All Forum Posts by: Carlos Pelegrina

years ago I posted the same question and got a lot of help.
take a look a lot of information in the thread.
PM if you need to know more about it
https://www.biggerpockets.com/...

@John Prucha My experience with GC's in Cleveland was not great and ended doing part of the job myself, I am in the same situation now, that I need to do some repairs and my management company sent me a ridiculous quote and Thinking the way to proceed.

in my case yes, but depends how active will you be making deals
I joined EXP realty that allows me 3 personal deals a year beside access to information and great sources to analyze deals.
I'm in the process of selling a deal and because of the 3 personal deals I saved more than 10K you would be giving to a broker.
PM if you want to know more about it.

I just helped someone to buy his first multifamily in Kingston.
I'm licensed in NYC and Ulster 
The area is hot, I get great deals daily, and the price/rent ratio is good. I think the future is bright for the area, many young people are moving out of the city, and Kingston is the getaway to the beautiful Catskill area.
let me know if you need any help.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $167,000
Cash invested: $187,000
Sale price: $425,000

Contributors:
Kyle Lofland

This project proved to me again the power and value of good design.
In every neighborhood there is someone who dreams with a contemporary cool home, and it can be achieved with any budget.
The house was abandoned for a couple of years, it had a fenced front yard, and a very compartmentalized layout; we opened it, added bathrooms, a suite bedroom, finished attic and basement, we painted dark and picked finishes and amenities not expected for the neighborhood.

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

The price was good and the Location close to South Orange made it appealing

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

Found it in the MLS, and we made a mistake of not negotiating enough

How did you finance this deal?

Hard money, plus some own cash to get it fully done, renovation loan was 75K and we went over it.

How did you add value to the deal?

added bathrooms, making a total of 3, one bedrooms is in suite, created an open plan, contemporary kitchen with a large island, finished attic and basement, added central heating and air, provided amenities people like as fireplace, wine cooler, wine cellar, smart thermostat and key lock, but mostly we created a contemporary home where there are not many

What was the outcome?

It was great to see the reception the home had, we listed it in a hurry with bad pictures, we had 7 offers all above asking.

Lessons learned? Challenges?

Many
I learned to must analyze deeper a deal, don't cut corners with the GC, Good labor is fundamental if you don't want to be on site full time, The money you don't pay to the GC, you will pay it with your own time and energy. Design pays off everywhere, don't underestimate neighborhoods, everybody want a cool home, and its possible to make it under any budget.
Also to install GB, waterproof bathrooms, spray painting, install windows, install tiles, hang doors etc.. didn't want but had to

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kyle Lofland is my business partner and the agent. He is a BP member also

Hi Miltiana, I am an agent from NYC as well and I am flipping a home in Newark, south orange border and staying in maplewood irvington border.. for sure there are great opportunities in the area, and many are not bad at all.
My business partner.@Kyle Lofland is an agent in NJ and could help you with that.

Using this time indoors, i started putting together a plan to finally build a SFH in a piece of land I own.
I know construction loans are not that common or easy to find.
Does any in BP have any experience with them? It would be great to talk with someone about it.

I own a property in Cleveland, My first experience with a Management company there was with Monument, and was honestly terrible.

My second one is not great, the guys are milking us with non necessary fixings in a unit the tenant is not paying and we have been having issues for a long time. we are never able to make a penny because they invoice some repairs. We are Waiting all this Covid not eviction time to pass to start the eviction process in this unit, but also I completely lost my trust in these people, and can not work with people I distrust.

Does any investor have a good experience with a serious honest management company in Cleveland?

I read some comparison giving IIP or allstar good ratings, but when I see the google reviews are not that great either.

I own a property in Cleveland, My first experience with a Management company there was with Monument, and was honestly terrible.
My second one is not great, the guys are milking us with non necessary fixings in a unit the tenant is not paying and we have been having issues for a long time. we are never able to make a penny because they invoice some repairs. We are Waiting all this Covid not eviction time to pass to start the eviction process in this unit, but also I completely lost my trust in these people, and can not work with people I distrust.
Does any investor have a good experience with a serious honest management company in Cleveland?
I read some comparison giving IIP or allstar good ratings, but when I see the google reviews are not that great either.

Thank you  @Brendan Lawrence  I will check those options. its a good idea to work with someone from upwork. Zoho is way cheaper