All Forum Posts by: Daly Vaughn

Thanks guys, I appreciate it!

Thanks @David Terbeek!  PM'd you.

Hi,

I'm looking to repair or replace a driveway and some sidewalk blocks in University Heights.  Does anyone have a recommendation for an investor-friendly concrete company that will do solid work at a fair rate? I'm on the East side of Cleveland if that helps (University Heights).

Hi,

I have three drains in need of snaking/unclogging.  Does anyone have a plumber they'd recommend that will do solid work at a fair rate?  I'm on the East side of Cleveland if that helps (University Heights).

Thanks in advance!

Hi @Christopher Blanco,

I share in your frustration based on my experiences looking for MLS deals on the East side. These more desirable areas (Heights-area) are killer on taxes and inspections. If you're adding in Prop Mgmt, that also can make it much more difficult to find a deal that works since you'll need to budget in another 12% of gross rents typically (re-lease fees and such). I will say that if you're looking for off market deals, from everything I've heard or read here, 130 letters is a little light to expect a good lead. It sounds like the key to that game is large numbers and repetition/consistency with the same group. I wish you best of luck. I've heard some have had more success in the areas that are more C or D, but I'm with you in that I would prefer to stay in the more desirable areas for my investments.

I agree with everything that has been discussed. These are the areas I personally like. I would like to house hack a multifamily in these areas as a more conservative RE investment with a good school system but their appearance on the MLS seems rare. In fact, some of these areas listed appear to only have residential zoning for single family, with a few exceptions (Solon, Chagrin Falls, and Aurora seem to have a few). When 2-4 units (usually duplexes) do come on the market, the list numbers seem far too high to make sense for a long term buy and hold investor. Does anyone have a guesstimate on what each side of the two Mogul duplexes in Chagrin Falls would get in rent? At a list price of 239k each, it seems like these props are more geared toward owner occupants. Thoughts?

There was also a five unit prop on kind of a strange lot out in Aurora for a long time that I recently saw went off market.  The price was never lowered from 300k and the owner was selling them "as is" with significant work needed.  It was in the Northwest corner near the Reminderville area across from Geauga Lake.  My guess is the owner decided to hang on to them for a while longer.  Did anyone check these out?

Has anyone on this thread had success with multis in any of these listed East side A and B areas? 

Is anyone doing off market deals in these areas? 

@Andrew M., the final product looks great!  Congrats on the success story, despite the bumps in the road.  I had a similar contractor experience on my first house hack rehab on a two family.  I didn't wise up and let him and his team go earlier, and let's just say learned lots of good lessons with that first deal ;)

Best of luck to you on your next project. 

@George Emmons and @Jassem A.:  Really appreciate the fdbk and ideas.  These units are each pretty small. 2 bed, 1 bath about 850 sq. ft. each.

Jassem, I really like the sound of $900 each as opposed to the $4.5k options.  And these come with the added benefit that they provide the tenants options for cooling which currently are not provided in the units.

George, good q on the electrical panel.  I don't remember exactly, but I do remember my agent indicated they were a little light by today's standards in terms of the amount of juice they were bringing.  I'll have to look back at this.

Thanks again!

Hi fellow Cleveland-area and Ohio investors,

I'm looking at a four bedroom apartment that runs off of a central boiler today.  The boiler is old.  There is no central AC for any of the units.  The broker I'm using to examine the deal recommended I might get rid of the boiler and install separate small in unit furnaces instead.  He suggested this would cost approximately 3k per unit. 

He suggested the central boiler might ultimately cause me more tenant headaches from a maintenance perspective and that by having a central boiler, my own operating expenses go up, versus passing those costs to the tenants.  I'd be looking to buy and hold this prop for at least 5 years, but I'd like to buy it for the long haul. My questions are:

• Does this recommendation make sense from an investor's perspective versus keeping the boiler until it goes out and/or replacing it with a newer central boiler?
• Have any of you done this type of modification before to a small multiunit prop?
• Do the costs seem reasonable (in the right ballpark) for this type of modification?

Thanks in advance!