All Forum Posts by: Denis Woosley

Absolutely in demand for good quality carpenter/contractors. I am no big time investor and my contractor is booked through the rest of the year. Contact any of us local investors when you are in town and you will probably be busier than you can handle.

FHA loan terms are less favorable so you will need to compensate by making the other terms more favorable. Higher price, inspections waivers, etc. If you are going to be living in the MFH you may be able to get a low down payment conventional loan, you will just have to talk to your lender.

A little high but looks fine. Hopefully your agent or pm has a contractor to recommend because right now contractors are in high demand and when us investors find good contractors we keep them very busy.

It's hard to tell because of the vague descriptions in the quote but everything looks a little high, not outrageous, for that size of house but if you trust this contractor and they come highly recommended then paying a little more is 100% worth it. I would want a little more detail in the quote because that gives him room to say "well fixture wasn't covered in the multiple plumbing issues, this is extra." Also, make sure you do draws with this amount of money, not 50% down. 

Clark-Fulton is not 4 blocks from Gordon Square. Clark-Fulton is a completely different neighborhood than Detroit-Shoreway. If it's in Detroit-Shoreway on 54th (Address will be 1*** 54th street) then a fully rehabbed Quad will not go for less than $300k. It sounds like you are getting areas crossed and these Cleveland neighborhoods are EXTREMELY different. Detroit-Shoreway is B-A+ class and Clark-Fulton is mainly D class. I live one block from Gordon Square so I know the area very well.

Both will offer cash flow, appreciation, strong tenant base. Cleveland has a lower entry price point. I think it is most important where you can put together the best team to realize those results. As an out of state investor your boots on the ground are the key to your success.

You do not need a full rewire just because of existing knob and tube. K&T is par for the course around here and as long as it is functioning normally then you just need to make sure that you do not have 3 pronged outlets being used for ungrounded lines. Hopefully you can find a good contractor through your agent/pm because most people are not willing to give up their contractor. 

 This is still the best resource to give you an idea on neighborhood grades. It is not set in stone, D/C neighborhoods should be looked at on a per street basis. As long as you are referencing that map then a good agent will be your next resource. 

Both are D class areas so if you're into that game then they are similar. Lawn>Denison. Lawn is north of Lorain which will eventually (several years) be dragged up a class due to its proximity to Detroit-Shoreway.

What is the ARV (after repair value) and potential rent? Without that information there is no way to determine if its a deal or how you should proceed.