All Forum Posts by: Henry King

I understand.. I'm curious, what can happen if the association is unable to come up with the money (through assessments) needed to make the repairs on the building?

 Yes essentially this is correct, but could this be an attractive investment considering you wouldn't own the entire building? 

Okay understood.. Thanks for responding!

I would like to know if it's possible to purchase ownership of a condominium building? I received some information on a 137 unit condominium building that is in need of capital repairs.  Apparently the board of directors is contemplating selling ownership because they are unable to get the work done.  I didn't think this was possible considering each unit is individually owned.  I would greatly appreciate any insight that can be provided. 

There are several reasons I want to invest in this area.  Among them is the college in the bordering community has expanded (erected housing) in this particular area.  Land in the neighboring townships appears to be scarce but the demand for business growth has increased.  City council approved and completed the sale of multiple dilapidated properties for commercial use.  It appears that revitalization may be forced into this area due to the availability of land. 

Hello all! I was hoping to get some advice/guidance on initial steps that should be taken when targeting an area in decay.  More specifically, getting control of land that will be used for commercial purposes.  Most of the buildings are to badly damaged and will need to be torn down- so new development is needed.  The gentrification process has not started yet but I'm sure it's just a matter of time before developers enter this market.  It appears there is very little investor activity currently.

I would greatly appreciate the guidance of anyone who has community development experience.  Should my initial steps be to establish relationships with key individuals at city hall, raise capital, do the research to see if any business owners would be willing to move to the area, or should I attempt to put an option on the land before I do any of the preceding? I'm sure there will be many challenges when taking on such a large project.  Thanks!

 This single family home is located on the East side of Cleveland in the Lee/Harvard area.  Property is in a solid rental neighborhood in one of the better parts of the city.  The house is fully operational and is generating $750 per month in rent.  Market value is 35K-40k.  Turnkey investment with very little to do. Please message me and I can provide any additional information needed.

Price: $19,500

Rent: $750

EXPENSES:  taxes-$140 (per month)

                      insurance-$60

                      PM- $75

                      Maint.- $75

                      Vacancy- $70

Expenses are approx. $420 (per month)

NOI- $330 (per month)/ 20% ROI

This side-by-side duplex is located on the East side of Cleveland in the Collinwood area.  Property does require a full rehab to include mechanicals.  Each unit has 3 bedrooms.

Arv:  $45k-$50k conservatively

Rehab:  Approx. $25k

Market rent:  $700-$800 per unit

**Back taxes are less than $500.

Price:  $6900

I can provide any additional information needed via direct message.  Thanks!

Price reduced to $15,900.

I can send some photos via email.  The property is currently vacant.

Using $725 as rent:

Taxes-  $70 per month ($117.52 for 2014; $842 for 2013)

Insurance-  $60 per month

Vacancy- $72

Maint.- $70

PM-  $72

NOI: approx. $381 per month/ or $4572 per year.

**The tax value for 2014 was a bit low. So I used the taxes from 2013 when calculating. If the taxes don't increase moving forward then of course your NOI will be greater. I also used the minimum rent for the area.

Repairs: Paint and update some fixtures. Less than $3K in work.