All Forum Posts by: Cyndy Lester

Thank you fellow Bigger Pockets members. This information has been recieved well. I do have a rental property here in Houston but would like a bit higher returns so I'm looking to branch out. Thank you @Cory S for your honest opinion. Some things are too good to be true and must be approached with caution.  @James Wise, thank you for the detailed information. I had also looked at Dayton as a possibility as well as others you mentioned. I will do my research and analyze the returns in those areas and hope to really get the ball rolling. Im looking to at least obtain 4 properties with at least an 8% to 12% return, preferably 12% within the next 6 years. I say 6 years because that is how long we will be in Ireland (work transfer) and will be retiring upon return. Again, thank you everyone for your honest information and please do continue to chime in.

I've been looking at investing in Cleveland, Oh. Looking at multi-family properties. I'm from Texas so I don't have experience in that location. Property prices are very reasonable and the rents more than cover the mortgage. Question is, is it worth it? How is the rental market there? Is it a hit or miss with tenants? I would like to go out there but if anyone can give me a little insight it would be greatly appreciated. 

@Greg Wa I am looking in South Collinwood. Not sure if you are familiar with the area. Hopefully you can give me some insight to market out there. I'm planning a trip out there to check things out. Hopefully I will be able to find some properties to invest in. I had bid on a duplex 2/1 up and 2/1 down. It is bank owned. From pictures I saw it looked good, but of course what you don't see is what scares off most people. I'm looking for a realtor in the area that could possible help me with finding some good properties. So, if you know of any who know how to work with investors, please let me know. I would greatly appreciate it. 

@Ryan Evans thank you for your honest input. I too was leary of winning the bid. I usually do get out bid by local investors. Of course, I was not going into this "blindly". I've invested in rental properties before. I've been through the renovation stage and have run into many issues with electrical, plumbing, septic systems, etc. My main concern was what is the process when buying from an auction. I have no experience in purchasing from auctions so not completely sure how the process works. What are the steps going forward after getting the winning bid. I am aware that sight unseen can be a risky venture, but isn't all investing? I will take your advice and look more into it. As of now, they have responded saying they did not accept my offer and want me to raise my bid. After further review, it does show on the MLS and basically they are asking for what they have it listed on the MLS. ($17,500) I am retracting my offer, which they gave me the option, if I don't accept their counter. I will take a trip out to Cleveland to personally look at the market and decide if I will invest in the area. After analyzing several properties out there, it may be worth the trip. Again, thank you for your honest input.

@Tom Ott I went onto Xome auction site. It is a bank owned property (cash or finance) It's in the South Collinwood area. I'm looking for multifamily properties to invest in. I currently have a SFH rental but here in Houston its difficult to find really good deals. Maybe you can give me a little more insight to the Cleveland area. I'm suppose to meet up with another investor there in Cleveland to work on another possible deal. I would appreciate any advice you can give me about the area.

@Nicole Heasley Beitenman I'm looking at South Collinwood.

So I decided to jump right in! I heard other podcasts on buying properties on auction so I decided to try it out. Low and behold, I was the highest bidder! It's a duplex with 2/1 upstairs and 2/1 downstairs. It's in Cleveland, Ohio, I'm in Houston, TX. (Yikes!) It is vacant, and pictures showed the property looking in good condition. I'm sure there are some hidden things which I am not afraid of (I've renovated 2 other rental properties in the past). My winning bid was $10,200 plus the $2,500 auction fee. Similar properties have sold for $45,000(low side) and rents are $700 each unit. But my questions are:

1. Has anyone gone through this process of buying a home on auction? 

2. What are the steps you took to complete the transaction? 

3. How did you purchase it? Cash/Finance (Looking for banks who offer Fannie Mae refi exemption)

4. What's your advice on due diligence? (What do I need to look out for?)

So, if this was you, what steps would you take moving forward on this deal? Please, let me know if you have experienced this and what should I be looking out for. What are the "surprises"? TIA

Hey @Isaac Nuti did you decide when and where you will be having a meet up in Cypress? Let me know what I can do to help.

@Bianca Navalta Welcome to BP! Just like you, I am also from Cypress, TX. Sounds like we are on the same page. I've been reading tons of books, listening to Podcast, etc., trying to get as much information as possible. I currently have 1 rental and I am looking into buying my first auction house. I am also working on my real estate license.  Hopefully we can connect since we are so close, area wise. Looking forward to continued communication. 

@Greg H. Thank you so much. So I assume I should not really worry about it, correct? I'm trying to really get the ball rolling. I have one rental property so far but want a quicker return. I do most of the repairs myself and bring in my husband where needed. This house would present a great opportunity. Again, thank you for the info!