All Forum Posts by: Bob Stevens

I have several located in west Cleveland by the beach. Looking for a licensed contractor to rebuild a wood porch and remodel as the units turn. Any referral would be appreciated. Thank you!

I disagree completely ... who is going to screen the tenant and do the searches of criminal records and/or eviction or rental records of bad actors that have lost their rentals due to non payment or giving the owner problems .. A maint coordinator for 5% is the least that a Property Manager does .. for more than 1/2 of the rates ... the PM gives monthly reports on the property and inspects the property and does drive bys to see that it is being maintained. They also do all of the leg work in getting a new C of O and coordinating all of the inspections for the property as well from Fire/Smoke to Safety issues. for a savings of 3% an owner is giving up a lot of time and effort!! 

Turn a profit how? Flipping?  Cash flow?  Any property can "cash flow" if you put down enough money.  I can also show you plenty of on-market properties that cash-flow by putting down as little as 15%.  

There's a reason I'm not buying them though... because if cash flow is the driving factor for me, Fanduel has some great parlay boosts :) I want wealth and putting down 50k to make $150/month doesn't excite me.  

My advice is to try to be more specific with your inquiry and your boy-box in general, to achieve the best results.  Credit to you for posting in the forums with a question that probably many people want to post but don't!

Thats great but how has the income changed over the past 8 year? Not too much. Cleveland is still one of the poorest cities in America with a median income of around $37K per household! How are they supposed to pay $1600/mo in rent? You don't need to be a genius to see how that is an issue. It sounds like you've made it work well in Cleveland, but for rookies I think its better to go elsewhere. 

I need a liscensed contractor who is good at what they do and reliable. 

Hello Everyone,

I have a few questions for all the fix/flip investors.  I did 2 fix flips last year.  One, I made a profit; other one, I kinda even out.  I learned a lot from both projects and hope to learn more.  I wanted to know what are your thoughts on the 70% rule.  Do you guys still apply that rule?  For all the deals here in South Florida, I'm not able to do 70%, and it seems like the profit margin is really small.  What dollar amount or percentage do you guys usually look for in fix/flip properties? 

My 70 % rule...

ARVx70% - rehab cost = purchase price.  

2nd question.... I know with a hard money lender, you lost good amount of profit.  Do you guys use hard money lender for a rehab or use your own cash?  

 Hi Bob! Can you suggest maintenance coordinator in the Cleveland area? 

Hello BoB I need a reno of kitchen 2 bathrooms floors and paint

I just got definitive proof that my PM is stealing from me. I won't go into the details but I need a new PM ASAP. I have read dozens of reviews and forum posts on PMs in the Cleveland area.  Even though I have done my own research, I still came up empty handed.  My property is in the 44111 zip code. Can anyone here please make some recommendations for a good PM.  Thank you in advance!