All Forum Posts by: Joshua Janus

First time investing in Cleveland. Is this a good deal relative to the area?

$390 cashflow, ±20% CoC

My worry is that the area is not that great (is it ok?) - the property is based in Garfield Heights - and that my property tax will be much higher.

More details: https://brickbear.ai/share/deal/1/583

I have several properties in Cleveland and the surrounding areas. Many of the cities are now requiring someone to be a Local Agent in Charge if you don't live in Cuyahoga County. I am an out of state investor.

How have dealt with this issue>

Neal Schadler

Any referral for a hard money loan out in Ohio 

I appreciate all the replies as they give me insight. The neighborhood is a cash flowing area with solid rental demand but it is an f grade on crime grades. I'm looking for a lender and property managers experienced with dealing in these areas.

I'm eyeing a property 65k for my first rental investment and I have 25% down payment. It is already generating 900/month with updated electrical and clean interior.

I am looking to do a cash out refinance on a single family house rental I own. I already have a few term sheets, but the fees/interest rates are much higher than I expected. Any recommendations for DSCR/rental loan lenders in the Columbus Ohio area?

Ideally, I want the lowest PITI possible - so interest only loans would be preferred but open to ARMs and fixed loans. Thanks for your help.

Considering the following cities in OH to invest in Section 8 Housing:

• - Akron
• - Dayton
• - Toledo
• - Youngstown
• - Canton

For those of you with experience here, can you share the average cost for a single-family house (3 bedrooms +) and the net profit per property per month for Section 8?

Looking for properties under 100k where the net profit per property per month is at least $500. 

Hey everyone, my name is Danish. I'm new to the forum and new to this platform. I've known about this platform for a while, but I have decided to take a step and join to connect with people. I have been an investor in private and public companies for years, and I have decided to take a leap of faith and get into real estate. I'm based in Seattle, and I am really, really interested in the Cleveland, Ohio market. I would love to learn more from the people in this forum specifically.

In the meantime, I would love to develop a team as I'm already looking at a couple of properties, and hopefully, I can get started at the beginning of 2025, buying up a few properties. So again, I would love to connect and build a team of real estate agents, general contractors, inspectors, and property managers specializing in Section 8. As a matter of fact, if everyone on my team has knowledge about Section 8, that would be ideal.

So, yeah, I would love to connect with people, learn more about the Cleveland market, and hopefully, start applying the strategy as soon as possible. I have been fascinated by the BRRRR strategy, and hopefully, it will work well in Cleveland. So, yeah, I would love to connect to discuss real estate, learn from you all, and hopefully, if you are interested in investing in private or public equity, feel free to connect with me as well. If you are a real estate agent, general contractor, home inspector, or property manager, feel free to reach out to me as well

See since I've been doing BRRRR, thats generally what I have been doing but somehow something always manages to come up. But the main issue has been tenant quality. I've just realized Cleveland is not the right place for me so Im getting out.

Hi everyone, I started investing in Cleveland about a year and a half ago and have acquired 6 LTRs (SFH and MFH) using mainly the BRRRR method in C areas. I've done fairly big renovations where in most cases, Im replacing almost everything in/on the house. First year has been tons of learning and despite all the research and preparation I did, I still did mistakes and learned things the hard way. I went with one of the biggest PMs that everybody vouched for, yet it took them forever to even place a tenant, and once they did, the tenants never paid on time. Additionally, despite the houses being newly renovated, every month there were new expenses and something breaking, almost as if they want me to not cashflow. The PM said they don't up-charge, but most repairs and expenses were ridiculously high. The result of this? No cashflow, in fact Im in the negative for almost every property so far, and yes I do put aside money for vacancies, capex, and repairs. I finally switched PMs recently and the new one seems much better but Im still getting pretty frequent repairs though much cheaper than the previous PM. The problem is that in this market, getting $2-300 a month cashflow is about as good as it gets, and one furnace, one turnover or whatever and that takes out the cashflow for that year, or even puts you in the negative.

Lets just say the experience hasn't been great, yet. Im trying to stay hopeful that it will turn around but I just keep receiving blow after blow. Just recently got hit with a 10K sewer line repair. I know, its my fault I didn't inspect the sewer line but in my defense, having such inspection contingencies makes it nearly impossible to find a viable BRRRR deal, as there are several investors lined up ready to pay more, in cash, and no contingencies. Im now starting to doubt wether or not Cleveland is actually a good market to invest in? Majority of the houses are old and require frequent repairs in addition to a poor tenant base that can't pay on time and don't care about their credit. On paper it looks good, but the reality is a different story. Im wondering if other markets might be better, with somewhat newer houses and higher quality tenants? But the thing with those markets are you'd be happy to break even, so even if repairs are less and tenant quality is better, I feel like it would end up being the same result.

For those of you that invest in Cleveland, do you have similar experiences? If not, what do you think you might be doing differently to make it work better?