All Forum Posts by: Christopher Blanco

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $22,000

Cash invested: $9,500

Just finishing up getting this home rent ready. Its a 6 bedroom (that's how it is on the auditors website). I would market it as 4-5 bedrooms with an office located in Cleveland's Mt. Pleasant neighborhood. 10 blocks west of Shaker Center. Its an up and coming neighborhood with low taxes and costs but decent rents.

Contact me if you are interested in investing in or purchasing this property.

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

Interesting and up and coming area. Currently very blue collar, low crime, area on the East Side. Its blocks away from Shaker Heights and Shaker Center. Good rents+low taxes=High Cash flow. 

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

Probate deal.

How did you finance this deal?

Cash

How did you add value to the deal?

Rent ready rehab including roof repair, new appliances, new fixtures in bath, paint and carpet throughout.

What was the outcome?

Finishing up. Plan to have it rented by March 1

Lessons learned? Challenges?

Not all contractors are painters. My handyman, who is good at fixing things is good at painting, just slow. Next time I will spend more, hire a professional and get the property to the market.

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

Not on this one it was all cash and off-market deal. I have a good realtor and lender contacts though.

I can use Angie's list, but I just wanted to see who people have actually used from here. AL will be my next stop.

I normally don't do carpeting in my rentals, but the new one I have doesn't lend itself to any other flooring. Who do you use for carpeting, purchase and install? It will be about 800 sq feet or so.

Awesome story and so inspiring. I was laid off from my W-2 job last year and it really set me back. I am now back in the saddle and reading this is just what I needed to inspire me to try again!

Thanks Collin!

Holding Costs: 

• A 90 day hold for a $240K reno seems a little aggressive. I would budget for AT LEAST 6 months, and at that level of reno, 9 wouldn't be a bad idea. 
• Does your monthly expenses include all taxes, utilities, etc? Is this a cash deal, or are you paying an HML?

Selling Costs

•  Agent fees should be at 5.5%-6%.
• Closing costs 1.5%-2% of the sales price
• Also for a $1M home, I would budget for special marketing and staging. 

@Jennifer Marshall, look into Wilsonart HD laminate. It looks like granite, but is a really durable laminate. I actually have them in my home. 

Looking for contractor/handyman to get a SFR rent ready in the Mt. Pleasant area of Cleveland. Work is pretty basic, mostly wall repair and paint, some hardwood refinishing, installation of new toilet, and vanity, refinishing of a tub and removal of vines from the stucco on the outside of the home.

I am also looking for someone to evaluate the roof.

Points if it can be all the same person, or group. I would like to get someone in there ASAP so I can get the place rented.

Don't miss this contract for purchase! 6 bedroom/1.5 bath SFR in Cleveland's Mount Pleasant area. New furnace, newer vinyl windows, refinished hardwood on the first floor, concrete block 2 car garage. Potential en suite on first floor.

Less than 15K rehab to get it rent ready, with rents at $850/month. Taxes are $900 A YEAR and because its in Cleveland proper, there is no POS. This house is only a few blocks from Shaker Center in a  good neighborhood . Huge NOI possible on this one.

This is a contract for sale, email me at [email protected] for pictures and the address. I would also entertain JV ideas as well. Let;s work together to get something done!

Don't miss this one!!  Make me an offer!

Don't miss this contract for purchase! 6 bedroom/1.5 bath SFR in Cleveland's Mount Pleasant area. New furnace, newer vinyl windows, refinished hardwood on the first floor, concrete block 2 car garage. Potential en suite on first floor.

Less than 15K rehab to get it rent ready, with rents at $850/month. Taxes are $900 A YEAR and because its in Cleveland proper, there is no POS. This house is only a few blocks from Shaker Center. Huge NOI on this one.

This is a contract for sale, email me at [email protected] for pictures and the address. I would also entertain JV ideas as well.