New Out Of State Investor

[Marc Toledano]

Hi BP Fam,

After 1 year of BP education and saving $ I am ready to take the plunge. I have settled on the Cleveland, OH market and want to start with a multifamily investment. I have found a very reputable Management company and I am now looking for a Investor friendly agent/broker.

I would ideally like to invest in the Lakewood area but I am open to Brooklyn Heights, Newburgh Heights and possibly even Parma. I am not scared of light rehab work for a distressed property but it must have comps to show potential upside and must be reflected in the price.

My investing goals for year 1: To purchase 1 MF property in cash (no debt), turn it into income producing within 3 months of acquisition with 1-2 year lease tenants, hold for a further 3-6 months and then apply for financing. Use the all the money to roll into my next acquisition, and keep rolling. 

My journey starts today with the first step and I am cautious, patient but very motivated to get going. All feedback, intro's and general helpful tips would be welcomed, and I will be following up with bi-monthly updates so I can give back to this amazing community, to whom I am already greatly indebted to!

Marc

TIA!