All Forum Posts by: Alec Bilux

Hi BiggerPockets community! I'm Oleg, a first-time real estate investor based in Parma Heights, OH. With 15 years of entrepreneurial experience (Forbes Next 250 Ukraine, ceiling heating innovation), I'm diving into buy-and-hold rentals for stable cash flow. I recently bought a 4-bedroom, spa-equipped home on Pearl Road for $142,000 at auction, targeting $3,000/month rent (ARV: $300,000). I've invested $25k in kitchen/bath upgrades and need $25k–$40k funding plus Cleveland contractors for rehab (Florida room, electrical for 1947 home). My goal is to build a cash-flowing portfolio and network with investors who share my vision. Real estate excites me for its wealth-building potential, inspired by my business background. What are your best tips for finding investor-friendly lenders in Ohio? Thanks for the warm welcome!Best,
Oleg

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $142,000
Cash invested: $25,000

First-time investor with 15 yrs entrepreneurial experience (Forbes Next 250 Ukraine, ceiling heating innovation) seeks $25k–$40k for Parma Heights buy-and-hold rehab. Bought 4-bed, spa home on Pearl Rd for $142k at auction, invested $25k in fix/kitchen/bath (half of $50k–$80k). ARV: $300k. Targets $3,000/mo rent (NOI: $1,900). Repay from rent + sale profit in 2–3 yrs (10–12% int or 25% rent/sale profit). Need investor-friendly lenders, Cleveland contractors. Let's build a cash-flowing gem!

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

Buy-and-hold offers stable cash flow, perfect for this 4-bedroom, spa-equipped home near Pearl Road's cafes and banks. This deal's premium features and $1,900/month NOI align with my goal of building wealth through real estate. As a first-time investor, I'm excited to apply my problem-solving skills and collaborate with supportive partners who believe in this cash-flowing project.

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

Found this 4-bedroom, spa-equipped Pearl Road home at auction for $142,000. Underestimated repairs but saw huge potential with my 15-year Forbes Next 250 experience. Negotiated cash, leveraging distressed condition.

How did you finance this deal?

Financed the $142,000 Pearl Road 4-bedroom, spa-equipped home with cash from selling war-damaged Kharkiv property at one-third value. Invested $25,000 in repairs, seeking partners to unlock rental potential.

How did you add value to the deal?

Invested $25,000 in kitchen/bath upgrades for a Pearl Road 4-bedroom, spa home. Adding Florida room, new electrical, paint, appliances, doors, windows to meet inspection and boost $3,000/month rental appeal.

What was the outcome?

Invested $25,000 in kitchen/bath, started electrical to pass inspection, adding Florida room, paint. Seeking $25,000–$40,000 to finish rehab, targeting $3,000/month rent.

Lessons learned? Challenges?

Lessons Learned:
- Underestimated repair costs ($50,000–$80,000), teaching me to get detailed inspections/quotes upfront.
- Importance of due diligence for auctions (e.g., assessing electrical issues in a 1947 home).

Challenges:
- Finding investor-friendly lenders/contractors for buy-and-hold
- Addressing electrical inspection failure for the 1947 home, requiring costly upgrades.
- Securing $25,000–$40,000 funding while managing ongoing rehab.

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

Bought Pearl Road 4-bedroom, spa home at auction independently. Now seeking investor-friendly lenders, contractors for rehab. Forbes Next 250 experience guides me—recommend reliable Cleveland pros for buy-and-hold!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $142,000
Cash invested: $25,000

First-time investor with 15 yrs entrepreneurial experience (Forbes Next 250 Ukraine, ceiling heating innovation) seeks $25k–$40k for Parma Heights buy-and-hold rehab. Bought 4-bed, spa home on Pearl Rd for $142k at auction, invested $25k in fix/kitchen/bath (half of $50k–$80k). ARV: $300k. Targets $3,000/mo rent (NOI: $1,900). Repay from rent + sale profit in 2–3 yrs (10–12% int or 25% rent/sale profit). Need investor-friendly lenders, Cleveland contractors. Let's build a cash-flowing gem!

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

Buy-and-hold offers stable cash flow, perfect for this 4-bedroom, spa-equipped home near Pearl Road's cafes and banks. This deal's premium features and $1,900/month NOI align with my goal of building wealth through real estate. As a first-time investor, I'm excited to apply my problem-solving skills and collaborate with supportive partners who believe in this cash-flowing project.

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

Found this 4-bedroom, spa-equipped Pearl Road home at auction for $142,000. Underestimated repairs but saw huge potential with my 15-year Forbes Next 250 experience. Negotiated cash, leveraging distressed condition.

How did you finance this deal?

Financed the $142,000 Pearl Road 4-bedroom, spa-equipped home with cash from selling war-damaged Kharkiv property at one-third value. Invested $25,000 in repairs, seeking partners to unlock rental potential.

How did you add value to the deal?

Invested $25,000 in kitchen/bath upgrades for a Pearl Road 4-bedroom, spa home. Adding Florida room, new electrical, paint, appliances, doors, windows to meet inspection and boost $3,000/month rental appeal.

What was the outcome?

Invested $25,000 in kitchen/bath, started electrical to pass inspection, adding Florida room, paint. Seeking $25,000–$40,000 to finish rehab, targeting $3,000/month rent.

Lessons learned? Challenges?

Lessons Learned:
- Underestimated repair costs ($50,000–$80,000), teaching me to get detailed inspections/quotes upfront.
- Importance of due diligence for auctions (e.g., assessing electrical issues in a 1947 home).

Challenges:
- Finding investor-friendly lenders/contractors for buy-and-hold
- Addressing electrical inspection failure for the 1947 home, requiring costly upgrades.
- Securing $25,000–$40,000 funding while managing ongoing rehab.

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

Bought Pearl Road 4-bedroom, spa home at auction independently. Now seeking investor-friendly lenders, contractors for rehab. Forbes Next 250 experience guides me—recommend reliable Cleveland pros for buy-and-hold!