All Forum Posts by: Kellan Martz

All - please ignore my headline typo. Face palm!

@Ryan Beam thanks for the comment. I've done a bit of research and Akron was my first choice if I'm moving away from Cleveland, while Toledo was my second. I like Akron for several reasons, but proximity to Cleveland is one. I haven't looked at Canton, but will do my research on that one too - thanks.

I am starting my search for another investment property for buy and hold, likely a duplex or triplex. I have property in Cleveland and am looking there, but also curious if other investors recommend nearby-ish cities? Akron, Toledo, Mansfield, Youngstown, or nearby? I have a realtor in Cleveland, but like getting a wider range of advice.

Any advice on these areas and whether you'd invest there or avoid them, and why. Thanks in advance.

@Theresa Amouzou congrats! I had analysis paralysis too and decided to get over it by finding the right realtor. I posted on here for recommendations and interviewed 3 options. I found one that clicked and let him lead in terms of the market (since I am out of state). I am a real estate attorney, so I have a base of knowledge which you may not have on the legal issues, but you can learn that too.

For me, the mortgage process was a learning process but not difficult. Remember most services you can shop around for and get better prices than what the bank will pick.

I bought my first place in September and the tenants stayed in the place. So far it has been pretty good. If you have specific questions, please message me or get my email. I am happy to share what I learned and answer questions. Good luck!

@Lamont Chen that makes good sense and is kind of my thinking too. If I find a deal, buy it now and hold it while the market comes back. 

Hi all - happy holidays.

I closed on my first investment property in September. A SFR in Cleveland. so far it's going pretty well. I am trying to gauge the market as best as possible (obviously we don't have a crystal ball). But I am looking to see what others think about searching and buying now versus waiting until after Biden comes into office. Property values could rise after his inauguration as people become more hopeful of a stimulus bill, a more calm administration, etc. but we are also looking at the possibility of looming foreclosures at the end of the year if no deals are reached etc.

Open to all thoughts (no political debates, please haha). Thanks all.

Thank you for the reply @Marc Rice. This was from the tenant (except the sink 2 clog which was from the maintenance team). After having received my home inspection report, it was clear that I would need to spend some money in the first year on some deferred maintenance matters. I estimated that cost to be about $2,000 for random items, so this is within that budget and was factored into my purchase price etc.

For me, this seems on the high end but not wild, but agree that the labor costs seem high compared to cost of items purchased.

Hi all,

Brief summary: closed on my first rental property in early September 2020. SFR in East Cleveland. $45k purchase price. Some work had been done in the past few years (new roof, etc.) but certainly an average house. Repair request came in and this is what was received from the property manager after I approved the repairs:

-Remove and install new kitchen faucet
-Remove bathroom sink; install new vanity/faucet; snake sink drain (sink 1)
-Secure shower pipe in wall and repair wall
-Replace two (2) light fixtures on side of mirror
-Unclog second floor sink drain (sink 2)
Total cost: $950 ($758 labor, $192 parts).

I expected some repairs in the first year since the tenants have been there for two years and the property is in average, not great condition.

Any thoughts or comments are appreciated, as I know maintenance costs can eat up any profit if not watched closely.

Thanks,

Kellan

@Layne T. absolutely right. Good customer service skills are key. I want my tenants to stay for years and if I treat them well, that increases the chances they stay. Turnover is a pain.

@Mike Furda thanks! Do you know cross country’s loan minimum? My mortgage is small so most banks wouldn’t take it. 

@Alex Olson thanks, I appreciate it. Next step is to watch this property for the rest of the year and monitor the economy etc. Hopefully both those things are OK over the next 3-5 months. If so, I plan to buy a second SFR in spring 2021. I may also consider a duplex.