All Forum Posts by: Jake Burkons

If you're looking for a home that cheap, you're going to be priced out of Maple Heights and Euclid for sure. I'd say you'd be pressed to even find any good C- neighborhood houses for that price. With that being said, there are a select few C-/D+ areas that have some things going for them. Some are already upcoming, some I expect to be in the next few years, but just to name a few: North Collinwood/Waterloo Arts District, Fairfax, Hough, Woodhill Homes, Lee Miles, and maybe North Broadway. I do want to preface though by saying all of those areas are street by street right now and likely will be for some years to come. Having someone who really knows the blocks will be crucial to not getting a trap house in a warzone. Best of luck.

I think I will be able to find another investor who could raise our range around 75k-100k. I plan to buy my next property all out in cash with other investors while interest rates are still high and my credit is relatively low. I have been looking in the Collinwood area though because I have some friends from there (I grew up in Cleveland but recently moved to Austin) and compared to other areas of Cleveland it's not as bad. One area in Cleveland that I actually think is relatively decent is the Mount Pleasant neighborhood and the homes near Van Aken in Cleveland. I definitely see some potential there as well.

Although I have been hearing some news about a potential 122 million dollar investment in luxury apartments and business in east cleveland but i'm not sure how accurate that is. If it's true, areas near there hopefully could become profitable in years to come.

Thank you again for your support.

Sincerely,

Jake Burkons

I am buying everything I can in parts of East Cleveland. I recently picked up a 7 UNIT, across from the RTA,. Last week I locked up 7 more, Lee Harvard, better areas of Cleveland and one in Euclid, all rented for 1100- 1400, all renovated, all under 80k, each.

Is your recent action in East Cleveland due to the potential project? I want to look there but I fear that the crime is too bad and that the homes would have many issues. Have you encountered anything in particular that you have found difficult after buying these properties?

Thank you again for the insight!

0 Votes

Cleveland, Ohio

Quote from @Ariana DeStefano:

Hi Jake,

As mentioned above, you are going to be pressed to find a decent home at that price point. Lending could also be an issue unless you were planning on buying with cash. If you get closer to the $100,000 price point, you would be in better shape even if the numbers do not look as nice. Homes priced that low are typically going to be in really poor shape or in areas you may not want to be involved in.

Another piece of advice, is make sure you also get a non-biased rental estimate and opinion on the areas. Not all realtors are the same, but I have ran into a few who told out of state investors that the area is fine and up and coming. However, when we drove over to look, the homes were all boarded up and the listing photos were clearly photoshopped. If you ever need a rent estimate or opinion on a home in the area, let me know and I can do it.

Thank you for the advice and I will definitely look at some higher price points.

Lets connect on here because I probably will have some questions in the coming weeks about rent estimates and opinions on neighborhoods.

0 Votes

Cleveland, Ohio

Quote from @Shane Kelly:

Thank you again for your support.

Sincerely,

Jake Burkons

1 Vote

Cleveland, Ohio

Hello Bigger Pockets,

I am currently looking for a relatively cheap(25-50k) single family home on the east side of Cleveland and surrounding suburbs. I know the home probably won't be in the nicest area however there are some decent areas in Cleveland and suburbs like Maple Heights and Euclid that I'm considering.

Do y'all have any recommendations of what areas in particular to look in?

Also is there anything in particular I should look out for when buying a home in these areas. I know crime isn't great but are there any other outlying factors that would be detrimental for an investor?

Sincerely,

Jake Burkons

2 Votes

Cleveland, Ohio

Quote from @Lucy Atkinson:

Have you heard of/watched Brent Daniels? He has a great script for cold calling and does "Cold Call Breakdowns" on his podcast where he will listen to submitted cold calls and break them down piece by piece on what was effective and what wasn't and why.

He has hours of videos on Youtube. I found these super helpful as a template or sort of starting point for me when I first started out. The script really helped me feel confident and eventually once I had done it enough times I found my own groove.

Thank you, I will look into that!

0 Votes

Hello Bigger Pockets,

I am currently cold calling for a wholesaling company. I often run into a recurring issue when I'm calling people and was hoping someone may have some insight or tips for me.
When I do reach someone via phone they typically want to get off the phone quickly and are not willing to listen to my pitch. Any tips on how to approach people to get them to hear me out before hanging up. I am open and willing to learn any and all sales tactics.

Respectfully,

Jake Burkons

0 Votes

Quote from @Ryan Thomson:

You can do it! Just have to get good at delegating and automation. Use your knowledge and drive to convince your parents to get a home near your college. Co-sign with them and put some money down with them if you can.

Buy it as YOUR primary residence with your parents as the co-signers. This would allow you and your parents to only have to put 3.5-5% down. Then you rent out the rooms to your college friends. This will probably allow you to live for free and your parents to avoid a dorm or expensive home payment while you are in college. Not to mention you can both cash in on appreciation and loan paydown.

If you really wanted to scale, you could do this each year. Rent out the last house to a new group and move with your friends to the next house. This is a great way to scale and you only have to put 5% down if its your primary residence each time.

You obviously need to convince your parents or (someone who would co-sign and help with the downpayment) about how good of an idea this is. But if they are savvy money people and they trust you (which I bet the do), then this seems very doable

Hey Ryan, I'm currently in high school and I'm going to college next year. Do you think banks would give an 18 year old a loan to do this or should I build my credit first ? If so, what banks should I consult about this? I currently own a rental myself and have experience managing it.

1 Vote

Salem, Oregon

Investment Info:

Condo fix & flip investment.

Purchase price: $28,000
Cash invested: $33,292
Sale price: $130,000

This is my fourth Fix and Flip, with the same group of investors form my first condo sold.

What made you interested in investing in this type of deal?

Price point was a great value for this area.
It was in an area with many attractions and businesses near by. The school district was also fairly decent so it was perfect for families..

How did you find this deal and how did you negotiate it?

This deal was an arms length transaction. I negotiated the deal as a package deal for four units.

How did you finance this deal?

All Cash

How did you add value to the deal?

Higher end renevations and increased the overall value of condos in the complex by completing the biggest sale in complex history.

Lessons learned? Challenges?

I learned I must develop relationships with reputable contractors and create a power team of people I trust.

0 Votes

@Zach Edelman No. I paid Cash for this property.

All in I was at $59,292 (Purchase price + Renovations). ( it won't allow me to modify the number above)

I flipped three others with similar numbers as well.

Respectfully,

Jake Burkons

0 Votes

@Bryant Brislin Thank you so much.

Whats the best way to contact you?

Sincerely,

Jake Burkons

0 Votes

All Forum Posts by: Jake Burkons

Jake Burkons has started 14 posts and replied 37 times.

Post: Investing in the east side of Cleveland and suburbs

Post: Investing in the east side of Cleveland and suburbs

Post: Investing in the east side of Cleveland and suburbs

Post: Investing in the east side of Cleveland and suburbs

Post: Strategies when cold calling

Post: Strategies when cold calling

Post: House hack in College?

Post: My fourth fix and flip

Post: My First Fix and Flip

Post: Tips for JV wholesaling