance of a couple lawyers and a CPA.

I’m finalizing a purchase agreement for my second property which will be my first partnership (with my father). My five year plan is 3 units in 2018 (I purchased just one), 3 more in 2019, 6 more in 2020, 12 in 2021, and 24 in 2022. I’m hoping to exchange my first property for a multi unit property. So far I have built a team that consists of a supportive girlfriend, two lawyers, a property manager, a general contractor, electrician, plumbing and HVAC guy, roofer and tree guy, window guy, real estate agent, and insurance agent. I’m looking to round out my team with a good title company, back up electricians, plumbers, and HVAC guys, and lenders.

Some of my early lessons

- befriend and treat your neighbors well if your property is vacant

- under no circumstances pay the balance of a contractor bill until the work is 100% complete

- the least expensive contractor bid is not always the best value

-network and put yourself out there

- there’s so much content out there (YouTube, podcasts, books). Learn as much as possible and try to focus on timely information and not ‘what if’ information (ex- if you are rehabbing a property watch rehab videos, not tenant screening videos)

In my opinion if your means allow it you should take action as soon as possible with the understanding that you are going to suck at first. Experience is the best teacher.

Best of luck out there

Mario

[Jad Boudiab]

Originally posted by @Mario Gagliardi:

Hello from Cleveland, OH! My name is Mario Gagliardi. I started investing in real estate last year when I purchased a home from the Cuyahoga County Sheriff Sale. My occupation is Dentistry. I work 14 12 hour shifts a month at an urgent care dental clinic. Dealing with contractors can be more difficult than pulling teeth. My real estate/ life inspirations are Arnold Schwarzenegger, Tim Ferris, Tony Robbins, and Robert Kiyosaki. I confess to enjoying Clayton Morris’s podcast. Real estate/ business books that I have enjoyed have been Rich Dad Poor Dad, Loopholes of Real Estate, The Book on Rental Property Investing, and Getting More.

I am a registered general contractor in Cleveland. Many of my family members are tradesmen or landlords. The first house I purchased at the sheriffs sale was in a nicer area of Cleveland (West 143rd) but turned out to be a level 5 hoarder (yes there are different levels of hoarders- look it up!). Originally I intended to rent the property but after a lengthy rehab I’m going to try and 1031 exchange it with the guidance of a couple lawyers and a CPA.

I’m finalizing a purchase agreement for my second property which will be my first partnership (with my father). My five year plan is 3 units in 2018 (I purchased just one), 3 more in 2019, 6 more in 2020, 12 in 2021, and 24 in 2022. I’m hoping to exchange my first property for a multi unit property. So far I have built a team that consists of a supportive girlfriend, two lawyers, a property manager, a general contractor, electrician, plumbing and HVAC guy, roofer and tree guy, window guy, real estate agent, and insurance agent. I’m looking to round out my team with a good title company, back up electricians, plumbers, and HVAC guys, and lenders.

Some of my early lessons

- befriend and treat your neighbors well if your property is vacant

- under no circumstances pay the balance of a contractor bill until the work is 100% complete

- the least expensive contractor bid is not always the best value

-network and put yourself out there

- there’s so much content out there (YouTube, podcasts, books). Learn as much as possible and try to focus on timely information and not ‘what if’ information (ex- if you are rehabbing a property watch rehab videos, not tenant screening videos)

In my opinion if your means allow it you should take action as soon as possible with the understanding that you are going to suck at first. Experience is the best teacher.

Best of luck out there

Mario

 You're off to a great start, 3 more this year should be easy!

My first one was a similar story, a westside Cleveland squatter home vacant for 10+ years. Picked it up at the Sheriff Sale, had to remove the squatter and two 40 yard dumpsters out of there. Fun stuff!