All Forum Posts by: Golan Corshidi

Hey Victor, Thanks for the reply. 

That makes sense it seems much less competitive so easier to negotiate. Are there issues that you think you should avoid regardless of potential for discount? 

Hey,

I am curious if any of you have found good deals on the market that were listed on the MLS for a long time (90+ days).

I find that the best deals on the market are usually newly listed (less than a week on the market) and usually the deals that haven't sold have significant issues with them.

What are the reasons that you think homes sit on the market for a long time and how do you navigate the issues to make a deal that works for you? 

 Of course! I’ll look out for your message 

hey Elisha, I live in San Francisco and just bought a triplex and Cleveland for 140k that's cash flowing well. I think there are some good deals out there. Consider doing section-8 if you end up buying in some of the rougher areas. 

Thank you Bill. ill add the other expenses and report back in a year! 

 Thank you JD. I appreciate the feedback. For the anticipated cap ex, would you just put that monthly in some reserve fund and wait for that to come up eventually? 

Hey all,

I used all the advice and wisdom from these channels and decided to do my first deal out of state. I would love your feedback on how you all think I did. 

I live in San Francisco and bought a triplex in Cleveland, Ohio in a Class C neighborhood. Based on my numbers, it shows a 45% cash-on-cash return. That seems way too high. Am I missing something?  Maybe I need to budget more for tenant default, vacancy, maintenance, or something else. 

Background:

I had never been to Cleveland. I did extensive research on the market and based on purchase prices and rents in the area it seemed like a good investment. I bought an almost rent-ready triplex sight unseen in September and got it fully rented within 60 days of closing. 

Numbers:

Purchase Price: $140,000

Cash Invested: $42,000

Income:

Unit 1: $1075 + utilities. Unit 2: $950 + utilities. Unit 3: $800 + utilities 

Total: $2,825

Expenses:

PITI: $980

General Maintenance: $50/month

Maintenance Reserve: $143/month 

Other Fees (admin stuff like LLC, registration fees, etc): $70/month

Total:  $1,243.

Monthly Cash Flow: $1,582

Cap Rate: 13.5%

Cash on Cash Return: 45%

I appreciate any feedback or advice on this deal as I am just starting. 

@James Wise thank you!! ill reach out. 

Hey all!

I am purchasing a property in Ohio and since I am unrepresented by an agent I am debating having the listing agent represent me as well.

What do you think are the pros and cons of purchasing a property with dual agency? 

Yeah, so far it seems like the juice isn't worth the squeeze with the added work, turnover, etc but that's based on a lot of assumptions Im making from afar. Hoping a local manager can show the returns might be worth it but not convinced yet. You think long term rental is the move?