All Forum Posts by: Justin May

Hey folks!

I am under contract on a duplex in Shaker Heights. It has a clean POS report but I am interested in quotes on a couple jobs. I am considering adding an egress window in the basement, and also removing a wall that divides the kitchen and dining room. I'm not sure if the wall is load bearing, but it does have electrical that would need to be rerouted. 

Anyone have recommendations for contractors working in the eastern suburbs? Looking for estimates in the near future. Anyone have experience with jobs like these?

Thanks,

Justin

I'm having a hard time finding an answer to this question - if a thread already exists, please point me in the right direction!

I'm trying to wrap my head around the point of sale violation process and how repair funds are escrowed (word?) for the buyer. Example: I buy a house that needs repainted to pass - buyer assumes repair - buyer escrows 125-150% of the $5,000 (made-up number) repair cost - DOES THE BUYER NEED TO THEN FUND THE REPAIR OUT OF POCKET while the escrow funds sit untouched? 

Also, can any of this roll into an FHA 203K loan?

Has anyone negotiated (successful or unsuccessful) to pay asking or over asking for the seller to assume the repairs if the buyer is short on liquid cash to be tied up in these deals? 

In search of a 2-3 unit multi-family for an owner occupied investment in greater Cleveland area. 

Unoccupied preferred but may consider inheriting tenants if one unit is vacant. Conventional or FHA financing. Cash is limited, so near turnkey preferred. Limited to no point of sale violations. C+ neighborhood or better, low to no violent crime.

80k-115k budget. 

Areas of interest include Lakewood, Brooklyn, Parma, Bedford, Shaker Heights, Beachwood, Cleveland Heights, University Heights, University Circle, Mayfield Heights. May consider others. 

Hello BiggerPockets People!

I'm Justin May, a college university police officer that does not want to rely on government programs for student loan forgiveness and retirement funding! I enjoy public service and the benefits are great, but I also recognize there is not the same short-term income growth potential as positions in the sales and corporate worlds. If only there was a semi-passive investment strategy I could do on the side that would supplement my monthly income and build net worth.................

After college I realized with my garage full of toys, no money in the bank, and student loan debt I was probably not doing the money thing right. Rich Dad started the real estate bug, and Ramsey convinced me to get my personal finances in order. Over the last year I sold toys, reduced debts, sewed the holes in my wallet/pockets, improved my credit, and saved money while learning everything I could about real estate through books and podcasts. I am in the Cleveland area and have decided an owner-occupied 2-3 unit property will be a great way to dive into the investment world. 

While not completely ruling out other strategies, I have decided buy and hold investments are where I will focus my efforts due to the potential for cashflow, appreciation, amortization, and tax benefits. I have lived as a tenant in six places over the last 10 years. I have seen good and bad property management. I have dealt with all kinds of landlords. I am looking forward to experiencing the rental world from the other side, and serving as a firm but fair and honest landlord that provides quality housing to quality tenants. I plan to self-manage for the experience, but as the number of units increase and/or my available free time decreases, I will eventually turn the units over to a property manager and plan to account for that while analyzing deals. 

I also love finding good deals, and hope that will transition into real estate. I know what ground beef typically runs in the store, so when I see it listed for $1.99 a pound I freak and buy it all! I'm looking forward to the excitement of finding a great  property at a great price, and also the day where I understand the housing markets like I do hamburgers. 

I am looking forward to interacting with you all here in the forums, and hope to see the locals at the monthly meet-ups! I brew and drink coffee, beer, and coffee beer so feel free to reach out; I'm happy to meet for any of the three between the Cleveland and Kent areas!