All Forum Posts by: David Terbeek

@Rafi Mizrahi Our clients are mostly buying SFR in Euclid 44123, 44119, 44132, Parma 44129, 44130, 44134, Garfield Heights 44124, Bedford 44146 and South Euclid 44121. We also see clients buying multi families in Lakewood 44109 and Cleveland Heights 44118

Phil-  Welcome to investing in Cleveland.  The Brunswick condo was probably a good start, nice and stable.  Parma is a great market although doubles are limited.  Connect with me if you would like to discuss contracting.

@Jorge Ruiz  Prices start around $50k for distressed homes, starting around $75k you might find some move in ready properties.  The prices are a little higher than some of the surrounding areas but the tenants tend to be stable leading to a better long term return.

@Timothy Demry  Welcome to both BP and to the Cleveland OH market.  Even thought inventory has been tightening there are still plenty of deals to be found.  As another option, you may want to check out Mike Azzam as he covers the entire Cleveland area

@Jorge Ruiz I may be slightly biased but keep Cleveland on that short list. SFR in our suburbs will work well with the refi (and repeat) step at the end. They should also meet your expected returns of 10%. Parma would be the top of my list for stability and the possibility of appreciation.

I couldn't speak to Florida but Parma has been a great market for us.  We are able to consistently place good quality tenants with rents from 850-1200+ (depending on size and area) that stay for multiple years.  Prices have been inching up but good deals are still to be found.

You may want to check with National Association of Residential Property Managers, Narpm.org.  I have attended a couple conferences and liked the people I met there.

If you were able to find this deal, do you think you could find another similar deal.  If there is any chance of doing even close, it is time to flip and reinvest in that next deal.  As @Steve Vaughan said, watch the taxes.  I know you said the 1031 wasn't for you so maybe 1 year is not so bad before the flip.

Jason-  It sounds like it has potential.  It really depends on two important factors.  1)  What neighborhood.  Believe it or not, there are some neighborhoods that do not command $30k for a cash flowing duplex.  Others, it would be a steal.  2)  What is the condition?  Age of the roof?  Furnace(s) age? Does it have electric modern breaker panels?  Replacement windows?  Siding?  Has plumbing been updated?  Cosmetic conditions of the units? - You will want to plan out how soon you might need to replace any or all of these items and how much they will cost to replace.

The Cleveland area has a ton of opportunities. In single family homes areas like Bedford 44146, Euclid44123, 44132, Cleveland Heights44118, South Euclid 44121, Garfield Heights 44125 and our favorite Parma 44130, 44129, 44134. If you are looking for 2 family properties, Cleveland Heights and Lakewood 44107 are the prime suburban markets. There are many opportunities in the city itself. Areas like Old Brooklyn 44109 and most of the westside 44111 are investor favorites.