All Forum Posts by: Jeremiah Sullivan

 Hi Bob, Just my experience that things slow down in October and through the winter. I did say its not harder to evict for section 8. so i am not really sure where you got that from. 

The above is a text convo someone asked me question on trying to get informed. I think we actually agree on most of it.
 Thanks for your input and good job on the 10 move ins. 

Thanks everyone for the very helpful responses. Learned a lot already. I reached out to Jeremiah (@Jeremiah Sullivan) offline and he provided further clarifications and answers. I'm pasting them below so it can be beneficial to the rest of us:

1. Did I make a good deal and the right choice?

If you're making 550 sounds like you made a great choice.

2. Should I have opted for a property that needed work to create forced equity?

I think buying a turn key is a great way to start. Learn the management then learn the work. There's several ways to create forced equity or appreciation. I usually only buy turn keys and if i get the right properties with little to no work have been able to refinance them for 90 k plus. Purchase price 60k.

3. How do you estimate renovation costs and time for fixer-uppers? Do you bring a contractor during inspections?

Yes i have someone walk the property a gc and an engineer and they tell me if it's worth it.

4. Is it wise to buy properties needing work, considering they might not qualify for conventional loans and require high-interest hard money lending? Is it too risky?

I usually don't. If you're good at it there's money to be made i think Akron is really tough for brrr the margins are to slim. As well yes high interest rates make it a lot harder hard money is 10-12 percent.

5. How can I find a contractor ready to start right after closing?

I can refer you to a few but to get them to make you a priority you need to create a relationship. Be polite pay in full on time.

6. Do you recommend cash-out refinancing after renovations?
Always cash out refi asap and buy more houses as long as you have the houses cash flowing.


7. Can you share how you expanded your portfolio?

I buy rent cash out refi buy more. I also build in Florida ground up. Take that money to Ohio buy or pay down debt then refinance and buy more.


8. Have you explored short-term/medium-term rentals in your area for enhanced cash flow?

No again if you're good at
It a lot of money to be made but i have my recipe and i like it.

9. Single-family homes or multi-family – which do you prefer for investing?

Single family in Akron. Multi is few and far between. Atleast the good ones.

10. Thoughts on investing in Canton or the east side of Cleveland?
Canton is good similar market. Little lower rents. I would like to get to 500 homes before i leave Akron canton. There's a few small areas around Cleveland i want to go to


11. I'm struggling to secure mortgages for properties under $60k. Do you know of local banks or credit unions that might help?

Oucu tell them jeremiah at impact investment sent you.


12. Do you think it's a good idea for me to self manage my property since I'm out of state?

If you have all the resources and know what you're doing absolutely. I don’t think it hurts i use a pm. I would like to have a pm side to my business though.

13. By how much do you increase rents annually for your properties in Akron?

If the tenant is really good pays on time and doesn't ask for much i don’t always increase unless my expenses increase. A normal increase would be 10-30 dollars.


That's a correct thought about winters. No one moves after October. If i close on a house October or later i plan on it being vacant until at least March .

You can ask for the rent roll and see how long the tenant has been there and if they paid/are current. You can also do some things to have the tenant "reapply". But really if they pay and you have someone go inside and they take care of it that should not be a concern

We do section 8. I don’t find it harder to evict if anything it is the same process they just have to actually break the lease. The rents depend on the condition of the house i don't think they are below market. It's pretty fair value. That said you probably are not getting a section 8 tenant in the nicest house.


Do you check hud to see what the market rents are for section 8

 I have a LTR in Akron (purchased in July). It's cashflowing great ($500) but I'm skeptical about investing into more units.

1. Aren't you worried about the population trends in Akron and if it won't become the next Detroit?

2. Aren't you concerned about the limited job opportunities? What do you think about Akron's economic outlook in the next 5 years?

 Have you looked into the Columbus market? Strong appreciation alongside cashflow. T

The average home prices went up between 24-35% this past year in C-class areas. These areas are projected to turn into C+/B- within the next 1.5-2 years.

Hello All, 

My partner suggested I do this and that I would enjoy the website. I have been investing in Ohio for a little bit now. I have properties with my own money, partners money as well as a fund that takes outside money. I think with scale in mind this is one of the best markets in the country for cash on cash/cash flow return. I think with a reasonable plan and the right people in place you can  compound considerably here and still buy with rates being so competitive. If the greater Cleveland area is something you're considering or just general questions, feel free to drop them here. Anything from financing, property management to cash returns and how to use them effectively.