All Forum Posts by: Jeremy Janszen

I'd love to hear the recommendations if possible.  Need to replace furnace and AC on both sides of my Parma duplex.

I'm an investor in Ohio and I just learned that the "good funds" law changes as of tomorrow requiring, primarily, that funds brought to closing be in the form of a wire transfer.  No more certified checks.  I believe this is a country-wide law change.  It appears that no one knows about this except title companies.  Neither my lender nor realtor gave us this knowledge.  We close on Friday,
April 7th, on a new property and were caught unprepared as we have our investor's check in hand, made payable to the title company, and it's not worth the paper it's printed on.  We'll have to go back and re-work that money.  Heads-up to all!

How is the rental market demand in Twinsburg for SFH? I only see a couple rental properties there on any given search (which could be good or bad). Hard to get a sense for rent rates too. I'm figuring around $1100-1200 for a standard 3br. Thanks for any direction!

@Anthony Ford, have you gotten any answer to this question elsewhere?   I'm curious about the same thing.

@Paul Garcia, did you ever get an answer to this question elsewhere?  I'm wondering something similar.  We have someone interested in investing with us as a silent partner and we'd pay them a % return on their money but want to avoid the whole bit about 2nd liens on property, etc.  Could they just buy a share of the company that paid a set dividend under pre-established terms?  This is the question we're trying to answer.  Curious if  you've discovered anything along these lines.  Thanks!

Thanks, @Josh Young.  I'll give it a listen!

@Justin C.   Thanks, so how do you pay back that principle?  I can make interest-only payments but without a big jump in equity (to support cash out refi) I don't see how to cash that investor out without selling the house(s) purchased with their investment money.

I'm a Cleveland-based investor who likes to buy duplexes and single family homes for cash flow (12-15% COC target). My partner and I are picky in that we only select homes that are in decent neighborhoods (C+/B), need less than $4000-5000 in updates to be "renter ready," and project to require little hands-on property management support. We have a few people who would like to invest money into our business and I'm struggling to figure out how to best leverage their money in this model that results in enough profit for everyone's benefit. I'm beginning to think that the only way investor dollars work is if there is rapid growth in home equity that can be shared on top of cash flow (either through BRRR or buying under-performing commercial property or buying in an area experiencing rapid appreciation). I don't estimate Cleveland homes to appreciate more than 2% per year which just doesn't cut it. Therefore, I'm just not finding enough profit in a 5-10 year investment period to make it worth everyone's while. But maybe (hopefully) I'm wrong or missing something...

What's the best way (or best model) to use someone else's $100,000-200,000 (silent, hands-off investor) to make money for us and them in the Cleveland duplex/SFH rental market? I have to believe I'm missing something. Thanks in advance for the advice!

Good comments.  We've been focusing primarily in the suburbs, so I'd need to investigate if there's any ordinance against it.  What do others do who also invest in the burbs?  Dave, how do you calculate which unit owes what on water or do you just cut it up 50/50?

Question to the forum about any best practices in Cleveland for billing back water/sewer costs to tenants in your duplex houses.  Many duplexes here are serviced by a single water meter and, by design of the plumbing, difficult to impossible to sub meter.  Considering a charge-back over and above rents of something like $25/person/month to tenants to cover water/sewer.  I'm hesitant to just tack it into the rent since that would a) make it less market competitive and b) locks me into an assumption of how many people would be living in the unit which has an affect on the water bill.

I'm curious for ideas and practices to bill back water (particularly in the Cleveland market) that work well for you.

Thanks for any suggestions!