All Forum Posts by: Jayson Lesyk

@Maurice White

I'm just going back through all my old posts. So to answer your questions. Yes you need a rental license. And yes/no to the POS. They did previously have a point of sale inspection on transfer of title, but they froze the mandatory POS inspection back in May of 2016. So they will do one voluntary if requested, but as long as there is no POS report from prior to May of 2016, it isn't mandatory.

I ended up offering on a 3 unit (all 2/1s). Back unit was 2 stories, front half of house was split up down and both were occupied the back was not. Had a 3 car detached, was built in 1850, front 2 units had gas and water paid by landlord. The deal I wanted to structure was for 75k on a conventional loan, would have been 5% down, 5% interest, 30 year am, owner occupancy. The back unit was advertised in MLS description as rent-ready back in actuality need between 4-7 in rehab depending on level of finish/quality of materials. I was looking to make 100/door with the back rented at 670, and the front 2 units for 655, and that is well below what the market will sustain, more in the range of 120+/door, with an ROI well above 25%. Unfortunately the seller had his head up his backside and countered my offer of 70 (up from 65 to giving myself negotiating room) at 95, which was 5500 more than it was listed for on the MLS at 89.5!! So I decided to let it fall out of negotiation and I will just have my agent resubmit our 70k offer every couple weeks/months as it sits on market. Because it will sit ha.

Have you had any luck with your investing as of yet?

Mayfield from coventry to Lee Rd is a C neighborhood but close to coventry is popular with the hippy/artsy crowd. However you go a few blocks up the street north on superior and youre in the middle of one the the roughest scariest F neighborhoods in ALL of NEO, not just Cleveland. Be VERY careful buying close to EC. That's a part of town that I would be very cautious with....

@Anton Watt

Thanks for the encouragement! It caught me off guard with how forward and direct it was, but no worries. Somebody was bound to smack me over the head eventually right? I'm just staying positive and using this as further motivation going forward. And don't worry, my first deal will definitely be going up in the success forums!

@Russell Brazil

The only thing I'm sure he was convinced of was that he wasn't interested in my pitch, ha. Nevertheless, I am constantly trying to evaluate my progress and find things that I can be doing better. Simply, everything. But, that's fine. I will learn in time. Negotiation skills are something that I will be making a priority of mine going forth. I'm am severely lacking in this area, but I am aware of that and feel that I have the willingness, drive, and potential to become much better.

Thanks for the advice! 

Actually he just told me in short terse word thats I should "just get some money and just buy his house and then I can do what I want with it." (Or for those that cant take a hint) "stop calling and trying to work me into your terms because I want xxx,xxx in cash or else get the %@$# off my phone!"

But it made me happy. I got off the phone laughing and smiling....

Why you ask?

Simply because I know with full confidence that this first 'no' just brought me that much closer to 'yes'. I know that after trying to negotiate, create a situation in my favor, and ask the seller for owner financing to creatively and with low money down purchase this house, that I could have done everything in the process better. From first reaching out to the seller to my pitch just now. Every step I took I could have been better and more skilled. I also had an awareness of this going into everything, but guess what. I 'grew a pair' and tried making the deal happen anyway! And I failed fairly miserably....

SO WHAT! I'm not bothered by this at all. In fact I'm really not in the least bit phased. Yeah it stung a little bit and I'm sure he heard it in my voice. But my skin just got a little thicker. I just became that much more experienced. And now I have knowledge that I did not before. So, no. I'm not bothered at all. In fact I was happy about the whole thing (not about being told no, but that I forced myself to just 'try').

I'm looking at this seller/house and situation/experience as practice. As an opportunity to improve and learn from my mistakes. This just means I have to be better next time and up my game! I have to be more thoughtful. A better negotiator. To have better timing. Be more professional.... whatever it is that I wasn't 100% on this time, I know now that next time I need to be!

So if there's another investor just starting out that might be discouraged because they are having a hard time getting others to listen to their offers, take them serious, give them time to explain their goals and objectives, whatever it is.... I hope if you read this it gives you a little bit of inspiration or a kick in the you-know-what. Whichever you need!

I'll throw it into excel this afternoon Andrea!

I made a quick list of 39 local banks and credit unions.

I figured I'd post it here to help anyone who wants to use it as an easy local 'cheat-sheet'. Feel free to share any experience you have had working with these lenders or add any others I am missing! Thanks everyone.

Orange Credit Union

Credit Union

Emerald Group Credit Union

Credit Union

Buckeye State Credit Union

Credit Union

STOFFE Federal Credit Union

Federal Credit Union

Acme Federal Credit Union

Federal Credit Union

Solon/Chagrin Falls Federal Credit Union

Federal Credit Union

Faith Community United Credit Union

Credit Union

Cleveland Heights Teachers CU

Credit Union

Telephone Credit Union Inc

Credit Union

Antioch Credit Union

Credit Union

Shaker Heights Employees Fcu

Credit Union

Ohio's First Class Credit Union

Credit Union

Union Poles of America

Credit Union

Ohio Teamsters Credit Union

Credit Union

Ohio Catholic Federal Credit Union

Credit Union

Unity Catholic Federal Credit Union

Federal Credit Union

Noteworthy Credit Union

Credit Union

Cleveland Police Credit Union

Credit Union

Century Federal Credit Union

Federal Credit Union

Ohio Operating Engineers Federal Credit Union

Federal Credit Union

United Telephone Credit Union

Credit Union

STEEL VALLEY FEDERAL CREDIT UNION

Federal Credit Union

Plain Dealer Credit Union Inc

Credit Union

The Ohio Educational Credit Union

Credit Union

Firefighters Community Credit Union

Credit Union

PSE Credit Union

Credit Union

Rta Brooklyn Federal Credit Union

Federal Credit Union

St Colman & Affiliates CU

Credit Union

Taleris Credit Union Inc

Credit Union

Plumbers 55 Federal CU

Credit Union

St Therese St Peter & Paul Fcu

Federal Credit Union

St Francis De Sales Church

Church

Ukrainian Federal Credit Union - Osnova Branch

Federal Credit Union

Navy Federal Credit Union

Credit Union

Ohio Savings Bank

Bank

St Columbkille Federal CU

Federal Credit Union

Cleveland Selfreliance CU

Federal Credit Union

New York Community Bank

Bank Beachwood Place

First Federal Lakewood - Garfield Heights Mortgage Office

Credit Union

There's a FSBO off chagrin river in Gates Mills.

4000 sf, 4 bed 5.5 or 6.5 bath, not entirely sure. 4.5 acres. Overlooks the fields on the west side of CR, house sits on East side.

Anyone aware of this? 

I'm starting out with 10k in cash and more available in credit/loans. It's all about mindset right? Isn't that Grant's thing? haha.

I'm just going to 10X my 10k to 100k in the next 12-24 months! (See what I did there)

Seriously though, it all depends on your personal situation; I live in Cleveland where we all know property is dirt cheap and the cost of living is rock bottom. I'm currently staying with my parents and have been living extremely frugally for almost a whole year and have been able to save that 10k living on a salary of 29k (thats before tax!).

How bad do you want it? That's the question I would ask yourself. I was truly intimidated jumping on this site and into the world of investment. Some of the people in real estate are just monster successes in everything they do in life it seems! But seeing what can be accomplished by anyone, given enough drive and motivation, that is truly inspiring! I've found motivation and determination within myself I didn't know was there.

Summary:

Make the sacrifices necessary to accomplish the goals you have set for yourself. If real estate investment is the ultimate goal then a lack of 6-figure capital to start with certainly won't stop you! GET OUT THERE AND DO IT!!!

There is a FSBO off chagrin river just south of Mayfield across from the vineyards/fields. Wondering if anyone has experience in this area. Property is 4 bed 5.5 bath 4000 Sq ft 3 story. 4.5 acres.