All Forum Posts by: Jeff Mora

Best advice is ensure you have reserves. Real estate is interesting because everyone has a different strategy. Some like tenant occupied because it means the unit is livable. Some prefer unoccupied to do a full gut renovation. I own a triplex in Cleveland and I’m on my 2nd property manager and thankfully I’m only paying for water & sewer , while the tenants pay everything else. It’s smooth sailing now but that’s not how it started. Work on getting your boots on the ground - handyman, contractor, pest control, your PM should be able to assist for a fee but do your own due diligence. Plan that as soon as you close on the property , the tenants are going to complain about something. Have reserves- get new smoke/CO2 detectors, lead inspection documents, find out the property taxes- somehow the previous owner for my property paid for 2021 but did not pay for 2020 or 2019, so I got the bill after closing. Are the tenants on voucher programs, if so get all that information to call so payments can be switched to you or your PM. I like Cleveland - not much appreciation but ok cash-flow as long as your tenants pay their rent. The renovations are what will eat your cashflow so try to stay ahead of it.