All Forum Posts by: Lincoln Coverdale

We have completed this process on several properties. If you have grounds for a reduction, recent arms length purchase or neighborhood comparable sales that prove a discrepancy in value it’s an arduous, but not difficult process. I’m happy to discuss further, send me a pm if you’re interested.

Shiv, Multi-family can be a great option. One major obstacle to investors is the strict Point of Sale requirements for most Cleveland suburbs. With a MFR you would have 2, 3 or 4 times the repairs. That adds up quick. There are still plenty of good deals for MFR homes in Cleveland.

We have dealt with that situation by getting and estimate from a reliable contractor and escrowing the repair funds for the buyer to use to pay once the work can be done. The key is to make sure the buyer and seller sign off on the escrow release. The buyer will have to assume the POS from the city. We are dealing with the exact same situation in the Heights over some brick work that can’t be done until spring. Good luck,

Welcome

Trash is included in the taxes.

Water $60-80/month Sewer $150/quarter Landscaping $800-$1000/ annually

@Casey Ocasio - we are North of Mayfield and South of Mionticello, by Severance.  We have found a great neighborhood that has many nice homes to support values, and foreclosures that can be purchased for a very reasonable price (though the taxes are always very high)  We currently rent to a young professional that works in the medical field.  I'm happy to grab coffee or lunch and discuss the Heights.  

Welcome.  Cleveland Heights is a great market I have a rental there now and am looking for another.  Lakewood is probably the most competitive market around Cleveland.  My wife and I are in Residential Real Estate and started investing about a year ago.  Good luck and let me know if you need anything.

Good work and good luck.

@Christopher Blanco - echoing feedback from above, it seems like there a few areas your contractor may not have a lot of experience and/or may have estimated high without contacting the subs to get accurate estimates.  I would clarify what work he is doing and what he is subbing out.  Then get quotes for the sub work directly.  You should be able to do better on the hardwood floor refinishing and gutters with subs. 

If the Budget has to take a cut I would look at doors, windows and the basement.  Without seeing the home its hard to say, but many UH basements have paneling.  If that's the case I would paint it instead of drywall.  Basement flooring should not take $2,500 either. 

Lastly, the bathroom budgets are significantly out of line with what I would have expected.  I count almost $20,000 in bathroom costs.  Unless you need to take everything to the framing and replace plumbing I can't imagine spending that kind of money on a flip bathroom.  I would expect $1,500-$2,000 for a half bath and $3,000-$4,000 for a full, maybe a touch more for a master.  You should be using the same tile and fixtures for everything but the master.  That should allow you to get bulk pricing and speed up the install, all of which cut costs.

i'm local and am happy to discuss further.  PM me if you want to chat.

Good Luck