All Forum Posts by: Arthur Wong

@Mitchell Litam I'm not super familiar with the different areas of Cleveland but according to Zillow, I'm in Cleveland (Glenville - I likely won't purchase there again and Euclid Green) and Garfield Heights.

@Ryan Evans in terms of help, I'd love to find an apartment with good numbers. Living in Canada, I can only look online and perhaps speak to some commercial brokers. Hoping for something in the neighbourhood of 20 units but at this point, that purchase might have to wait maybe a year unless this year turns out a lot better than what I'm expecting. I'm guessing that everyone is looking for something that cashflows really well. I'd probably also need a really good property manager since my current manager will only take on buildings that he knows well.

Hi Sammy,

I'm staying in the Cleveland area. I've bought a second property using cash and at the beginning of this year I refinanced my own house in Canada to buy three more properties in the Cleveland area. Hopefully by the end of this year, I'll have a total of six properties which will pay for my kids educations when they get to university/college.

After that though, I'd love to get into apartments (like everyone else). I'm not sure if that's going to be in the States or here in the uber expensive markets of the Greater Toronto Area.

Any leads or help from peeps on BP would be awesome!

Thanks,

Arthur

Investment Info:

Single-family residence buy & hold investment in Cleveland.

Single family home in Cleveland rented out via Section 8.

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

I had colleagues who had invested in Cleveland and said that it was a good investment so I followed suit.

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

I found it on a website selling turnkey properties and honestly I didn't do any negotiating. The listed price was so good (but really in retrospect, I should have negotiated), I just paid it.

How did you finance this deal?

I paid cash from savings.

How did you add value to the deal?

My property manager had to do some repairs in order for it to re-qualify for Section 8. The house was in pretty bad shape after the original tenant left.

What was the outcome?

There is a long-term tenant living in the house now and I'm being paid 100% from Section 8 though I found out in January this year that my tenant somehow hadn't been paying utilities for 24 months and somehow still hadn't had their utilities cut off. Of course, I'm still responsible for the utilities as the owner.

Lessons learned? Challenges?

The neighbourhood I purchased in is pretty rough. As my property manager says, no matter how good the property is, any tenant will want to eventually leave and go to a better area.