All Forum Posts by: Joshua Janus

I want to start BRRRing in Cleveland and would like to connect with experienced investors. I currently own 2 properties in Cleveland and live in Los Angeles, CA.  Please reach out.  I am looking to get contractor referrals who work well with investors - fair and fast.  I'm nervous to do these sort of deals with private money loans - have you done that or used your own money?  Thanks! 

Looking for recommendations of banks/credit unions that people have used to finance long-term rentals in the Cleveland, Ohio market. I  have a deal about to go under contract (tri-plex) and have 3 long-term rental duplexes currently in the area.

Hey BP community,

We're looking to hire a skilled appraiser in Cleveland who understands real estate investing, especially cash-out refinances. We need someone who can accurately assess value based on renovations, ARV, and investment potential. A strong understanding of distressed properties, BRRRR, and flips is a must.

If you know a great appraiser who fits the bill, please drop their info or DM me. Looking to build a long-term relationship!

Thanks!

@Dominic Petoral
Dominic, with your budget and criteria, I’d recommend looking into parts of Columbus, OH. You can still find duplexes/triplexes in that price range in areas with strong rental demand, and cap rates can be solid depending on the neighborhood. The city has a growing job market, a steady tenant base, and landlord-friendly laws. Another option could be certain areas in the Midwest, like Indianapolis or Cleveland, where similar deals exist. Let me know if you’d like insights on specific areas—I’d be happy to connect!

📍 348 Units in Cleveland, OH (DM me for full address)
💰 Price: $85,000,000
🏢 Property Type: Class A Multifamily

🔥 THE OFFERING 🔥

Rare opportunity to acquire a premier Class A multifamily asset, one of Cleveland’s most sought-after submarkets. This high-end, 348-unit luxury community offers top-tier amenities, structured underground parking, and significant value-add potential for investors.

🔥 PROPERTY HIGHLIGHTS 🔥

📍 Full Address: Contact me
🏗 Year Built: 2015
🏢 Number of Units: 348
🏠 Stories: 4 (with underground parking)
📏 Total SF: ±372,685 SF
📐 Average Unit Size: ±1,071 SF
💼 Occupancy (as of 1/24/2025): 96%
💰 Average Market Rent: $2,020/month ($1.89/SF)
🚗 Parking: 631 spaces (assigned underground & private garages w/ monthly fee)

🔥 PRICING & FINANCIALS 🔥

💲 Pricing Guidance: $85,000,000
📉 Cap Rate: ~6% (Year 1 tax-adjusted NOI)
🏦 Assumable Debt: 4.06% Fannie Mae loan available, allowing for maximum leverage at below-market rates
📂 Access to Financials: Contact me

🔥 VALUE-ADD OPPORTUNITIES 🔥

🔹 Rent Growth Potential
✅ 5% lease trade-out & renewal increases projected for 2024
✅ Current rents 22% below market comps, despite larger unit sizes
✅ Premium unit upgrades could increase rent by $604/unit/month

🔹 Operational Efficiencies
✅ Expenses above market norms—opportunities for cost reductions
✅ Additional revenue from cable/internet exclusivity, parking fees, and Valet Trash expansion

🔹 Amenity Optimization
✅ Underutilized spaces like Kid Room & Art Gallery could be repurposed into a movie theater, game room, or co-working space for remote workers

🔥 RESORT-STYLE AMENITIES 🔥

🌟 Exterior Features:
✅ Resort-style outdoor heated pool
✅ Landscaped gardens, Zen garden, relaxation courtyard & fire pits
✅ Heated underground parking, EV charging station & car wash
✅ Bike storage & enclosed dog run
✅ Outdoor terrace with fireplace, kitchen & Wi-Fi

🏠 Interior Features:
✅ Attended front desk concierge & refrigerated package storage
✅ Clubhouse with billiards, lounge, pool views & Wi-Fi
✅ 2-story fitness center & yoga/spin studio
✅ Kids playroom, conference room, art gallery & private 4th-floor lounge
✅ Smoke-free community with breathtaking downtown Cleveland views

🔥 ADDITIONAL TERMS 🔥

💰 Buyer Fee: 2% buyer fee 
📂 Due Diligence: Full OM, rent roll, T-12 financials, and additional data available upon request

📞 For serious inquiries & full due diligence access, connect with me.

⚠️ Serious, qualified buyers only. Proof of funds (POF) or lender pre-approval required before full disclosure.

🔥 DON’T MISS OUT ON THIS HIGH-YIELD CLASS A MULTIFAMILY ASSET! 🔥

For those with properties (preferably duplexes in Cleveland) do you usually rent places with appliances (fridge, stove, etc.) already included or do you ask tenants to bring their own (mostly section 8). I've heard a few different takes on this and wanted to hear what others are doing. 

Hey everyone! Does anyone have experience rehabbing fire-damaged properties?

Hi everyone! I’m under contract on my 1st property in CLE, the shaker heights area, which I’m very excited about BUT I’ve heard so many contractor horror stories. If you’ve worked with someone licensed, bonded and insured in the Cleveland area that you would recommend please share. And the other way, if you’ve worked with someone who you absolutely would not use, please share as well so i can avoid them at all cost :).