All Forum Posts by: Jason Dalka

@Brandon Sturgill That's a pretty fancy map, I'm not aware of one but I'm going to try to find one for this area.

As far as what I mean by gentrification, think the Short North area in Columbus. Trendy restaurants and cafes, interesting boutique retail with some national tenants mixed in, housing stock is mostly new or fully renovated. Basically, the area would be pretty solidly populated with recent college grads, yuppies and dinks. In Chicago, we have numerous areas that fit this description. These aren't areas that I think of as being great appreciation plays but they usually make sense for buy and hold, while the next neighborhood in the path of progress tends to have greater upside but you're pretty confident the neighborhood will reach the same level of gentrification in the foreseeable future. The areas here in Cleveland that seems to be on this path look like they could backslide at any moment and they aren't really anchored by an already established neighborhood.

@Andrew Weiner Thank you. It is interesting to see the differences, in Chicago (at least before Covid) the complete rehabs and new construction were in high demand and the truly vintage stuff always has a place, but the middle ground stuff got killed both with vacancy and pricing. The joys of learning a new market!

@Geoffrey Rucinski Thank you for the insight, schools are definitely a huge driver here and back in Chicago. I think I was just a little shocked to not see more progress for lack of a better word. The barrier to entry and price to rent ratios are still solid in many Cleveland neighborhoods, as with all products and services you have to provide something that the consumer wants. If it's lightly updated units at a more affordable price point then that's what we'll do. Definitely interesting being back in Cleveland and looking at it from a different perspective than when I left.

@Jay Yoo I think many owners decide to list when one side is coming available too. That way the property appeals to buyers looking to live in one unit and rent the other.

I've been back in Cleveland for about a month after spending 12 years in Chicago. I'm back here for a variety of reasons but a big one is to invest in small multi. What has me confused is that any "gentrification" happening here seems to be sporadic and spread out. I'n Chicago there is a pretty defined "path of progress" along the "L" lines and when a neighborhood starts to turn the investors and developers seems to swarm like locusts. I just don't see that kind of neighborhood shift happening here. For example the Ohio City/GordonSquare area (I'm currently living in the area) to the west of 25th between Detroit and Lorain, the housing stock there still seems to be a hodgepodge of dumps with a smattering of new construction and a few rehabs/flips but I'm not sure I can point to a single block that has completely "arrived." I just read an article about a neighborhood effort to avert gentrification in the Clark-Fulton Neighborhood with MetroHealth development, after spending some time over there in the last couple of days I'm not sure they have much to worry about.

I lived here for the better part of 30 years, down in the Akron area when I was younger and then in Slavic Village, Tremont and Shaker Square during/after college before moving to Chicago and those neighborhoods seem to either have stagnated or declined in the time I was gone. I'm fine if this type of neighborhood shift just doesn't happen here, I still see some good cashflow opportunities in some decent C/B neighborhoods, I'm just wondering if I'm missing something. Are the millennials and Gen-Z populations choosing to live outside of the city. Any insight is appreciated.  

@Gillian C. The rules have actually just changed in Chicago and the amount of notice is now dependant on the length of tenancy. Here's a link to a good overview. https://www.thompsoncoburn.com/insights/publications/item/2020-07-23/what-landlords-need-to-know-about-chicago-s-fair-eviction-notice-ordinance

@Jaysen Medhurst Thank you. The FMV is around 90-100K should be able to rent for right around 1%. I'll run the numbers through the calculator. Much appreciated.

Hello, I'm wondering if any of the BP Calculators would be good to use to when converting a paid off primary residence into a rental? We would like to either refinance or take out a HELOC to fund additional projects in the future. Thoughts? Thanks.

@Joe Splitrock if a service syndicates to Zillow there will still be a charge. I run a brokerage in Chicago that is almost 100% rentals (odd I know but it's a thing here.) Every syndication service we use has let us know that the Zillow charge is in effect for syndication too.

Anyone have a recommendation on a company to service a seller financed mortgage note? Collect payments online, property taxes etc. Thanks in advance.