All Forum Posts by: John Liberati

Benjimin I'm looking in Cleveland to aquire multifamily as well.

The tenant can be awarded 2 times the amount of security deposit or the amount of security deposit minus damages. So lets say their security deposit is $500 and they caused damages of $100(and you have solid proof), But you decide not to give them their security back. They can sue you for $800.00 . I hope this helps. I'm not a lawyer so you still should check with your attorney and I'm not rendering legal advise. 

I saw Your post, If your in Pennsylvania, where I've been investing for 30 years. We have a Fica score of 600 with 3 times rent for income. We used to require 2.5 x rent in income. With that we ended up with too many eviction. Once we changed to 600 fica score and 3 times rental income we dramactly dropped our eviction. 

Before you waste the time showing them your units make sure to pre qualify them first, Even after you prequalify them, they may still lie to you. But if you do that, you will drop off a number of the bad showings and be able to show them to the good ones. I have a google doc that I text over to them and they fill out before I even talk to them. The google doc will tell them if they qualify or not (again it's only to pre qualify them first) . Some people still lie on them again less waste of time on showing the units. With this pre qualification we are still only relaying on their honesty. But you will have less waste of time showings and less applicants, but the applicants you get are more likly to qualify.

Any questions please reach out to me. 

I'm Looking to buy in Cleveland Ohio and Toledo. Any one have any ecomandations on area to stay away from and the class (A,B.C and D Areas)of the areas

Thank you!

on a side note there are some zipcodes in cleveland that are so slightly increasing.

Anthony the biggest problem in Cleveland market is the decline in population. Cleveland has declind evey decade since 1950. There hasn't been any increase in population. SO that would be a concern to me, unless you can really beat the owner up on price that you have a deal that is soo cheap that if the cash flow starts to decline and you lose value, it wouldn't matter.

California may have higher rents but lower cap rates. you may have to buy something at a 4 Cap and strictly hold it for appreciation only. And their laws are very favorable toward tenants. You need to be in areas that have landlord-friendly laws or at least equal weight. California does not. It doesn't matter that the rents are higher, you are also paying a premium. Unless your buying a property to flip, I would touch as rental.

Greg California does have some of the highest income tax in the country and worst yet is it's extremely tenant friendly. The tenants have more rights than the property owner. Texas has no personal income tax and is the most landlord-friendly state. There is a caveat to that, Auston texas leans towards the tenant though. 

Good Luck!!

We haven't yet, but planning to in the near future. We are in pennsylvania

I see people saying Philadelphia is a good place to invest. The problem in Philadelphia is that it's a very Tenant friendly city. It could take up to 6 months to evict someone. I live in Pennsylvania and Invested in areas around Philadelphia, but won't touch Philadelphia because of the laws