All Forum Posts by: Geoffrey Rucinski

Hi @Rick Jarrell & @Federico Gutierrez we recently got some feedback regarding the changes. It sounds like the county still hasn't quite determined the exact process/implementation/etc. - are you surprised? :) 

Here is the feedback we received:

The lead clearance examination is all you would need to comply with lead safe legislation. The lead risk assessment is for when you want to know where the lead is specifically.

We charge $200 for the first unit that includes a walkthrough of the process, what to look out for and how to prepare before the lead clearance exam. The price drops to $150 per unit after the first unit.

A clearance exam consist of a visual assessment and if there is any chipping, cracked or peeling paint you automatically fail the inspection. After the visual assessment we collect 13 dust wipe samples throughout the house which we send to a lab and for determination of lead dust. Once we collect the results from the lab 7-10 days later we return a report which you send to the city to receive a lead safe certificate.

Again I would recommend a walkthrough, which I can do this Friday and then perform the lead clearance exam early next week.

While living in Cleveland, OH my whole life, I just got into real estate investing at the start of the year; acquired 4 properties so far. While I'm hoping to grow my business, I'm also looking to grow a deeper Cleveland network. 

What REI groups or events would you suggest looking into?

Investment Info:

Single-family residence buy & hold investment in Cleveland.

Purchase price: $65,000
Cash invested: $65,000

This is a buy & hold SFR with existing tenants already in place. We plan to renovate and refinance the property.

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

MLS - part of a portfolio being sold by an investor.

How did you finance this deal?

Cash purchase with plans to renovate and cash-out refi.

Hey @Michael Hamblin I've lived in Cleveland my whole life (30+ years) and live/invest in Ohio City, Tremont, Gordon Square, Brooklyn, Old Brooklyn and Kamms Corner. 

Sounds like you are a few years ahead of me considering I just set up a business/partnership with an architect Q4 of 2020, but we just closed on 2 properties this month and have 2 more offers that went out today..so, keep an eye behind you..hoping to catch up quickly :)

I'd be interested to connect and learn a little more about what you have done/are doing. 

Hi @Bradley M LeMasters I've lived on the west side of Cleveland my entire life (30+ years now). Just between the two areas you are looking I suspect you will see more long-term appreciation with Avon Lake. If you have noticed, Avon and Avon Lake have a TON of new (very large and national) retailers moving in the area. All you need to do is take a quick drive west on 90 and you will see it all from the highway. There is also a ton of new build homes going into the area. I think for buy and hold that is where you will see better appreciation. 

I agree with the other users comments about expenses to consider and since I tend to focus my investing on the near west side (Ohio City, Tremont, Brooklyn, Old Brooklyn and Kamms Corner) I'm not as familiar with rents, taxes, utilities, etc. out that way - so I'd do some research on the differences. 

To your point about family, Lakewood is a great city and very rent friendly, you will have no problem finding renters in that area. But, as with any good, the downside is you are going to be paying a premium; there is a lot of in and out of state investment in Lakewood and I've found the market too competitive to cut my teeth on. 

Hope it helps and good luck with your search. 

Lifelong Clevelander here, so perhaps that goes to your point of knowing the area well. But, I'm curious what areas you had such bad experiences with? Also, what sort of size apartments were you working with?

Hello @Jason Dalka, lived in Cleveland all my life and the Ohio City area for the last 5+ years. I agree with @Andrew Weiner in that the schools are a big factor in the longevity of people staying. 

Ohio City, Gordon Square and Tremont seem to attract millennials (I'm one of them) that are willing to buy new construction (I did) or fully rehabbed homes, but the timeline between being able to afford that and starting a family is typically only a few years..at which time off to the suburbs (Lakewood, Rocky River, Bay Village, Avon/Avon Lake, etc.). 

My assumption (as a lifetime interested party in real estate but just starting to invest) is that since they move out only a few years after buying, a new, well-paid millennial, moves in and the demand for additional new construction/full rehab remains a slow climb.