All Forum Posts by: Allen McCann

Thanks for the BP welcome! Happy to be here. Ready to learn, share, and connect. I am currently looking for a small local bank or credit union that issues lines of credit collateralized with investment property. Any suggestions you have in that regard would be greatly appreciated. Happy Friday and thanks again for the welcome.

Allen

I don’t know of any local banks offering them, but they are out there! Rates are usually 10%+ and they’re limited 70%ish LTV. Most also don’t allow the property to be titled to an LLC/entity

Brittany, thanks for getting back to me. Yes, I learned through the BP podcasts that these vehicles are out there. I have found that the perfect time to look for money is when you don't need it! I am preparing for a few years down the road when my kids are in/through college. I would like to be prepared for a larger multifamily project. Thanks again for the welcome.

Allen

0 Votes

Cleveland, Ohio

Quote from @Patrick Drury:

@Allen McCann
When looking to invest in the Cleveland market I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

Patrick,

Happy Friday and thanks for the BP welcome and awesome advice! I have been a real estate investor in Cleveland for 28 years primarily investing in properties near where I live on the near East suburbs of Cleveland. I agree with you 100% about the rent-to-price ratio in the areas you mentioned. I have traded maximizing cash flow for ease of management. Since I am married and have school age kids, I place a real premium on minimizing my management time. Before I was married, my priorities were different. I am actually planning now for when my kids are in/through college and I am able to target larger multifamily projects in a wider geograhical area.

Thanks again for the advice. I look forward to being a part of the BP family! Have a great weekend.

Allen

0 Votes

Cleveland, Ohio

Quote from @Jimmy Lieu:

Quote from @Allen McCann:

I am a new member from Cleveland, OH. I am looking forward to connecting with the Bigger Pockets network.

Hi Allen, welcome to the BiggerPockets community! If you're expanding your search beyond Cleveland, you may want to check the Columbus market. Great macroeconomics with growing population and job market. We still see 1% deals here that bring positive cash flow and have potential for appreciation. Happy to send over some resources on why Columbus is a great real estate market to invest in!

Jimmy,

Happy Friday and thanks for the BP welcome! What you say in your post makes a lot of sense. I'm not sure if I am prepared to buy a property in Columbus on my own, but I may be more interested as an active or passive partner. My focus, over the last 28 years, has been on the Cleveland market because thats where I live. I'm always interested in learning and expanding my horizons. Thanks again for connecting.

Allen

0 Votes

Cleveland, Ohio

James,

Good lookin out! Thanks for the welcome.

Allen

0 Votes

Cleveland, Ohio

Quote from @Steven Glick:

Welcome to BiggerPockets, Allen! BP is the perfect place to learn, and grow in real estate!

Good Morning Steven

Thanks for the welcome to BP. I am currently looking for a small local bank or credit union that issues lines of credit collateralized with investment property. Any suggestions you have in that regard would be greatly appreciated. Thanks,

Allen

0 Votes

Cleveland, Ohio

Quote from @Regina Blake:

Hi, welcome if you have any questions with the Ohio real estate market, please let me know. Thanks!

Good morning Regina. Thanks for the welcome. I am currently looking for a small local bank or credit union that issues line of credit collateralized by investment property. Any suggestions you have in that regard would be appreciated. Thanks again.

Allen

0 Votes

Cleveland, Ohio