All Forum Posts by: Dan Gibson

@Tim Herman

@Tim Herman

This would actually be a personal LOC because no banks will give me a HELOC on these rental properties. My primary residence doesnt have enough equity for a HELOC.

Garfield hts actually has some of the highest property taxes around so while this is ridiculously high, it is accurate. I could go to maple hts or cleveland for lower taxes i suppose.

I am assuming 10k $ for repairs because im sure this house is a little beat. Its been a rental for a few yrs.

Thanks for your input, Sir!

No nothing official,  it's just going off of what James wise said on a BiggerPockets article as far as grading Cleveland neighborhoods.  Just Google James Wise  and Grading Cleveland neighborhoods .  I live in Garfield Heights  which is right outside of Cleveland . Hope this is helpful .

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hey guys - hoping some of you might be able to help me see if I am running the numbers correctly.

I already own 3 homes like this one, 1 in the same city, 2 in Maple hts., Oh, which is right next to Garfield Hts. Garfield is a B- and Maple is a C+ type neighborhood of Cleveland, Oh. My similar homes rent for $700/mth, $850/mth, and the most similar one to our subject home in Garfield rents for $950/mth.

I am being conservative with a projected $850/mth rent for this one, and assuming I do not get a cash out refinance on my existing paid off props (2 are paid off, I own 29k on the third) I will either have to be paying cash, which I can but would not like to do, or I can qualify for a $50,000 personal line of credit at 10.99% which isnt the best rate but it would give me the cash needed without much closing costs, and I wouldnt have to go into my own pockets.

I think I know what I am doing because I have done it 3 times and cash flow wonderfully, but I never ran numbers at the time and just made it happen all on my own. Did most of the repairs myself and burnt myself out. Then I never got anymore houses since 2013. I know I know, what an opportunity. 

But I need someone to tell me, "Yes Dan, youre running these numbers decently." or "No Dan, have you thought about xyz..." 

Anyone from the Cleveland area able to Chime in?

Thanks in advance!

I am an ASHI certified home inspector in Cleveland, Oh. Good, experienced home inspectors shoot to aim for about $150 an hour. One of the most important things to do is check out the inspector's google reviews and maybe ask for a sample copy of their report. Richard Sherman's answer up above is pretty accurate. Best of Luck!

Investment Info:

Single-family residence buy & hold investment in Maple Heights.

Purchase price: $9,000
Cash invested: $20,000

First Rental I purchase and have held onto for about 7 yrs now. Only one tenant turnover in 2014. Bought and paid Cash, rehabbed it myself. Self managed. Cash out Refi in 2013 gives me a mortgage payment of $411/mth and rent is currently $850.

What made you interested in investing in this type of deal?

Passive(or semi-passive) income is the goal.

Investment Info:

Single-family residence buy & hold investment in Maple Heights.

Purchase price: $9,000
Cash invested: $20,000

First Rental I purchase and have held onto for about 7 yrs now. Only one tenant turnover in 2014. Bought and paid Cash, rehabbed it myself. Self managed. Cash out Refi in 2013 gives me a mortgage payment of $411/mth and rent is currently $850.

What made you interested in investing in this type of deal?

Passive(or semi-passive) income is the goal.