All Forum Posts by: Dave Binder

I'm in an area where a lot of investors have gravitated towards due to price point in my market.  I'm having trouble getting enough lead flow from potential off market deals and was looking for any suggestions that others have used to keep lead opportunities coming in. 

@Bob Prisco  Out of curiosity what makes you so in on Slavic Village?  Are you envisioning the Fleet area being revived with businesses again and it being popular due to location to downtown?  

Thanks for the insight, we are still negotiating terms but I was the one that built the relationship with the seller and brought the deal to the other party. I made the mistake of not expressing that I'd like to take on a bigger role so I could have a bigger equity split. They don't have much of a real estate background so I was under the impression that they'd find it and I would handle managing rents and assessing the repairs as well as using my connections for contractors. Apparently they prefer to handle those items I'm assuming to get the bigger equity stake. 

I found an off market building and I don't have the financing to purchase it, the building is going to be roughly 425k. I found a partner that has the ability to obtain the capital to purchase the building and I told them that I wanted to have partial ownership in the building to start building my portfolio. They want to handle the day to day operations and give me 10% equity for bringing the deal and getting it put together. I was honestly hoping for a bit more because it's in an A area and finding off market deals is very hard to do in our market. I don't want to be greedy but I was expecting to have a bit larger role and didn't expect them to take on updates and running the building. So what I want to know what would be considered a fair share for someone in my position? 3- store fronts 3- 2 bed 1 bath apartments All rented and brings in 4k a month. Rents will be pushed up once we take over if we acquire the building.

Taxes are $1,276

Repairs will be a roof 5k, electrical panel which I can have done for $800, furnace $4,500 and I'd buy appliances and update the kitchen a bit. 

Property is located in Cleveland.

I'm looking at a ranch that's 740sqft with a basement, price is 25k and rehab will cost 15k at most. Updated comps in area go for 60k.  My concern is the sqft and it's only 2 bed 1 bath, rental rate would be solid at 700-750 a month. I'm trying to use hard money to obtain the property but they are hesitant due to size so its making me think I should be as well.  Thoughts?