All Forum Posts by: Account Closed

Hello everyone! first of all I really want to say that this place is awesome and thank you everybody for  taking the time reading this.

So I wanted to get your opinion about this one property that my friend and I were thinking to buy. He already did the inspection (nothing major)

It is a four plex in Lakewood, Ohio for 125k and i'd say needs about extra 10k (exterior paint and some more repairs)

My biggest issue is I know that I'm as a renter would prefer to rent for the same price a 2 bedroom apt in a nice building in the same area instead of renting a unit in this 4plex. And I know I shouldn't make a choice of what to buy according to where I would live.

But I wanted to ask is how long do you think it takes to find renters for the 4 units (all 2 bedroom, 1 bath) and. And if it is make it less desirable if there are no porches or any car garage ( I know hoe disturbing it can be in the winter there without a garage.

BTW it is going to be a cash deal and after all the expenses (property tax, maintenance, vacancy, management, cap ex) it comes out to about 10% cash on cash, assuming fully rented for $650 each unit.

Also another question I had is how long after purchasing a house in cash can I refinance ?

Thank you all again for all the help. I really appreciate that!

Have a great day and enjoy the Superbowl :)

Yehiel  

Thank you everybody so much for all the responds :) 

So as it seems for now I guess i'll wait with that deal, and start looking for other areas in Cleveland.

@Scott Hollister so I lived in Richmond Heights area in Cleveland for 3 years before I moved to LA. so i'm only looking for a rental investment, not something to move in.

Thanks again!

Hi everybody. 

My name is Yehiel. (Going by David mostly). I just signed up to this site today. Iv'e been following it for a while and I love it.

So i'm ready to do my first rental investment and would love to have an opinion about a property i saw.

I know it's a big risk but please tell me what do you think. it is a four plex in east Cleveland 

Asking price - $55k

Fully occupied and bring in $1,650 a month. - $19,800 yearly

Expenses - $9,000 (capital ex, vacancy, insurance, property tax, management company).

Net income - $10,800

$30,000 down and $25,000 seller finance with a 3.25% for 5 years - $5,424 a year.

Left with $5,376 - about 18% cash on cash.

Worth the risk of the area ? what would you do ? 

Oh and a small note, I live in Los Angeles.

Thank you all very very much in advance.

Yehiel (David)