Out of State Duplex in Cleveland, Ohio

[Shalece Christiansen]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $83,500
Cash invested: $24,000

I purchased my first rental property out of state in large part due to things I learned from Bigger Pockets. It is a Duplex in Cleveland, Ohio with an NOI of $9000 per year.

What made you interested in investing in this type of deal?

I had limited capital to purchase my first rental property and living in Utah I could not find or afford a property that would cash flow.

How did you find this deal and how did you negotiate it?

I initially found a realtor in Cleveland through Bigger Pockets, but she was no longer in the area so I contacted another through realtor.com.
The realtor found the deal for me and we negotiated repairs and price with the seller.
I also found a mortgage company through realtor.com.

How did you finance this deal?

I put 25% down with money I saved, then I financed the rest through a local bank.

How did you add value to the deal?

I bought the unit recently renovated. I will be adding a new roof soon.

What was the outcome?

I found a duplex I could afford (with the 25% down payment I had saved) that is cash flowing around $700 per month.

Lessons learned? Challenges?

I learned the step by step process of actually purchasing my first property. It feels good to take a leap of faith in out of state investing and receiving a good return on my investment.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I highly recommend Steven Aviram with Aspire Community Realty as an agent and property manager. He has been thorough, patient, and effective.