All Forum Posts by: Bailey Coleman

Does anyone know any contactors in Cleveland that will rehab fire damage properties that knows, and has dealt with the permitting process with the city?(Cleveland)
It says on the "notice of violation" paperwork that the homeowner is required to secure the following permits to correct this notice by 07/23/2023. 1. A building permit, plumbing permit, electrical permit, and HVAC permit. Can we extend this date? Is that process a headache or is the city quick about it. The property is on the condemn list. And we are looking for a contractor that can give us a quote for the repairs. I am looking to do good business with a trust contractor and build a long term relationship with you guys. 

Quote from @Brett Deas:

Get a job. People always talk about how you can invest with no money down or do subject-to with only a few thousand but if you really want to be successful investing you need money. Not only to buy your rentals but also to live on. Trying to go from 0-5 rentals without any other income is what I would say is impossible. 

I disagree. If you have the knowledge and understand partnerships in this game you could get to 5 rentals with little money. Get good at finding deals. For my first rental I bought it all with OPM. I showed the private money investors the deal, the numbers, and the game plan. They gave me the full amount to buy and rehab this property. I did a refinance and paid them back 8 months later

I have a few cracked cast iron radiators in my property that need replaced. I am looking for an HVAC contractor that can replace them. If you have any recommendations please message me

OR

My friend said I can plug up the gas line where the radiators are at so that I wouldn't need to replace the radiators. I was considering this because I know that these radiators can be hard to find because they do not make them anymore

Cracked cast iron radiator

Anyone looking to do airbnb arbitrage on one of my units or houses? I am not in the airbnb space but am thinking I will allow a superhost who has experience in that space to use one of my properties as an airbnb. Let me know and let's connect 

You want to verify that this property brought in $200,000 . Look at the P&L Spread sheet. If this is your first deal I would buy some long term rentals first but if you are comfortable with vacation rentals and know the in&outs then go for it if the numbers work and after doing your due diligence

Does anyone know what happens if you do not pay the rental registration fee for rental properties in cleveland ohio. I always renew the annual registration but I was more so just curious.

I would try to keep the house in CA. Rent it out long term or maybe even an airbnb. California investors buy here for the appreciation. If you sell you will potentially miss out on hundreds of thousands of dollars that house would appreciate for over the next 10+ years. Herman if you sell the house in CA you pay taxes on that money you collect for selling. I would do a cash-out refi and pull up as much money out. The money you pull out of a cash out refi is not taxed. Then used that money to buy more property in AZ. 

Quote from @Michael Brattelli:

@Bailey Coleman He painted the hardwood floors?! Why on earth would anyone paint hardwood. Sand and refinish, especially for appraisal purposes. Those pictures speak volumes, personally I wouldn’t pay for what is in those pictures but I also wouldn’t have hired a handyman to do anything more than hanging a fire extinguisher, smoke alarms, some minor exterior work, etc. Next time pay a little extra and hire professionals. If nothing else, use this as a learning lesson.

Michael thanks for the feedback. I will not be hiring a handyman again unless it is a small project. The floor was painted black when we bought the house. The handyman spilled paint all over the floor when he was painting the walls. We made him repaint the whole floor bc he messed it up . then even after he spilled even more paint and did some touch ups as you can see in the picture the floor color is off where he did the touch ups. If I can take it all back I probably would have just layed down vinyl flooring to begin with

 

They even left pen marks on the cabinets where he was measuring. And still the handle doesn;t look centered

Crooked handle throughout the kitchen