All Forum Posts by: Joshua Janus

Need an honest and thorough inspector for a rental property purchase. Can someone send me the refereal of some?

Cleveland investors,

What are your thoughts on investing in a property that is currently vacant? How difficult is it to find tenants that are willing to pay market rent? Is it safer to find a property already occupied?

Hello

I am new to Cleveland and I am thinking to diversify my real estate portfolio by testing out medium term strategy for the travel nurses in Cleveland around Cleveland Clinic. Any recommendations on areas to avoid or be careful given high crime rates around Downtown and East Cleveland? Any contacts in setting a good team of contractors (general purpose) and cleaners?

I am on contract to purchase an investment property in Ohio and the inspection showed the house has knob and tube wiring even though it was built in 1959. I had an electrician go out today to inspect and give me a quote to fix and should receive the report tomorrow. 

I talked to several insurance brokers and they both said majority of insurance companies do not provide coverage on homes with knob and tube wiring due to potential fire hazard. There are some that provide coverage but of course the premiums and higher. 

I wanted to see if anyone has experience with or owns any properties with knob and tube wiring and what I should do. I will ask the seller for a concession to replace the wiring, which could be $10k-$30k, but I have a feeling they will reject. 

My question is do I go forward with purchasing the property and deal with the higher insurance and potential hazard or is it smarter to walk away? Any advise is greatly appreciated on the subject! 

Thanks!! 

I am a new investor in the US actively, looking for any information that can pinpoint me where it is best to invest in the Cleveland area with a budget of +150K+. What are the areas that you should not approach at all, and do you have recommended agents who can promote me to a deal in the next two months ? 

thank you

Hi Everyone,

I'm relatively new to long-distance investing and am exploring the purchase of multifamily properties in Cleveland. My primary focus is on the BRRR method, with a greater emphasis on appreciation over cash flow.

For those with experience investing in Cleveland, I’d greatly appreciate any insights on neighborhoods worth focusing on. My budget is in the $200-250K range.

Please feel free to let me know if additional details would help, and thank you in advance for your time and advice!

How do you go about finding areas to invest in with limited capital?

Hi BiggerPockets Community,

I'm a new investor based in San Diego, CA/, exploring the Cleveland, Ohio and Columbus, Ohio market for my first multi-family property investment and would love to get some advice from experienced investors.  I'm mainly looking for duplex, triplex or quadplex.  

Market:

I’m looking for although not sure what would be the best neighborhoods:

• Properties priced around $150,000 or less.
• Areas with low vacancy and crime rates.
• Neighborhoods where rent prices are stable or increasing.
• I'm mainly looking for properties which are tenant occupied. 

Key Questions:

1. Neighborhood Insights: What has been your experience with these areas? Any insights on market trends, potential pitfalls, or things I should look out for? What are the better neighborhoods in Cleveland/Columbus that I should consider for multi-family units?
2. Financing: I’m planning to use conventional financing for this purchase. What’s the best way to approach financing for a first-time investor? Any recommendations on lenders who are experienced with multi-family properties in Cleveland?
3. Risk Mitigation: What strategies do you use to mitigate risks when investing in older properties in Cleveland, especially in terms of unexpected repairs or property management?
4. Rent-to-Price (RTP) Ratio: I’ve been looking for properties with an RTP ratio of 0.60 or higher. For those who’ve invested in Cleveland, is this a realistic target for multi-family units in the neighborhoods I’m looking at?

Investment Goals:

I’m interested in create steady and consistent cash flow with a long-term appreciation with this investment. I would prefer prefer neighborhoods that are showing signs of population growth and economic development but open to recommendations.

Would love to hear from anyone with experience in the Cleveland market or similar! Thanks in advance for any insights.

Thanks in advance,
Hector

I'm new to real estate investing and Im looking to flip my first home. I have a relative that has some flipping experience (2 successful flips) kind of mentoring me along. He has used hard money as well as a line of credit from Chase for his homes. My home has an estimated $100,000 or more in equity in it. From what I've learned it seems that a HELOC is probably the easiest way to gain funding but at the same time it comes with risks if the flip isn't successful. I have a decent credit score (740ish) and decent income.

Should I go hard money, HELOC or since I have an LLC, try to get a line of credit?

I was looking at homes in Akron & Clevand, they are affordable but since I'm out of state I'm not sure about pulling the trigger on investing. 

Any advice regarding the pros and cons of these two cities? And would it be worthwhile investing to rent?