All Forum Posts by: James Maradits

Sounds like it may be a good idea for the situation!  I went out today and saved THOUSANDS on appliances at the big box stores black friday sales, including a super modern stackable front loading washer suite for under $800. 

If I were in your situation I would:

-First pay off any personal debts if you have them.

-Buy as many leveraged properties as your credit would allow. I don't know your market, but in mine I could get great cash flowing SFR's or Doubles in the 80k range all day. Say you were able to do 5 at $20k down per property, that would be a great way to invest the first 100k.

-Keep the rest liquid to use towards flip deals as they come up.  Maybe find good flips and turn them into rentals and refinance. 

Awesome!  I love the finish packages.  Definitely streamlines everything nicely and saves a ton of time trying to decide which fixtures to buy, etc.  It's a great idea for flips or buy and hold.

Great deal!  Thanks for laying it out for us so carefully to review as well.

Hello fellow West sider!

I'm about the be in a similar situation when my current deal closes. I'm selling a my primary residence for a fair profit, buying a foreclosure with the profit as my new primary residence that will have about 60k in equity right out of the gate, and hoping to get a HELOC on the new house to continue flipping with. The HELOC is kind of cool because if you buy right you can basically keep your liquidity and have a primary residence that you're not paying rent on. That's one strategy to consider if you're primarily planning on flipping.

With that being said, if your goal is to flip and you have the cash to do it that may be the best option rather than having to pay interest on short term financing which can be pretty steep.  If you're purchasing to buy and hold then I would definitely finance if possible.

Let me know if you'd want to chat sometime.  I'm no expert yet, but I'm in the Lakewood/West Park area as well.

@Kate Stephens I travel the country for work (in California as I type this) and I can confidently say Cleveland is a great place with a great market! @James Wise knows his stuff in the Cleveland area and operates a one stop shop for turnkey.  Shout out to @Isaac Rowe as well for being a good guy working the Cleveland area as well!

Congrats @Jeffrey Capezzuto !

Sounds like you made a good first step

Looks great!  Lakewood market is hot right now.

If you're ever looking to team up, I've got feet on the ground in Lakewood.

 Your best bet would to do some networking and find a partner that will show you the ropes and potentially let you buy into a deal for what you can afford and perhaps some labor.  You can also try to find a hard money lender to work with if you find a really good deal (you'll really need to research and be sure of your numbers before you do this.)  Another idea would be to get your real estate license with that money and get more involved in the market that way until you can grow more towards investing.  Wholesaling could be another option.  Realistically the sky is the limit, you really just have to study up and see what you think would work best for you individually and in your market.

 Part of the game is knowing when to pass on what seems like a deal.  Watch what others are doing and start playing around with some deal analysis just to get an idea of all the miscellaneous costs that occur when buying and selling.

Best of luck to you Rick!