All Forum Posts by: Bob Stevens

Hey guys,

So I have an offer accepted, I'm looking to close in 30 days on a multi-family in the Cleveland area. I'm curious on how to go about paying the down payment so that I will not potentially trigger a "due on sale clause", when I transfer the Deed to my LLC. I still plan on personally guaranteeing the loan to secure it. Should I have the funds come out of my LLCs account for payment or is it fine paying the down payment out of my personal account then once the property is paid for, transfer the Deed to the LLC. The LLC would collect rental payments in a business account and make the monthly payments on the mortgage operating like it should. (but mortgage would be under my name still). I've been told to "Wait a few months before transferring the Deed". In advance I'm sure people will ask why I would have it under an LLC for my first property, of course liability protection but the main reason is Taxes, I'm not trying to have the added income from the property be on my personal tax returns. I appreciate any and all input!

You're correct that the Clark/Fulton area is a bit rougher and is known for having a higher concentration of Section 8 housing. This doesn’t necessarily make it a bad investment, but you should be prepared for the challenges that can come with managing properties in this type of area.

Thanks for all of the responses.  It sounds like it might be a bit rougher area than I was hoping for. 

Hey all,

Looking at a property on Seymour between Fulton and W 32nd.  As I understand it this neighborhood is VERY street by street so curious what the Cleveland experts would say about this area/particular block?

My recommendation is to seriously recalibrate your expectations. Looking to buy 10 rental units in one year when you have $50k saved is going to be a big challenge. It's possibly, but it will require taking on more risk that most people would be comfortable with. 

Real estate is best approached slowly. As someone else said, buy one and see how it goes. No problems with thinking big -- but thinking big and fast when you don't have experience is risky, and will reduce your likelihood of long-term success 

Mr/Ms Admin,

Bob needs help deleting his reply. Apparently he is only used to using facebook. Older people like this often need a little extra help with technology. So, let's not put him down simply for asking for help here.

Decent flips if acquired around $95k-100k. Being sold as a portfolio too.

13100 Havana Rd, Garfield Heights, OH 44125

13201 York Blvd, Garfield Heights, OH 44125

12905 Carpenter Rd, Garfield Heights, OH 44125

My goal is to acquire 167 rental properties in 5 years generating $500/month on average. 

Im starting my first year and am planning to buy 10 properties in 1 year. I’ll have $50K saved and $8,000 in credit lines. 

My question is how do I get the money for 10 down payments? I’ll have enough capital to cover 2 down payments 1: first property Under 5% because I’m house hacking. 2: And 20% for the remaining 8 properties. Let’s assume 40K down payment * 8 properties = $320,000. Is it smart to finance the down payment on top of the property? How do I get the financing? Is there another way I could accomplish this? 

My name is Joe Solkiewicz and I am with Walnut Creek property management .
We are a residential property management company that specializes in the Cleveland (Cuyahoga county) and Lorain county Ohio markets. I am a licensed real estate agent and looking to grow my buyers list for out-of-state buyers looking for investments within these markets. looking to set up a time to speak directly with you and what your buying criteria for in this market and how we can help you not only find your investments but manage these properties for you. We are full service.