All Forum Posts by: Kenny Hardcastle

I'm currently considering putting on solar panels for my duplex in Cleveland Ohio for $150 a month. The solar panels would cover the cost of both units and if there is any excess energy I can sell it back to the grid, at a minimal gain. Where I think this will add value is I can increase the rent of both of my units by $100 to $150 each. I would be able to cover all utilities for both units. 

with the tax incentives and energy rebates I could potentially save an additional $3,000 a year, not to include anything I sell back to the grid.

it is also estimated that I will raise my property value by $4,000 by adding the system.

has anyone else done this with their rentals? Or had any experience?

 Yes I really liked my realtor. He was easy to work with and communicated quickly. I'll more than likely go back to buy through him now that he knows what I want

How is the maintenance request and tracking on Avail? Does it keep a record of the requested maintenance, can you add in repair costs for easier end of year tracking?

Does avail have a messaging system in which you can talk to the tenants through the system? For the purposes of notifying them of repairs, inspections, ECT.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Cleveland.

Purchase price: $80,000
Cash invested: $20,000

This is my first purchase, a two-story duplex 2/1. I'm hoping to remodel the attic and turn the upstairs into a 3/2

What made you interested in investing in this type of deal?

My wife and I are looking at retiring early, we are maximizing our 401ks and IRAs but needed another vehicle for our cash flow. I was able to convince her that a cash flowing rental property would be helpful in our early retirement.

How did you find this deal and how did you negotiate it?

My real estate agent in Cleveland found it, as is only listed for a few hours. The seller was also the owner and negotiated herself down from her asking price. Was able to negotiate $5,000 more down from the asking after the inspection.

How did you finance this deal?

We had too much money in our emergency account, so in instead of investing we used it for the down payment and I was able to secure a conventional home loan on my own. Hoping my wife will see how it's a good deal and buy one soon on her own.

How did you add value to the deal?

I will be finishing the attic, installing mini splits to get rid of the window units. I will also be updating the cosmetics on the inside.

What was the outcome?

As I have recently just closed that is yet to be determined.

Lessons learned? Challenges?

What one seller markets as turnkey does not translate the same to a buyer. Do not buy in the summertime, as is hard to compete with other offers. I will also never find the perfect rental property on discount.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My real estate agent Ryan Reed has been phenomenal, while he doesn't 100% understand how to gauge cash flow he has been invaluable in helping me pick out the right neighborhoods to look at. He even went out of his way and wrote an offer in French as the seller only spoke French. While we did not get the property I did really appreciate this.

I'm also looking for affordable insurance in the greater Cleveland area. Any suggestions? I'd like to keep the policy low. I got a quote from Hippo for $400, the only problem is I'm an out-of-state investor and they want photos taken through their app to approve the quote.

With the watercop do I have to trust that the tenant doesn't unplug the sensor?

I am new to landlording, and I was wondering if anyone had any suggestions for an automatic whole house water shut-off valve that I could put in my rentals. I have heard horror stories of a pipe breaking or something to that effect and flooding a basement or a house. I would like something that I could control via Wi-Fi but also shut off manually if need be. Does anyone have any suggestions?

Hey Tommy, 

Thanks for the welcome. Yeah we would definitely take a referral to a good PM, especially if they can help us understand if it's a good deal. 

I don't have a Facebook, but I'll see if my wife wants to join for us. 

Hey guys,

just wanted to jump on the tread, my wife and I are just getting started ourselves and looking to do it in Lawton. I'm prior service and she is in the reserves. I've been to sill a few times from basic to SLC. We are excited to get started and gain some experience.