All Forum Posts by: David Terbeek

Brian-  It is great that you are starting early, hopefully that translates into retiring early!  I run a management company and we have over 50 section 8 (CMHA) units in the Cleveland area.  I saw this post so I wanted to clarify a few points.  In our area (may be different in your area) you must actually have an interested tenant to "submit their packet" before CMHA will come out to inspect the property.  The rent is then determined based on the lowest of 3 items A)  The asking rent  B)  The maximum payment depending on program limits and income of the tenant  C)  The market rent (as determined by CMHA which is not always reaslistic).  Some tenants pay nothing out of pocket, some pay some or more than half of their rent based on a complex formula that CMHA uses (and can't actually describe to anyone!)

Check out your local authority's website and look for a welcome class similar to what is offered here in Cleveland.

Pros - You get paid some or all rent on the 3rd of the month without fail

Cons - Nitpicky inspections that add maintenance costs that you normal would not have.

BP community, is anyone using Propertyware for running their property management?  How many units are you running through PW?  Is there a functional limit?  We seem to have had some small issues lately and just want to make sure it is not because we are outgrowing the system.

The MLS is the single repository that all agents use to enter their listings. Many websites then use an IDX (Internet Data Exchange) to feed the information to their own website. This is how Trulia and Zillow get a lot of their information and all of the major real estate companies use the feed for their own company website. You can find all of the information that an agent can see about active listings. An agent than has further information about listings under contract, sold listings and other withdrawn listings. Agree with above, hook up with a good agent

The BP community comes through again with excellent advice from so many different sources.  The one thing I didn't see here is anyone mentioning to ask for the tax returns.  Two years tax returns (assuming they owned it that long) will show a lot of those high turn over costs, high repair costs, etc that are common on the low end, 15% return properties.  The "proforma" financials given with the marketing package don't always match the reality of the tax return.

Welcome to the Shaker / Cleveland market.  Please PM me for details on a management company.

Welcome to the site.  It sounds like your goal is very reasonable and set for the long term.  With lending back, you should be able to get up front financing or buy cash then refinance some of your money out.

I know a great title company as well, please feel free to PM for the info.

You came to the right place for this type of information.  The BP community will have a lot of ideas and tips.   

Dylan-  The credit score will be an issue with many of the big banks.  If you PM me, I know a local broker with the tag line "When others say no, we say maybe".  It would be worth a shot.

Isca-  Assuming the walls don't need patching as you indicate, a paint job can range from 1,200-2,000 for a complete unit.  The higher side if you are changing colors.  We typically isolate walls or rooms to paint to get the cost down.  Cleaning is 175-250 depending on if there is excessive grease, or other issues.