All Forum Posts by: Erron Fayson

I like the way you think Igor.

Thanks Ramon. I’m planning on going up to Cleveland next week to do my walk through.  If all goes well I come back later and do an open house for potential investors.

Thanks Igor. After talking to a few ppl that are from the area, I got the feeling that it’s best to do just that; leave these homes in the hands of someone local. So now I’m looking for some investors who would like these properties.

Thank you guys for all of your inputs. I will put your advice to work.  Right now I'm trying to decide on how I want to approach this. 

One of the homes is in the 1200 block of E 61st St.,  for $40K.  It is already occupied with 3 tenants who are paying $1200/mo. This is something that would be great for a non-profit who deals in Sobriety as it is a Sober House. He would like to see that work continued but it's not a requirement.  The tenants are aware that he is selling the property

Second home is in Maple Heights on Centuryway Rd. 3/2 with a detached garage. It has been renovated and updated to code with permits being pulled.  Asking price $94K 

Last property is on the 5700 block of Whittier Ave. 5bdrm/4.5bath/3.5 garage with mud room 4000sqft

3 bedrooms and 1 full bath upstairs. On the main level is a master suite and on the opposite side of the house an in-law suite with ADA bathroom. Gourmet kitchen with custom cabinets, granite counter tops. Dinning room has gas fireplace. Hardwood floors. Central air through out and zone heat. In the basement 40X60 area he has a 12' bar, lament floating floor, pool table , sewing room, exercise room, laundry room theater room 24X30 with 12' retractable ceiling with 8 reclining movie chairs. This house is unbelievable.

Every home is move-in ready or turnkey. These properties are a must see and they are a great deal.

Good afternoon BP,

I need your help. I am new investor looking to do my very firs deal. This weekend I met a gentleman from Cleveland OH after introducing myself as a real estate investor, he proceeded to let me know that he's going through a divorce and he has a 3 properties that he is trying to sell. Two of the properties he owns free and clear and the 3rd property he has a mortage on. 

Being unfamiliar with the area, I'm looking for some guidance on what investors are looking for in the Cleveland area and what are they willing to pay. And any good information that I may be missing.

The numbers in this report were my best guest estimates with the exception of rent. The $1200/mo is the going rate for 4/2 in this area. 

Theres lots of research left to do as I continue to refine my numbers to a get a more accurate cost for this deal to work. I’m using this deal as a learning tool and thus, I’m very thankful for your input. This house won’t be available to investors until later this month. So between now and then. I’ll continue to get better numbers such as what it actually cost to do a cash closing, or what the refinancing interest rates will be, or even what the total actual holding costs will are. 

For now, I just wanted to get something together to the best of my knowledge and put it out there to have someone help calibrate my shot group. Sorry for the military reference. 

So thank you all. You are helping me get to the right number that works for me. And I look forward to hearing more from you. 

So about the house. I went and seen it today. 1/4 of the rear fascia is gone, some of the soffit has vegetation growing on it, the shingles looks “okay”, the wood under the shingles are planks, the crawl space in the attic is very small, the air handler will more than likely need to be replaced, because of mold concerns I would budget for the duct work as well, but I would wait for the a/c guy to look at it. Both bathrooms need a complete remodel. The master bedroom bathroom is small and a shower only . Kitchen is a completr remodel, flooring is needed and so are windows. Paint inside and out. And that should just about do it. Except there’s a pool in the back. Other than there was water in it, I don’t know what the state of it is. And finally landscaping. They used lots of gravel everywhere so that would need to be taken careful of. 

As BP says, every house has a number. I wouldn’t like to know what do you think is a good good number and/or an exit strategy for this property?

This is my very first attempt at submitting an offer. My exit strategy is BRRRR. I haven't seen the property in person as of yet, I will be going first thing in the morning. When I come back I will have more photos and will update you all at that time.

I welcome any and all questions as well as critiques.

Thank you all for your time.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Thank you all for reaching out. This is an exciting time for me and I’m looking forward to the challenge. 

Hello to all in BP Land,

My name is Erron Fayson and I'm brand new to the world of real estate investing as I strive to be financially free. Over the past 6mo or so I have totally immersed myself with learning as much about real estate as I could. However, it wasn't until the past 2 weeks or so, that I've decided to take the plunge and finally put all of my past talents to work in one endeavor. 

So let me introduce myself and give you a little bit of my background as why I believe this is the perfect move for me at the perfect time.

In 1999, I started my first company in Atlanta GA. It was called JAEcs we, being my partner and I, were a small handyman outfit. We were blessed to land a commercial maintenance account for Christian Family Bookstore, Payless and Nextel just to name a few. That small company gave me the experience and knowledge of the construction trade. Then for a very short while I did a some Multi-Level Marketing which taught me sales. And finally in 2015 I was separated from the service as a disabled Army Vet. While in the service, I was a contracting specialist for nearly 10yrs. And that gave the experience and knowledge of understanding contracts and their language. So what unique profession combines all of these seemingly different careers? Real Estate Investing!! So needless to say, I'm excited to be here and I'm looking forward to learning from and working with many of you.

Thank you for stopping by