All Forum Posts by: Joseph Gibbons

I am a lifelong Shaker Resident and Army Vet.  Know the area, the people, the inspectors and police and fire.  Cleveland, Shaker, Cleveland Hts, Euclid, South Euclid...

I purchased the triplex for $16,500.  (plus a number of expenses)  

Renovation should be about $30,000.

Misc. $3,500 (the number of expenses above, title fee, inspections, legal)

Total Budget: $50,000.00

Rents are $500-$600-$600  Total: $1,700(pot month rent)x12=$20,400(pot annual income)

Expenses:

Taxes: $1,500 Management, $2,040.  Repairs/upkeep/utilities/ $3,000 Insurance, $1,500

Total Expenses: $8040.  

Net income: $12,360 (before taxes)

Yielding a pretax return of 24.72% (roughly)  

Yes, I ended up purchasing two properties in February and have finished one renovation and wrapping up the second in the next few weeks.  I am very pumped and will post some numbers and pictures if people are interested.  

Oh wait just saw E120/St. Clair.  I would be hesitant frankly.  

Whats the neighborhood?  

Under 40k fully rehabbed is either a steal or very sketchy.  50-60k is very doable if you are on the ground.

@John Ellis , your offer to do a walk through is very gracious and I would be a fool not to accept.  My buddy is recovering at Walter Reed in MD and will be in Cleveland with me in late December/early January.  If you have anytime available in that time frame, we could do it together as he is going to partner with me moving forward on these rehabs etc.  Very much appreciated.

Solid point, you would hope they were properly flushed before any deep freeze but we all know that isn't a guarantee.  How often has snow cover on the roof prevented effective evaluation of roof condition?  Are you able to ascertain enough from the underside aka within the structure?  

Excellent point, James.  Do you do any sales pre-rehab or only turnkey?  

I finished my first property in Euclid, OH a nice duplex with finished third floor.  The top unit is a 3/2 and the bottom, mi casa pro tempora while on break from school, is a 2/2.  

Before:

After:

I will be in a position to purchase another property in January and want to know what people have had to deal with in winter rehabs?  Roof issues unseen etc?