All Forum Posts by: Da'Shawn Murphy

What were the terms for the cosigner? This was for an investment property and not a residential property correct?

Hello, typically 10% is what I have been helping my brother look for. It also, depends on what you set your vacancy and capital expenditures/repairs percentage at, as well as the components of the mortgage. We currently live in the midwest so this is common, if you buy right and buy in the correct market. Honestly, it all depends on the numbers because, cities that are right next to each other can have significant property taxes.

Hi Shanell, are you only looking for professionals? If not I know one guy who's getting into wholesaling in the Columbus market, and a friend who has wholesaled a few deals in the Cleveland market. Then, I personally just run numbers on rental properties to see if the deal makes sense. If you're open to networking just let me know!

Hey Katelin, like the other's mentioned, it is solely based on what your goals/intentions are. The few hundred (which actually sounds pretty good) is relative to how much money you actually put up to acquire the property. Like I've been helping my grandmother and brother look for properties that have at least a 10% cash on cash return because, they want some of the short-term gains now. 

It also depends on how long you plan on owning the investment as well. In Denver, I have learned that it is a market that has appreciated pretty nicely so hanging on for the long-term could be promising. Ultimately, the property you are considering can be a great investment depending on your numbers as well as your exit strategy.

Hope this was helpful!

 

Your best bet from my understanding would to try to leverage other people in this situation. Due to the strict requirements of most banks, not being able to show current emplopyment may get you an easy "no". Your side hustles may be able to help, if you can show at least two years of filed taxes under the 1099 form (from my understanding). 

If you saved up a decent amount, then you should be able to find a solid partner as long as the numbers work! Hopes this help!

Yes! It all depends on which end/city those apartments are actually in. If it is in Cleveland Heights then it may be worth looking into. If the apartments are near East Cleveland around the Superior and Mayfield streets then you may want to stay away from those because they are a part of an undesirable area and you may experience high turnover rate.

Hope this helps!

Way to go! I wish I had started off straight out of highschool knowing tools like these were available! There's a guy I know and we're trying to gather other people our age to become a decent size group to start our investing career making deals in the very near future, as we align each other's wants! We'd love to connect!

Yes so @Michael Plante, depending on the neighborhood (becuase some cities have higher propert taxes), and the actual purchase price, you can get an 8% return if you purchase in cash and it can be higher than 8% if you finance it (also varying depending the rate you get approved of and length of mortgage).

Hey @Navid Afrah, there some pretty nice areas in Cleveland, Ohio as well as the surrounding cities that can offer at least an 8% return. Depending on if you are looking for 2-4 units or 5+ units.

Hello Masood, I believe that some decent areas to invest in as far as cash flow could be the city of Euclid, the border area of Euclid and Cleveland (around the 185th Street area) where homes are in decent shape, as well as the upper Cleveland Heights and Garfield Heights area. These areas have the rents rated between $500-$900 which allows you to reach a larger pool because those rent prices here can be seen as affordable still. The more you get closer to the outer parts of these cities is where you begin to run into some homes and areas taht are not in great shape and could keep the value of your home down. Some of those areas can also attract undesirable tenants.

If you are looking for appreciation then cities such as University Heights/lower Cleveland Heights and Beachwood have been growing at great rates. Cash flow is not as high in some parts of these cities due to the prices of the homes but they may make better for longer term investments and allowing the value to grow. 

Hopes this helps some!