Rental Property Investor · Windsor, ON · Member since 2017 · 7 posts · 5 votes
I'm in Cleveland for a few days, wouldn't mind meeting up with a few people. I'm visiting from Canada. Would like to talk to a good realtor(ideally someone that's also an investor themselves), a good property manager, good contractor. I'm interested in:
1. Acquiring some properties in the 50K range with best cashflow ideally looking for 500+/month net (after all expenses including maintenance, taxes, financing). I've seen some properties with rent around $1000 in that price range online so seems doable. I would appreciate any advice.
2. Flips. Off market vs mls. There are many wholesalers with deals that have promising ARVs however need some local expert advice to see if these ARVs are realistic and some pricing on doing the work.
As mentioned I'm in town for a few days, send me a message and I can give you a call. Thank you in advance.
1. Acquiring some properties in the 50K range with best cashflow ideally looking for 500+/month net (after all expenses including maintenance, taxes, financing). I've seen some properties with rent around $1000 in that price range online so seems doable. I would appreciate any advice
Maybe in a D area, or you'll be picking up a property and assuming all the POS violations which than would take your purchase price, escrow money and repairs up to like $70000
1. Acquiring some properties in the 50K range with best cashflow ideally looking for 500+/month net (after all expenses including maintenance, taxes, financing). I've seen some properties with rent around $1000 in that price range online so seems doable. I would appreciate any advice
Maybe in a D area, or you'll be picking up a property and assuming all the POS violations which than would take your purchase price, escrow money and repairs up to like $70000
Concur with @Federico Gutierrez the $50K deals, especially for an out of area investor, would be difficult to stomach. Quite the outlay of cash for the headache.
What would you say is a realistic expectation for a 50K property in a C neighborhood in terms of net cash flow if one were to use cash for purchase? In the greater Cleveland Area.
@Tudor Pop welcome to Cleveland! Just saw this now, would love to connect if you are still in town!
I am also happy to help however I can on your search. I agree with everyone else here, I have quite a few properties listed in that price range, however definitely not cash flowing 500/door net net.
I think It’s extremely important to figure out exactly what your investment goals are exactly what your investment criteria is and work with someone who is investment savvy that can be your boots on the ground. You were on the right track looking to meet with realtors Investor’s property management companies and contractors.
Wish you the best of luck here in Cleveland! And if there is anything I can do to assist you please do not hesitate to reach out!!
@Tudor Pop my brother runs a very good remodeling company in Cleveland. He specializes in flips and rental properties for other investors. He can make anything turn-key and knows a lot about the local communities. He’s not on BP but his company name is Jackson Remodeling and I can pm you his number if you’d like.
I'm in Cleveland for a few days, wouldn't mind meeting up with a few people. I'm visiting from Canada. Would like to talk to a good realtor(ideally someone that's also an investor themselves), a good property manager, good contractor. I'm interested in:
1. Acquiring some properties in the 50K range with best cashflow ideally looking for 500+/month net (after all expenses including maintenance, taxes, financing). I've seen some properties with rent around $1000 in that price range online so seems doable. I would appreciate any advice.
2. Flips. Off market vs mls. There are many wholesalers with deals that have promising ARVs however need some local expert advice to see if these ARVs are realistic and some pricing on doing the work.
As mentioned I'm in town for a few days, send me a message and I can give you a call. Thank you in advance.
Welcome aboard Tudor. Biggest thing in making sure you understand what the correct ARV is going to be vs what wholesalers are telling you is having an in-depth knowledge base on the neighborhood. A bungalow in one area could go for triple what the same type of bungalow would go in another. Check out The Ultimate Guide to Grading Cleveland Neighborhoods for more info.
@tudor pop You are probably back in Canada right now so I may be a little late to the party. Based on what you are saying your criteria is , this is what I would recommend you do.
Get pre-approved with a lender first. You will not be taken seriously if you don't. If you say "I'm paying cash"...that's fine, but nobody will take you seriously without proof of funds.
Go to Zillow and look type in duplexes for sale, Cleveland, Ohio $50-K to $60K. You will see agents that have listings of investment properties that ARE for sale in that price range. Call them and let them know you are interested in SFRs AND duplexes in that price range. They will also know who the right property managers are that will manage those properties as well. Based on how they communicate with you, you will know who you do and don;t want to work with. As others have said do NOT invest in D or F neighborhoods. You might think that $38,000 Duplex that is getting $800/mo in gross rents is the unicorn, but it is most likely what comes out of the bottom end of a unicorn and it smells. You've most likely visited Cleveland already so use the "Ultimate Guide" as a BASIC framework, combined with what you saw on your visit and determine where you want to buy.
As an FYI I do know of a lender that will do mortgages for properties in the $40K to $50K range in Cleveland so if you need their info, let me know.
I am a California investor who will be visiting Cleveland in a few days, and would also like to connect with contractors, property managers, and realtors who work with investors, and are investors.
I will be getting there September 24th and staying for a little over a week.
@Tudorpop. How was your trip? Any recommendations since visiting Cleveland? We will be getting there in a few days.