All Forum Posts by: Kellan Martz

@Dallas Regimbal that is a good point, thank you. It is slightly under market rent already. So repairs could bump it up in rent. This was my first rental property purchase so my original goal was to buy and hold, and accumulate a number of properties. But having been in the game for a few years now, I may want to sent my goals bigger and use the equity towards something bigger.

I own single family home in a C+ area in Cleveland. The city mandates lead paint testing. I need to paint the home interior and exterior to pass testing. I have gotten two quotes. The one I like slightly better is below. I have owned the home for 2 years. Tenants have been good (pay on time, minimal repairs) but are messy and said they may move out soon. I have 3 options. A) Sell it with repairs needed, B) sell it after doing paint/repairs, or C) make repairs and keep it. I am leaning towards option A or B. Bought it at $45,000. Could likely sell it as-is for $65,000 or after repairs for $75,000 or $80,000. Repairs would be a tax write off potentially. 

Thoughts? Thanks in advance

Exterior paint is $7,500 for: 

- Scrape and paint entire exterior of the
home - (2 story structure)
- Scrape and paint (13) windows
- Scrape and paint awnings
- Windows and trim to be painted white

and interior paint is $3,800 for:

- Make various drywall repairs
throughout the home (walls and
ceilings)
- Paint all interior rooms to include
walls, ceilings and trim

 Hey Greg. Thanks! I’ll send you an email shortly.

Hi all - I started my real estate investing in Aug 2020 with a SFR followed by a duplex in Sept 2020, both in C neighborhoods in Cleveland, OH. I'm ready to buy several properties this year and searching for my next market. What areas do you all find good for buying C, C+, B- properties currently, or the rest of 2022? Open to all suggestions in those regions, but especially interested in hearing more from people who know Indiana, Tennessee, & Missouri. Next buy will hopefully be a 2-4plex for buy and hold. Thanks.

@Joe Villeneuve - if I'm reading your comment correctly, you are saying that the equity in your home should be approximately 20% of the current value of the home? Please correct me if I'm wrong. And in keeping that ratio as close to 1 to 5 as possible, what is the value of that? The increased cash flow that can be utilized elsewhere instead of being tied up in equity?

I agree with @Andy Webb and his comment above to go with the 30-year. The interest rate isn't that different to make me want the 15 year. Maximize cash flow and refinance when the time comes.

I'd be interested in hearing an update on your experience, if you can share - including some of the questions posted by @Sendhil Krishnan  - thanks!

@Sam Klein https://www.airbnb.com/d/finan...

@Dylan Tanaka thank you for that assessment on the region. I have investment properties in Cleveland but am looking to branch out. Detroit is the top of my list.