All Forum Posts by: Greg W.

What would you do with this house?

My relatives inherited a house and are unsure what to do with it.

Address: 1000 Neptune Ave S., Akron, OH 44301.

It needs new plumbing (cast iron), electrical, kitchen, BA, windows, doors, refinish floors, appliances, possible roof and remediation of a bunch of health inspector code violations. It does have newer siding, a new front porch and roof on garage is new.

Rentometer rents are $525-$600/mo. for 2BR in the neighborhood.

As is, it would probably sell for $8,000-$15,000. Rehabbed, I'm just guessing, it would sell for $20,000-$35,000.

get receipts for the work done and deduct that from the tenant's security deposit. You could probably go to small claims court for anything over the amount of the security deposit, if it's worth your time and money. Consult our local attorney and laws though. 

I would protect my investment by installing gutters. Water causes so much damage. It's cheap preventative maintenance. Just keep them clear of tree debris.

@Roger Lin runs the REIA in Falls Church. Reach out to him to get put on their Evite list. It's a good group of people.

https://www.linkedin.com/pub/roger-lin/79/416/a

http://www.biggerpockets.com/users/rogerlin

Redfin, Craigslist, Zillow are sights I use. 

Besides the zoning, which seems to be the biggest potential obstacle, are the utilities separated or how easily could they be? Expenses are probably 50% of rents. Take gross rents, subtract expenses (insurance, taxes, maintenance, lawn, property management (must include even if managing yourself) etc. then subtract mortgage. That's how much you'll have left over for monthly cash flow.

Figure out what the rents are in the area by looking at other listings and talking to a property manager in the area.

Good luck!

Welcome to the site. What kind of web development do you do? We are looking for someone to redevelop this site into a WordPress site. 

http://www.reimw.com/

Talk with Ryan Neches.

http://mortgagecapital.wjbradley.com/

Mortgage Loan Officer

(612) 501-4375

WJ Bradley Mortgage Capital, LLC.

Lead laws mostly.

I'm in WI and MN but neither of the cities I'm in is really good right now either. I'm familiar with them which is why I'm investing there.

If you are going to live in Tyson's, just buy a SF and rent out the rooms. Purchase something within walking distance of a metro station. Or rent in Tyson's and purchase somewhere else. MD is good but I'm not interested in dealing with their regulations. That might not bother you though.