All Forum Posts by: Jacob Repreza

As far as rent goes, it's the same general idea as running comps on a home. Look at what other homes in the area are renting for and adjust accordingly depending on square footage, bed/bath count, condition etc. Also just ask what your PM thinks but don't just automatically run with it. Remember, they're managing  YOUR property so if you feel you have strong reason to believe it should be higher/lower then tell them. 

Getting your next property is also a loaded question. How much and how fast can you save for another down payment? How much work do you want to put in to find something off-market where you can come in with low to no money down? If you're not gonna live there, the options for financing are usually hard money loans or putting 20% down so it comes down to your personal finances. 

Also, I would never rely on zip code values as that encompasses a lot of different types of properties and doesn't give an accurate depiction of value. 

Lastly, 11% isn't a lot of spread at all even if it is accurate, that's $7500. Just new appliances alone can run you half of that and you still have to do siding and fix the outside as you mentioned. 

Too little information to know for sure as it can be a wide variety of things. Could be that they haven't gotten a full price offer and seller won't budge, might be a large repair you haven't noticed, could also just be you're underestimating the repair amount mixed with ARV. If the spread isn't there then investors aren't going to want it and I'm assuming it's too ugly for a retail buyer.

Did you run comps on the property? and if so, what value did you get? $67,500 seems a bit on the higher end for toledo. 

Congrats man! Happy for you 

Hey man! There are so many recommendations you can get as there is no one perfect spot to invest. Just make sure it's landlord friendly, ideally low taxes, and within your price range with good rental rates. We invest in Cleveland and the surrounding suburbs so that what I would suggest but there's many more places to choose from. Just dive into the forums! 

Man you have the whole world at your feet there if that's your budget. I know asking the site seems like a good idea but most people are just going to say wherever they invest. That's what we know and it's where we are comfortable with. With a large budget like that you have the vast majority of the US at your disposal. Pick somewhere you wouldn't mind living and go for it. Don't complicate it too much. 

We invest in the area in the east suburbs of Cleveland for the most part and yes there is plenty of demand for rehabbed homes. The biggest thing I will say is please don't use the Zestimate for anything else other than a very general figure. Zestimates don't take into account that it's a new build or been recently renovated, has foundation issues, fire damage, really ugly paint job etc. Don't forget that the vast majority of purchases are still to retail buyers so how the property looks is a HUGE deal and something an algorithm can't quite calculate. 

I would suggest beginning with the basics and learning the area a little more and learning how to run comps and get your own values for properties. That's the foundation for everything. 

Congrats man! Glad to see everythings going well! 

It can be done but I wouldn't recommend it unless you can handle whatever problems come your way and are paying cash for everything so at least you're not worrying about lending fees and holding costs. 

You'd be talking about very low priced homes even after rehab, so unless you have a construction crew that will basically charge you at cost and will never go over budget, it's slim margins at best. It would be about volume. 

Hi! It would probably help if you were more specific in your description of what you're looking for so more people comment. There's tons and tons of investors in cleveland so it's to broad of something to request. 

We invest in Cleveland if you have any questions. I would also suggest going to the Cleveland forum as there is a lot of good information there.