All Forum Posts by: Account Closed

@Kaya Na Good Afternoon I am located in Miami . If you still need an Airbnb Manger please reach out to me (305) 429-1846

@Steven McPherson 

1. Shell 

2. We are open to TI package but we have yet to get that far in a converstion with any prospective tenant.  

3. The comp across street which Oak Summit Shopping Center is a Walmart Supercenter shadow anchored retail center and they have 1,200 SF for lease in the $21SF range

4. The 2 brokers we worked with did not produce any leads. The One vaccine that was  filled was filled internally by our office and that was a smoke shop. 

@Gino Barbaro

We have worked with 2 well established commercial brokers last year and had no success. 

We are at $21 SF, internally we see that as fair market value. Other vaccines in the area are at $16-$20 SF but they are not as centrally located as us and most  are old construction  being 40-50 years old. 

 @David Colthart

The extra fees associated with a rental property in Cleveland

1. Rental Registration billed per unit $70 have to renew every  year 

2. Lead Certification billed per unit $200-$400  (depending on company you use) every 2 years

3.HVAC Certification Billed per dwelling unit $100-$200

4. To be fully city compliant  you must have an "authorized property" manager that lives in The City of Cleveland if you are out of state. This property manager can be held liable for anything that is related to your property from the City. ( Making this position extremely hard to fill). We pay our "authorized property manger  $300 a month and it took 2 months to find someone to even absorb that type of responsibility

5. You must register your entity with the State of Ohio or you will be in violation of the law and will end up in The Cleveland housing court and your headache will really start. 

6. To have an eviction performed you must have rental registration, and eviction often take 2/3 months. The housing court is also a nightmare and very pro tennant. 

7. Some RE attorneys I have worked with have simply stopped practicing law inside the The City of Cleveland because the Housing Court is a Kangaroo Court. 

In summary the person selling you a property in Cleveland is probably waiting for some sucker to come along and buy their property. Ideally an out of  State investor, who will buy they property "sight unseen" and  who think they are getting great deal. In Cleveland if you are Out Of State Investor there is no winning. 

Currently I have a Strip Center with a vacancy that has been incredibly hard to fill.  The unit is ±1,300 SF of retail space. Located on the elbow of the shopping center.  We have had little to no interest.  We have marketed the property through 2 local brokers and in house. Vacancy has been on all major platforms and also I have done a large amount of our reach in the area still no interested. The location of the Strip mall is great  the demos are not so great 50-60k range. Any one with any ideas or insight please reach out. 

Property address: 150-190 Hanes Mill Ct
Winston-Salem, NC 27105

Investment Info:

Retail commercial investment investment.

Purchase price: $1,900,000
Cash invested: $900,000

The 1.64-acre tract at 150-190 Hanes Mill Court is across from Walmart and many major retailers located off of a many thoroughfare . It contains 9,328 square feet of retail space 5 tenants.

What made you interested in investing in this type of deal?

Portfolio was lacking commercial exposure.

How did you find this deal and how did you negotiate it?

Lots of research throughout many markets

How did you finance this deal?

Cash reserves from flipping houses.

How did you add value to the deal?

Getting all tenants on NNN leases. All tenants paying CAM charges. Renewing and raising rents up to market rate in the area. Minor repairs with a possible remodel in the future. Bought the property at discount from an absentee Landlord.

What was the outcome?

Still holding

Lessons learned? Challenges?

Thoroughly through all the leases. We missed that the restaurant tenant has a non compete built in.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Local Relator in the area repped both sides after we found the deal

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $164,000
Cash invested: $300,000
Sale price: $995,000

2,900 Square Feet
5 Bedrooms 3 Bathrooms
University of Arizona Adjacent

What made you interested in investing in this type of deal?

My partner was familiar with the Tucson Arizona from going to college and spending time in Tucson. Turned out to be a very strong housing market with limited Custom Luxury Home Builds

How did you find this deal and how did you negotiate it?

Deal found and negotiated in house.

How did you finance this deal?

Mix of hard money and cash personal funds

How did you add value to the deal?

Demoed the whole house except one wall added 3 extra bedrooms 2 bathrooms customer fixers raised ceilings a pool and many more details.

What was the outcome?

Successful sale of the house setting a record in the neighborhood.

Lessons learned? Challenges?

First house flip was very time consuming learned a lot. Good to have a solid GC in place to spearhead the construction if you are new to building.

@David Colthart Before you invest or buy in The City of Cleveland I would suggest you google "Tenants First Initiative" and become aware of all the extra fees and problems the City of Cleveland gives "Out Of State Investors". I am managing 40 doors there right now an it an absolute nightmare. You should also speak to a knowledgeable RE attorney to better explain what it takes to own and manage rental units in The City Of Cleveland. 

We are exiting the market there is no winners inside Cleveland go elsewhere. 

@Min Zhang Hello I manage a portfolio of 40 door inside the Cleveland. I would highly recommend you disclose the that Cleveland and Cuyahoga County is not out of State Landlord friendly. The state actually goes after out of state investors and many properties inside cleveland are losers. I would recommend you google Cleveland "Residents First Initiative " . This is some of the strongest pro tennant, pro squatter and anti landlord legislation to date. 

To own a rental property in Cleveland you must have a register property manager that lives in the county, you must register every rental unit, you must have HVAC inspection, and you must have every unit lead certified. Upon many more requirements also each of there registrations and inspections comes with a significant  fee. And  all have be renewed every couple years. 

TO ANY OUT OF STATE INVESTOR STAY FAR AWAY FROM THE CITY OF CLEVELAND IF YOU DO NOT BELIEVE ME JUST GOOGLE AND READ THE NEWS OR CALL A REAL ESTATE ATTORNEY THAT WORKS IN CLEVELAND AND CONSULT THEM BEFORE PURCHASING PROPERTY. 

Hello @Michelle Macias I am local investor in Southern California. I recently wanted to invest outside Southern California as well where my dollar goes farther. I  used a brokerage out Orange County by the name of Allure Capital the head broker is KC James. He helped me identify two properties that I am under contract for as I write this located in Texas and North Carolina. I would highly recommend you give KC a call (949) 533-6802