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Updated over 4 years ago,
Repairs are eating cash flow
Hi, i had posted few months back, i invest in Cleveland (University heights, Cleveland Heights, Garfield, Euclid). Have 5 properties (1950s). We did inspections, being out of state we work with management companies, so far the experience with them has not been the best, as they don't think about us when deciding on repair costs and service calls are $75 for even checking a door. The worse experience has been Euclid with their inspections.
After listening to so many podcasts, i can't believe the this is how it is for us. I think one problem is that each property cash flowed 200 to 300 per months and that does not seem enough. Also, perhaps it is the people that rehab their properties the ones that do make profit as they know how they did repairs and do them well.
Quite frustrated at this point. Filling for taxes soon and hope that at least that part works.
Should we just sell and walk out, or give it another year. We started a year ago.
thanks