All Forum Posts by: Jad Boudiab

@Michael Lewis Maple Heights is solid for single family investments, of which there are plenty.

In single family homes, your tenant should be staying for 2 years plus, unless you / your PM aren't doing a great job with placement and management of the unit.

2-3k solely for city items might be high, up to $1,500 seems more appropriate on a property in fair condition.

With all that said, I still prefer my westside properties where city is rarely ever involved.

Whether Cleveland or Columbus, it's safe to say a $20k property is one to avoid. You'll want to spend around $50k for a solid SF.

 Suburbs - correction ahead.

5 years is a long time, but Cleveland proper is looking good, too much money flowing into it to correct in the very near future.

Garfield Heights is your average C grade neighborhood. Not a big fan of how multi-family performs here, but plenty of single family inventory that makes for good investments.

Familiarize yourself with their point of sale system, and try to keep the purchase price low as the 4.22% tax rate will eat into your cash flow at the higher price point. Neighborhoods are average, some streets are better than others, preferably south of Garfield Blvd.

 I don't have any experience with Roofstock, but your post raises a lot of questions.

Do you know the neighborhood? Who's the seller? Who will handle managing your property after closing? Are they reputable? Are the tenants current? Do you have an agent representing you, to look out for your best interest in the deal?

If you already have done your due diligence, I'd recommend staying south of Mayfield Rd in Cleveland Heights, tenant quality is much better than the north side towards East Cleveland.

 Don't wait to buy real estate, buy real estate and wait.

Lakewood is in the top 10 suburbs nationwide on multiple polls, I don't see it going down anytime soon. Walk-ability, housing stock architecture, very dense and popular, foodie culture, close to downtown, and more.

Only word of caution is, with the high price points comes somewhat high taxes, try to stay under $160,000.

@Tanner Westerheid welcome to the site, and to real estate investing.

Cleveland is a strong cash flow market, lesser appreciation. Someone in your shoes will need a good a lender to start, along with trusted agents, property managers, contractors, inspectors, and more.

Many lenders here will lend to you with little requirements, most have a minimum price point. Multiple lenders I can refer over, feel free to DM for direct contact information.

@Tim Greenfield It's not uncommon for small seepage at times, but it is uncommon to see a $36k estimate to remedy it. Somewhere along the line, someone forgot you were a real estate investor.

It went from an incoming work order of "they are having water coming into the basement. Further, that the basement needs waterproofing and the block is changing color possibly mold." to a $36,094 repair estimate. First thing, get multiple professionals' take on the situation, which it seems like you're doing. It's tough to tell without seeing it, but there are different causes that can lead to this.

- First and most common issue is some seepage around corners of house coming from the downspouts, poor grading, or a clogged or damaged gutter that's overflowing near the foundation wall. This is the easiest to fix.

- Second, you may have a cracked clay drain pipe that sits outside of the walls, sometimes mid-way up the basement wall, where you'll notice a leak or efflorescence developing on the lower half of the wall. This is common for homes in the Greater Cleveland area built over 50 years ago, the damage is usually caused by tree roots. This has to be dug up and replaced, nothing too expensive.

- Third, if you actually have water seepage throughout the basement that requires you to excavate and add waterproofing membrane, then you're talking big expense, but $36,000 is too high. Get some more estimates. Check out Ohio State Waterproofing, reputable company, their info and work is easy to find online.

If I had to guess, 85% of the times we get this call, the issue is minor and rather inexpensive. Ask your PM to investigate further, address quickly, and provide the tenant with a dehumidifier.

Hey @Asad Halai welcome to the site.

Facing 3-5% Cap rates in Toronto, I can see why you're looking outside of your market.

Cleveland is very diverse, and sub-market specific. You'll find great success in B and C grade MF, little returns in A grade, and small odds of success in rough neighborhoods. Look into these sub-market to start, and expand further as you get more experience in the market.

Parma, Euclid, Lakewood, South Euclid, Fairview Park, Cleveland 44144, 44111 and 44135.

There are plenty of locals on here that can help you with rehabs and make readies, my company being one of them. Research, read reviews, get recommendations from experienced investors on the ground, and look for deals.

Cheers

Many Cleveland folks on here. What are you looking to accomplish, flips or buy and hold?