All Forum Posts by: John Ashworth

Dani Z. Thank you for saying "pwnd"

I'm currently in the market for a commercial property in the price range of 400-500k in Cleveland. I'm posting in this section because I'm also seeking a commercial lender to get me a loan for the deal. Please feel free to contact me if you can help.

@Ryan Arth Great information - I appreciate the response. Unfortunately, I'm working towards getting MLS access and as a result have a real estate class tonight. One of my partners and I plan on attending next month. Thanks again.

Hello, BP friends. A group of four, myself included, are looking to form an entity and break into REI in NE Ohio. We're close friends in our mid-30s, raised and residing in the area, all involved in our careers, but sharing an ambition to have something on the side. We've agreed to each put in a modest 25k as a starting point, and are currently doing as much research as we can, looking at potential deals, and reaching out to those with more experience to help guide us in getting the ball rolling. Our primary objective is to increase our capital to make a larger deal within 1 year of our first purchase. To that end, I have some questions for the community.

For those that know the Cleveland / Akron market, is the  Buy/Rehab/Rent/Refinance/Repeat strategy still viable today? We are not looking to do the work ourselves but to hire a contractor, and we’ve been told by several realtors and investors that without adding our own sweat equity that it would be extremely challenging to do a successful flip, let alone a cash out refinance - does this ring true, or are there other options worth exploring?

More generally, what are some of the best ways to estimate repair costs of a house? Should we bring a contractor or inspector with us before we purchase? What would be the best ways to go about obtaining a loan and forming an LLC? We have been advised to get the loan and house first, then transfer it to the LLC afterwards, and are looking for more perspectives and advice about forming such an entity.

We have also discussed adding value to a commercial building to increase rents, and are staying flexible in our outlook until we gather more information. Ideally, we would like to connect with a group who started from similar circumstances to ours, with similar ambitions of scaling an REI business. Though its a new venture for us, we are committed to figuring this out. Please feel free to contact me directly regarding any recommendations, advice, contacts, or other value you may have to offer.

@Martin Peter Very nice! I actually work in Summit County in Richfield. My Lakewood 3-family has been an absolute amazing investment - I've learned a ton, and I'd love to replicate the same results in every REI I make. Are you looking to flip 4+ family or buy and hold?

@Adam Bontrager Unfortunately, I think my goals may be a little ambitious for a buyer in a seller's market - but I will figure it out.  

@Isaac Rowe @Timothy Murphy III

Thank you all for the nice welcome! 

I’ve been following the BP forums for several months now, and I’ve decided it’s a great time to say hello. My name is John Ashworth, I'm 32, and in the process of building a portfolio of multi-family homes and apartment buildings. I will be buying in the surrounding areas of Cleveland, Ohio where I was born, raised, attended college at Case Western and just recently started a family. I’m specifically looking West of Cleveland in Lakewood, West Park and Parma. I currently own a 3 family in Lakewood which I house-hacked from 2009-2012 before moving to Broadview Heights. Since I haven’t taken any REI action in over 6 years, I’ve made it a personal goal to either buy 2 multi-family homes or add 7 additional doors by the end of 2016. I will also be getting my real estate license this year to gain access to the MLS and to get a better understanding of the buying/selling process. BP has been an invaluable resource, and is definitely my go-to for anything real estate related. I look forward to connecting and collaborating with many of you (commercial lenders sooner than others).