All Forum Posts by: Grant D.

@Courtney Radmall People invest in different markets for different reasons. It is true that Cleveland is unlikely to be a market that you would expect a ton of appreciation in the short term (or even maybe long term), the fact that the COC returns are so high makes it a great market for investing. When you invest for appreciation, it is more like gambling, because there are so many factors. Also, a lot depends on your strategy...if you are planning on using equity to grow, lack of appreciation is a lot bigger of a dealbreaker than if you are buying and holding for pure long term income.

@James Wise  Hahaha looks like an auto mechanic with car oil all over their hands used that couch as a rag

Thanks Kyle - this is super helpful.  Some of the properties seem to go quite a bit up and down year over year, so this will be helpful.  

If I am purchasing a house that is in good shape, but has very low property taxes, what are the odds that the city will re-assess and raise them right after I purchase the property?  Is there a limit on how much they can raise them?  Wondering how others budget for that possibility?

As always, thanks in advance for any responses.

Some of the rules can be a little bit interesting.  In Euclid for example, they have a rental inspection that happens yearly (as well as a $200 fee paid to the city to register as a rental), and if the POS compliance happens more than 30 days before the rental inspection, they can find new issues to make you fix, even if the property was POS compliant.  

Seems like most of the areas have some sort of rental inspection and fee in place.

Insuring for higher amounts doesn't always raise the premium a ton (for example a $2MM umbrella policy is not double a $1MM policy).  A large chunk is liability, which is going to be the same if not higher on this property, since it is an investment.  I am not an insurance agent, just think $250 a year is unrealistic.

Your insurance estimate is very low, in Ohio for a home that value, you are looking closer to $900 per year.

@Bob Collett thanks for the response!  In case anyone is wondering, the house is in Euclid that I was inquiring about, but would love to see overall thoughts as well.

Is it worth getting a Radon inspection for rental properties in Cleveland?  I don't know much about the implications, as its not common where i am from.  Any opinions?

Anyone have a referral for a general contractor in who might be able to give me a ballpark estimate based on a POS report.  Currently in contract and would use them upon closing.  Thanks in advance!