All Forum Posts by: Jeremy Jareckyj

Anyone know a good neighborhood in Cleveland for short term rentals? My budget is 300,000

I’m sorting out best options for a house that my husband bought in 2008 which has been a rental for years now.  It’s currently vacant and we are considering selling, but the foundation will be an issue.  It probably needs to be addressed to keep the house safe to inhabit long term even if we keep it as a rental.  

The house had some signs of foundation settlement when he bought it which were chalked up to age, however it's clear now that there has been more recent movement (some of this may have been due to an earthquake a few years ago) causing about 3 inches of settlement along this very small house. It's a 2/1 750 sf house built in the 1920s with a concrete wall foundation and partial basement. ARV is about 375k. We had a structural engineer evaluate and he recommended installation of piers to stabilize the foundation. From what we can find, houses with piers in the neighborhood have largely had to go very deep (90-120 ft), so estimates from local foundation contractors are ranging from 70-130k. That cost is for 17-18 piers - this was consistent between the 4 contractors we got bids form and we are waiting on a response from the engineer about how many he feels are necessary.

Are there any repair alternatives we should look into?   We can pay what we need to, but putting 1/3 the sale cost of the house into a foundation repair doesn’t seem like a good option unless there’s absolutely no alternative.   We’ve considered just disclosing and selling as is, but I suspect the buyer pool would be very limited knowing the issues and risks.  The small lot and setback requirements mean that it would have little to no value as a tear down.  

I own a house that I turned into a kind of travel community hub. I rented each room on Airbnb as an STR/MTR, it didn't surprisingly exceptionally well. Fully booked throughout the last year. Even with our high mortgage cost, we are cash flowing !Has anyone else considered this or already doing it? 👀

An STR is an income producing investment.
I've never gone wrong with 3 things: 1) quality, 2) quality and 3) quality......
Get an above average tub with great ratings/reviews and use a service to keep it going.

How do you find roomates for a house hacking situation, 4 rooms and currently 3 are occupied in san antonio texas

My suggestion would be to cap your utilities at a certain amount and have Tenants pay anything over that amount.

That will help you manage your expenses, and also allow Tenants to gage their usage each month, and make adjustments if they don't want to go over the allotted amount.

As far as collection, provide the bill showing any overages and just have them pay for it along with their rent.