All Forum Posts by: Jacob Repreza

Hey man, when it comes to knowing the process there are thousands of videos on wholesaling that can help you out. The general idea is to find a distressed property and get it under contract, find a buyer for more than you got it under contract for and help the transaction close. The intricate details you can find in free videos on youtube and through these forums if you start searching for it or get stuck on a certain step but the most important thing is to not overthink it. It's a lot simpler than most people think. The hardest part is finding those deals, especially here in Socal where everyone is looking. 

Originally posted by @James Wise:

Originally posted by @Jacob Repreza:

We were negotiating a 15 property portfolio in maple heights with an owner that unfortunately fell through to the seller backing out but it's a very underrated area of Cleveland in my opinion. Lower entry prices with very stables tenants and decent rents. 

 He probably realized how much more he'd make if he sold them off individually as opposed to 15 at a time. These investors who try to sell their single family homes as a package blow my mind. Worst possible way to sell something like that.

It actually ended up being that he just liked the cash flow too much and was going to retire. About 9 or 10 of them were paid off and he didn't want to deal with 15 different escrows, agent fees, title fees etc. I also just checked the county website and he's still the owner! He didn't have it in a will though so I hope he finally put it in a trust, like I told him or else that'll be very unfortunate in the future. 

We were negotiating a 15 property portfolio in maple heights with an owner that unfortunately fell through to the seller backing out but it's a very underrated area of Cleveland in my opinion. Lower entry prices with very stables tenants and decent rents. 

I would suggest just going to this website 

https://myplace.cuyahogacounty...

and seeing what the property owners have had to pay in the last few years and average it out. Another $100/$200/ year isn't going to make or break you but you can play around with the number to be more conservative. 

Cash flow and low price point! 

If I remember correctly Sunset Equity in LA did something like that. I believe they can fund that same day or in 24 hours or something like that. This was what they had back in december. Not sure what they have now 

Auction Financing Program

• 65% LTC / Winning Bid
  
  • 65% Loan To Cost
  • 10.5% Interest Per Annum
  • 3 Points
  • 12 Months terms
  • Loan Extensions Available
  • No Pre-Payment Penalty
  • Business Purpose Loans Only
  • Value Assessment
  • Rehab Money If Needed
  • Property Evaluation
  • Educational Courses

Yup in Cleveland Heights and Shaker it's about $100-$150 a unit for the year. There's usually a slightly cheaper option of a vacant permit as well. They're online and the sites can be glitchy but it's not the worst thing. 

We have about 14 policies at the moment and they range from about $900-1300 for the year so that should give you an idea. That includes a mix of SFH and 2-4 units.

I see you're in Cleveland Heights, we actually have one we just got up and running in Cleveland Heights. May is going to be the first full month we have available and it's about to be 80% booked and bringing in about $3200 in gross revenue which just about double's what a long-term rental would bring in so we're pretty happy. 

I think the personal loan or getting a couple more credit cards would be the best way for you to show more credit history and usage. At the end of the day though it will mostly be employment history and money you can bring to the table unless you can partner with someone else to take care of that side of things for you.