All Forum Posts by: Armel Bayot

A few more points to add on Cleveland Heights, in addition to what has already been mentioned...

1) Though there's not really any 'bad' part of Cleveland Heights, there is definitely quite a range in caliber depending on specifically where in the city you are. There are 20 different census tracts in the city of Cleveland Heights, with median HH income ranging from a little over $30K/year at the low end (in 1410.00, one of the tracts bordering East Cleveland), up to almost $125K/year at the high end (in 1414.00, the wealthiest part, where grand 1920s mansions line the postcard-worthy streets off of Fairmount). Home ownership rates, education levels, etc. vary considerably from tract to tract as well, so there are some areas within this city that could reasonably be graded as low as 'C' territory, and others that could land in 'A' territory (and plenty in the middle 'B' range). Don't make the mistake of thinking that a duplex on Nela View or Belmar is going to land you in the same risk level as a house on Marlboro or Arlington. (If you want to see a map that I've created that grades each census tract in Cleveland Heights, and every other city in Cuyahoga County, feel free to send me a private message.)

2) There are some parts of Cleveland Heights that are assigned to East Cleveland schools rather than Cleveland Heights - University Heights schools. Though this is not necessarily a deal-breaker, it tends to be looked at as a negative by many, since East Cleveland schools are arguably the worst ranked public school district in the county. (This does not mean you can't have success with a property in EC schools... I actually do own a house in Cleveland Heights but in the EC school district, and I have a great tenant who has lived there since 2012.)

3) Your annual CH rental permit/registration will cost you an EXTRA $100 (each year) if you don't live in Cuyahoga County. (So $300/year in total for the registration for a single family house.)

New time added 7pm

Concord, California Real Estate 

Investment Meeting please RSVP [email protected]

My name is Jason, my wife and I have 3 oung kids and live in Rural Idaho. I have been interested in real estate ever since I read Rich Dad Poor Dad and bought the Carlton Sheets training material when I was 19...I think the video tapes are still in my garage. I stumbled across BiggerPockets via Youtube and I my investment interest has been re-ignited. My initial interest in real estate investment was sidelined when I began listening to Dave Ramsey, fanatically. Now I am waffling between no debt/leverage philosophies. I have a lot to consider. I am looking forward to connecting with others and learning... this website is awesome!

Hey Michael! I live in the Bay Area as well, and I have been investing in the Cleveland area for years! I currently own 8 rental properties there.

I've gathered a ton of information on investing in the Cleveland area, and would be happy to share it with you if you are interested. It includes, among other things, a comprehensive map of the Cleveland area, grading each area from A+ down to F, using a consistent, objective and transparent methodology using publicly available data. Like others have said, it is crucial for you to do a LOT of due diligence... research research research before you plunk down money into an investment.

Feel free to add me as a connection and drop me a private message!

Hello!

I have been reading and listening to podcasts for about a month now after reading rich dad poor dad. A very unoriginal intro, I know. I live in Akron Ohio (44301), 25 years old and married with no kids yet. I work 60 hours a week and want to build $2000-4000 in passive income to start with. Once I reach that point I may focus on investing full time and work towards syndication of larger multifamily/building portfolio.

I plan on starting by BRRRRing single family homes and or small multifamily homes in Akron. 

Thank you anyone who says hello or gives advice! 

Thank you B.P!

@Armel Bayot Some tips I wish I heard or actually followed in the beginning years

1) Find like minded people you can talk to regularly who can hold you accountable to your goals and the actions needed to reach those.
-you can find them at a reia, or reach out to local investors, or even find a few people here on BP. 

-I recommend reading the 12 Week Year to help you plan actions to reach your goals. The accountability group is mentioned there as well.
-don't rely on your current circle of friends or family to do this for you. THEY WILL NOT. Sometimes they will unknowingly say things to discourage you. But that's ok, they don't mean it, they just don't know it's possible. You WILL show them it's possible.

2) DO NOT give Contractors checks upfront! Pay for work COMPLETED. We've lost so much money because of this. 

- Break the work down into chunks so they're not waiting months for payment. We pay every week for finished items.

- Some more established businesses can take credit cards for some of the upfront material they have to order, so you're at least somewhat protected

- If you HAVE to pay upfront, make sure its only a small amount. And have a plan for if you lose it. Cause you could.

3) Don't try to do EVERYTHING yourself.

- You're not the master of everything. Most of the time it makes sense to work with others to go further faster. 50% of something is better than 100% of nothing. 

- Find something you are REALLY good at and you LOVE, then hone that skill, become the BEST at it. Potential partners will get attracted to you because of that! 

- When we started partnering up with others to do the large apartment complex deals things got a lot easier. And we scaled our business a lot faster! And to be honest, it's a lot more fun working with partners who share the same drive and have the same goals! 

@Nick Howard Our mailers are very simple. It changes ea month but the gist is "hi [name] have you considered selling [address]? I'd like to buy a house in the area and I'd love to give you an offer on yours.". Direct mail is alive you just have to send A LOT of mail. August we sent 75,000 pieces.

@Sean H. Unfortunately I do NOT offer coaching services. People ask me for it but I don't really want to start one.