All Forum Posts by: Damian Ramirez

Hello,

I'm currently looking around for referrals for contractors in Cleveland for a project we have going on. Any recommendations or referrals for any contractors that have done good work for any of you would be great. Whether it be electricians, plumbers, flooring, demo, roofers or any other field, thanks!

Hey @Rafael Loza

Seems like we're practically neighbors! I'm over in Newport Beach, so not that far. 

To answer your question, I personally would go ahead and partner with an experienced Investor that has figured out their market. If you need the money within 6 months to a year, having it in a BRRRR or Flip which you are doing yourself and is your first ever, will be stressful, overwhelming and you never know if first time mistakes will cost you your profit.

Lending your capital to an investor who will use it to flip and brrrr properties throughout the course of the 6 months-a year will guarantee you profit from your investment and will limit your risk. You can even lend the capital and make it contingent that you would like to learn during the process, which will help you in the long run. Because now you are a passive investor earning 8-12% on your money and learning how to flip and brrrr properly, which will possibly save you from making first timer mistakes when doing your own projects. If you think about it, you're getting paid to learn from an experienced investor, rather than paying a "guru" or a coach. 

Terms you should probably expect would be between 8-12%, although others, like ourselves when we do this, will do 9-12%. It just depends on the amount of capital and the time frame that is given to use the capital.

Hey @James G.

We invest in the Cleveland market and we actually like to only invest in the Cleveland Heights, University Heights and Shaker Heights areas. As well Lakewood, some areas of South Euclid and strongsville. 

Although it can be an issue with POS and the city of Cleve Hts and Shaker Hts, we have found plenty of great deals in those areas. We currently have 7 properties under contract spread between those 3 cities and a majority of them are MF rentals. It is possible to invest there, and although it is a bit more difficult than other areas of Cleveland, we've been doing it for 5 years and the numbers are amazing. 

If you have any questions, let me know, always willing to help!

Hello @James Lau

Welcome to the BiggerPockets Community!

Some of the markets you listed are not great areas to BRRRR unless you are able to find a stellar deal. For example LA, which is much more common for investors to flip now a days. We are in LA/OC and at times we do flip in the LA/SoCal market as we are able to find some good deals. Now we primarily focus on the Midwest states such as Cleveland, OH for our BRRRR and as well as flips too.

We find much better cap rates in the Midwest and can profit through rentals, compared to states and markets on the Coast. 

If you'd like to chat, feel free to send me a PM. Always willing to help others and perhaps even discuss the possibility of working with one another.

Hello folks,

My business partner and I are flying out to Cleveland today and arriving tomorrow, because of that, we are looking to connect and possibly meet up with other investors in the Cleveland area to simply network or discuss one another's ventures. Perhaps that can lead to something larger or start the beginning of a relationship. 

If you'd like to set something up or just simply would like to reach out to chat, feel free to message me and I will get back to you. 

Thanks,

Damian

Hello @Dan D., 

When it comes to investing passively, you have multiple options. There are syndications, lending through a HML and as well as lending to investors personally with a set percentage. For the third option, you can find an investor that is experienced and that has lengthy and reputable track record. The investor may need capital in order to allocate their personal capital to other projects or to expand and take on more properties, which will further help you since there will be more properties to invest in.

As an example, when we personally work with silent investors that are interested in just having their money put to work or also would like to be taught during the process, we offer them between 9-12% rate on their money. This depends on the amount of money and the length of time we are able to have the money working. 

Again, there are multiple options out there and the only reason I fixated on this one, is simply because I have personally done this and know more about this type of lending than syndications and other forms. 

On another note, I see that you are in HB! We're in Newport and are always eager to see other investors that reside close to us. Pre-Covid we used to host a meetup here in Newport Beach where multiple new and experienced investors would come to network and chat. If you're ever open to attending one once we are permitted to hosting one again, let me know. It is a great way to meet other folks in similar positions. 

Hey @Brian Boodoosingh

I have a Real Estate agent that could possibly help. She's also an investor. Shoot me a DM and I'll send you her contact.

Also, as for your criteria, what are you aiming for? a MF that's already rehabbed or one that is in need of work? Also make sure to pin point an area, whether you would like a C+ and above neighborhood or not.

@Demetria Sanchez

I agree with @Moises R Cosme, I wouldn't do it. The margins are too slim.

Hello @Cole McMath

To answer your questions: Do you want a full time job? Wholesaling isn't a passive real estate venture, it's more full time. We wholesale properties here in California, whether it be SoCal or NorCal, as well as Ohio, Florida, Pennsylvania, and a few others. It is for sure a full time job and in order to obtain a large funnel of properties to come your way, you have to work harder than all other wholesalers and investors. You will probably spend more money on marketing, relationships, tech, and let alone the time it will take to streamline the system. If you venture into this, expect to spend more money and your time, with added stress. These costs might end up being more expensive than the wholesale fees if you were to purchase from a wholesaler already (depending on how much the wholesaler usually adds). 

It seems like you just want to flip, so I suggest to just possibly sticking to flipping rather than stretching yourself thin with adding a full time job (wholesaling). Sure you'd save money here and there, but it might be in your best interest to stick to something you are passionate about than to rather do something to attempt save money and end up draining yourself.

When it comes to joining a group on BP, go to the forums and keep a tab on the forums that are specific to the market you invest in. If you're in SoCal and Flip in SoCal, follow and keep an eye out for new posts and investors on the SoCal forum sections. Other than that, look for meetups in your area when they start popping up again. 

If you have any questions, feel free to reach out. I'm in the Newport Beach area, but one of my partners does reside closer to your area in the IE. If you do happen to want to do the wholesale funneling tactic to obtain your flips directly, we have been wholesaling and investing for about 10 years now and are always willing to teach others.

Hope this helped!

@Vince Lucas

Will do! Shoot me your email and i'll let you know