All Forum Posts by: Ivan Franco

Hi @Pete Sanchez, it's great to know there's some activity out in that area. I was wondering how your flip turned out. Did you end up selling for the estimated ARV and how long was it on the market?

Thank You for the welcome @Jacob Repreza! That's great insight. I've been looking into the eastern areas like Euclid, South Euclid, Bedford Heights, and Warrensville Heights. They seem like decent C type of neighborhoods, but I'm suspecting the quality of tenant attracted to those areas might even vary by street so I'm trying to get a lock on those details. I think the west of Cleveland definitely has higher class neighborhoods, but as you've noticed, the price point is a concern for me. I'm considering more creative ways to attempt to finance a higher-end property such as those found on the west side. Even though I could get something for 40k, it might be more trouble than it's worth if I'm not careful enough and may be better off buying something a little more stable.

I'll be sure to continue looking into the city. From what I've read and heard, it is a good place to invest so I'll try to get really familiar with the ins and outs.

Thank you for the offer @Steven Taylor! Do you mind if I PM you?

Thanks @Tom Ott! I'll be sure to keep that in mind. If you don't mind me asking, are there any particular areas or class of neighborhood you tend to focus on?

Hi @John Erlandson,

Your success in long-distance investing is very encouraging! I do have David Greene’s book though I’ll admit I’m still reading it and plan on finishing by the end of the week! I was just so excited to get started that I decided to just get moving. I’ve been trying his method of finding an agent then working with a lender the agent is familiar with, but I felt like I hit a wall when no agents were responding to my emails. That’s what lead me to post something here in the forums. I’ve since been searching for lenders and narrowing down my criteria for a purchase since it definitely makes sense to do so before possibly wasting any agent’s time. Your advice will certainly be helpful. It’s reassuring to know that other people are putting David Greene’s system into practice and getting good results. Thank You!

@Ryan Evans

Thank you for the advice. I recognize there are a lot of tire kickers out there and it’s a sad issue in the real estate community. I’m trying my best to not end up being one of those people and I think knowing that it’s a fairly common problem motivates me to hold myself to a higher standard.

You made a good point about the commissions being so low. Personally, I have been looking at the properties around 40k and it’s mainly because they present a lower risk for a newbie like myself. I see a property at 40k as something I’m not afraid to mess up because I’ll be able to recover quickly enough. But to mitigate the risk I should be familiar with the specifics of the market I’m looking to invest in so I can have more confidence investing at a higher price point.

I’m still trying to gather data and familiarize myself with the various neighborhoods in Cleveland, but one thing that keeps echoing in the back of my mind is that I’ll still need those boots-on-ground individual that has first-hand knowledge of the playing field. I suppose it’s just a nagging feeling that no matter the amount of statistics and articles I pull up, there’s no beating that knowledge you get from actually living there. But I guess I’ll just have to overcome that.

@Ryan Evans

Thank you for the advice. I recognize there are a lot of tire kickers out there and it’s a sad issue in the real estate community. I’m trying my best to not end up being one of those people and I think knowing that it’s a fairly common problem motivates me to hold myself to a higher standard.

You made a good point about the commissions being so low. Personally, I have been looking at the properties around 40k and it’s mainly because they present a lower risk for a newbie like myself. I see a property at 40k as something I’m not afraid to mess up because I’ll be able to recover quickly enough. But to mitigate the risk I should be familiar with the specifics of the market I’m looking to invest in so I can have more confidence investing at a higher price point.

I’m still trying to gather data and familiarize myself with the various neighborhoods in Cleveland, but one thing that keeps echoing in the back of my mind is that I’ll still need those boots-on-ground individual that has first-hand knowledge of the playing field. I suppose it’s just a nagging feeling that no matter the amount of statistics and articles I pull up, there’s no beating that knowledge you get from actually living there. But I guess I’ll just have to overcome that.

@Brian Garlington

Thank you. I'll be sure to do that.

@Richard Hart

In all honesty, my reason for wanting to invest in Cleveland is that I can afford to at the moment and there's the potential of getting decent returns there.

In San Diego, I'd barely be able to buy a condo. In other inexpensive markets I've looked at, the median property value is greater than $100k. In Cleveland, the median property value is below $100k which is the range I'm interested in. I could wait a few more years to save up enough to buy something in a higher price range but I really just want to jump in now because I'm afraid of loosing sight of my investment goals and stagnating. I'm just really hungry to start right now. I know I don't want to work for someone else much longer and the faster I can start investing the sooner I'll be able to be free.

I don't know anyone in Cleveland but I definitely think it'd be helpful to have a friendly or familial connection to the city. I figure if I could build a connection with an agent then I wouldn't need a friend or family member.

@Brian Garlington

Thanks for the contribute, I really appreciate it.

I see what you mean. Those agents are trying to protect their time from being taken by people that aren't serious about buying. It's understandable.

So what you're saying is the best approach would be to get preapproved before trying to find an agent? That way they'll see me as a more likely buyer and get an idea of what my timeframe is since preapprovals typically last between 60 and 90 days?

As for neighborhoods, thank you for the advice, that's exactly what I had in mind. I've been looking into statistics for the various areas in the Cleveland Metropolitan and from what I can tell, the east side is a more troubled area but I think there's potential for greater returns. But my main concern is that I don't know the area well enough to make a sound decision on where to buy. That's why I've been focusing more on finding an agent that knows the area and can help me navigate.