All Forum Posts by: Jared Lichtin

@Ryan Arth yea I spent an entire day in Northwest Akron and Highland Square. A lot to be excited about. I have a few rental properties there and one rehab project. Hit me up anytime and I'd be glad to discuss.

@Michael Rodriguez@Ryan Evans@Andy C.@John Koster@Joseph M. See my post above!! ^^^

@Michael Rodriguez@Ryan Evans @Andy C. @John Koster 

I'm originally from Cleveland and am a full time investor living in southern California. My business partner and I just spent three days in Cleveland checking on our properties and to meet with some brokers. The trip was incredible, and really opened my eyes to what's happening in Cleveland since I left in 2006. Basically... here are a few pointers and pros:

A- Younger people who aren't having kids hate the suburbs, and want to live somewhere cool. So, they're migrating to areas around cool restaurants, retail, coffee, bars, and recreation.

B- Younger people want to live close to downtown, and close to their parents. 

C- There's a lot more fun stuff to do than there was 10 years ago- I remember when cleveland sports were terrible for a few years before Lebron came in 2003.

D- The city has put a ton of money into commercial development- East bank of flats, West side market, Detroit Shoreway, E 4th, W 6, W 9th, Case, University Circle, Tremont etc.

E- Thriving 5 star restaurant scene. Michael Simon & Zack Bruell at the forefront of making it delicious to live in Cleveland.

The cons, at least for an out of state investor, is that you have to know the neighborhoods you're investing in... AND the streets. I can't stress enough how quickly beautiful architecture in Cleveland Heights turns into burnt out sketchy neighborhoods. Within blocks. Zip codes overlap with cities, and can be confusing. And also, getting quality tenants is always important.

My portfolio: I have a few rentals in Akron and Cleveland, and at the moment have two rehab projects and a foreclosure in Chesterland that I'm closing on in a few weeks. 

If anyone would like to jump on a call, or connect personally.. PLEASE DON'T BE SHY! (I can't remember exactly but from what I read on this forum a few of you are from Cali). I'd love to discuss opportunities to work in harmony with those that are interested in revitalizing my hometown of CLE!!!

@Lesley Ray& @Gabe C. .. I am an investor in southern California and I invest heavily in Northeast Ohio. I'm originally from Cleveland, and am heading there this week with my business partner to keep an eye on a few of our projects. Actually looking at turning a few of our rentals into corporate housing. If any of you want to talk shop, I'd be happy to discuss. Hit me up anytime.

@Timothy Murphy III Hi Timothy, I know a few people at Smartland like Steven Gesis, and I've met Vadim a few times. I've been investing in Cleveland a lot more recently. I'll shoot you an email and maybe we can fit in a quick meeting while were up there!

Hey BP, 

My business partner and I are headed to Cleveland next Thursday & Friday, the 24-25. We live in California, but most of our investing is in Ohio. I'm from there, and have three rehab projects going on at the moment, and a few bank owned foreclosures we have not seen yet. 

We are always looking to partner with other investors in the area. If you want to meet up with us briefly, I'd love to hear who else is rehabbing, or building a portfolio in Cleveland. I'm also interested into getting into larger projects, multifamily, commercial, etc. 

Do you flip single family homes, or invest in multifamily properties in Northeast Ohio? I'd love to meet up while we're in town!

We are also looking at a few private lending options. If you are a private lender, and have done some trust deed investing in the past, We're looking to get into a few projects that are long-term rentals. The initial cash investments can be secured with a trust deed and paid back at 7-9%, depending on the project. If you know a private lender who lends in Ohio to real rehabbers with experience, tag them.

Anyone else want to meet up? Were only in town for two days but would love to network with more legit Cleveland & Akron hustlers!

Thanks @Ian Kurela! 

@Account Closed, I'm a bit unfamiliar with the rent around there. I would have to look a little deeper into comps. I am looking at the value with regards to fixed up solds in the area. The bank might see it differently for a refinance. So, since I just got this deal under contract, I'm wrapping my head around the west side of Cleveland as quick as I can. I didn't realize Lakewood and Rocky River had such nice areas. I grew up in Mayfield on the east side and had no idea some of these areas existed. Very cool.

If anyone is a realtor on the west side of cleveland, I would be happy to hear from one of you if you'd like to be the listing agent on the back end! I'll have to seek someone out soon.

I just got a nice deal under contract at bank auction with a 100k spread in Lakewood. It's right on the line between Rocky River and Lakewood, close to the river. It's in need of a cosmetic update, but the bones are really good. If any solid BP contractor is interested in working with me, I'd like to hear from you. Or, I might be opening to a JV w another investor to use your crew.

I have not seen the property, but will before I close in a few weeks. Lots of character and strong comps on this one. Feel free to contact me with questions.

Purchase- 154, Rehab-40-50, ARV- 275

@Matt Motil, Although this property may be still active on the mls, it typically takes some time for the bank to update.

We purchased this property at bank auction and are closing in a few days. Had our contractor walk through the property last week, and we're open to keeping it as a rental, or selling it to another investor. We are just keeping our options open, but certainly not trying to wholesale an active listing on the mls! 

Zillow shows the property 'pending' as of this morning. 

Totally understand where you're coming from though. 

https://www.zillow.com/homes/for_sale/942-Cambridge-Rd,-Cleveland-Heights,-OH-44121_rb/?fromHomePage=true&shouldFireSellPageImplicitClaimGA=false&fromHomePageTab=buy

My investing partner and I just acquired a fantastic bank owned property in North Miami Beach. Waterfront with a beautiful view and a large pool. We purchased it for $629,000, but instead of wholesaling the deal, we are contemplating all avenues, including flipping it ourselves, and keeping it as a cash flowing rental property. We believe it needs approximately $40,000-$50,000 in work, and conservatively it's worth $950,000.

After refinancing our note, taxes & insurance would be approximately $5,000. Our main question is how much our property could rent out for. Comps suggest anywhere from $6,000-$8,500 per month. We can't comp it as good as a local realtor could for rent rates.