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All Forum Posts by: Kyle Parks

Kyle Parks has started 2 posts and replied 103 times.

Post: Looking for Property Manager Experienced in Mid-Term Rentals In Cleveland, Ohio

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151
Quote from @Bob Stevens:
Quote from @Zoe Getzels:
Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

Hey there! I just sent you a message. We solely invest in Cleveland and have several MTRs that do really well. We stay consistently booked. I would love to chat. 

 I am very active in the Cleveland markets. If your MTR are netting more then 15- 20% based on cash purchases, I'm all ears. ALWAYS open to bigger and better things, 


 You can definitely make 15-20% more with MTR the question is not if you will make more, its all based off of execution and the property you are trying to do it with. The name of the game is 1/1s set up for nurses. 

Post: Nobody Talks About The Dark Side of Turnkey Investing in Ohio

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151
Quote from @James Wise:

Everyone is pitching Ohio as the best turnkey real estate market like it's streets are filled with lollipops and candycorn. Folks, it ain't all cocaine and rainbows here in Ohio. Sure the cash flow properties are cheap and plentiful, but there is always a negative on the opposite of a positive.

All ya'll folks from California, New York, Denver, Portland and various other expensive markets are buying in places like Cleveland, Akron, Canton, Cincinnati, Columbus, Dayton, Youngstown or Toledo. This is all well and good, but these are some brutal markets for out of state investors. It's not just an Ohio thing either. You'll get the same experience in Detroit, Kansas City, Indianapolis, Baltimore, Pittsburgh or Memphis.

Point being, it's not all great. Yes I've made millions managing 1,000's of tenants many of the above markets but it's a very challenging way to earn your millions. On HoltonWiseTV we're committed to showing you guys the true realities of investing out of state in these kinds of markets. I highly suggest you check out what we've got going on before you buy a long distance rental property.

CLICK HERE for a quick little taste of what I am talking about. From there, you'll be more prepared to know what you're signing up for, because like I said, it ain't all lollipops and candycorn out here.

 The realest take on the greater Cleveland market. 

My best deal to date was a beat up single family in Elyria. Out of state investor, turn key. They owned it for a couple years from what I could piece together. House would have been worth about 70 except for the fact that the previous tenants completely destroyed the place. I got it for 27. We took a full 40 yard dumpster worth of **** out of the basement, cleaned smeared feces off the walls, had to replace like 5 sheets of drywall. Paid interior, exterior, refinish floors ect. The place was not great before these people moved in (from the photos on zillow) but was a biohazard when they moved out. 

Most of these managment companies exist to put anyone in the unit and get their 10%. Lots of stupid money coming into Cleveland. Teaming with a "Realtor" is not a winning ticket. You need someone who knows the neighborhoods, has been through the winters and embraces the blight. My 2 cents anyways. 

EDIT : The reason this deal was a home run for us was that we did all the work ourselves. If we had to hire a contractor it would have been a bust. Easy massive value add. 

Post: Tenant test positive for lead paint on bath tub

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151
Quote from @Jim K.:

@Marci Stein

There are, surprisingly, people who have not shown a lack of mental clarity in the past commenting on here who don't seem to have a good idea of what's involved in removing and disposing a clawfoot tub in an old home in the Northeast, and this is probably up on a second or higher floor. Looking at you @Scott Macand @Jonathan R McLaughlin. You've both got to know better than this, and if you don't, I'd be happy to have that long, technical discussion elsewhere.

The main reason why these things have survived in place for so long is the real cost of updating a ninety-year-old clawfoot tub with a modern alcove tub and tiled shower surround. It usually costs about as much in the end for a full bathroom remodel. Even finding the right guy to do it in upstate NY for a reasonable cost in any sort of timeframe that would work with tenants in place would be an adventure.

I completely agree with @JD Martin here, Marci. Your PITA tenants decided to move into a house with a clawfoot tub and then immediately decided to test the peeling paint on it. Either they were too ignorant to know that it simply HAD to be lead paint, or they're trying to work the system. My money is on them trying to scam you here. Get them out. Spray the tub. Move on. If you want to remodel the bathroom, don't do it for them.


 Reminds me of my first DIY reno. 2nd floor clawfoot. Took 20-30 min with a sledge then came out in giant "shards". It's funny thinking of all the work we did when my wife and I started without any tools. 

As for the tub - there's a product on the market called ECOPEL. It's like 150 on Amazon and does a decent job of coating a bathtub. Used it a few times on cheaper rentals, results were great.


Now we remove all cast iron tubs when we purchase properties. These things always have issues and im quite frankly over trying to solve them down the road. far easier when we don't have tenants or airbnb guests.

Post: Good CPA that understands multifamily real estate investing + tax planning strategy

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151

Anyone but Truebooks, they scammed me. 

Post: How to find the right CPA

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151

I can't tell you who to hire, but i can tell you who not to hire. 

Steer clear of TrueBooks out of las vegas. They screwed me out of $6,500 AND i had to hire another firm. best of luck

Post: New Investor - Targeting Cleveland, OH

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151

@Dave McLean

To add to james' comments

Tons of people seemed to be speculating during the pandemic and thought prices could never go back down. Right now seems to be lots of people stuck and stubborn. Cleveland is a minefield I suggest you come visit before you buy. My best deal so far was a tenant trashed house owned by out of state investors. I have nowhere near the experience of but from my own experiences it seems these smaller PM companies try to get anyone with a pulse into your unit and when it gets trashed they charge you again to fix it up.

There's tons of upside to investing here but make sure you do your homework

Post: repair costs in the Cleveland markets

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151

@Bob Stevens

For a mid range furnace (carrier) I just got one put in for $3200. Inflation has prices on equipment up 30%.

Painting a house that size I would guess around 1500-2k+ paint

Post: Pay rent for your partners house or to buy your own place?

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151

@Ana Franchi

Just saw your second message. You need all that in writing. Business is business.

Post: Pay rent for your partners house or to buy your own place?

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151

@Ana Franchi

This is an intersection of life and money. People here are rightfully saying that you would be subsidizing his lifestyle which is true, to an extent.

But you said boyfriend. Not husband, not fiance. In my opinion that changes the game dramatically. With a boyfriend you are more of a romantically involved roommate than a life partner (not to say this won't or can't change).

As for what you should do with your money - if you move in with your dude and he charges you a below market rate I would consider buying a cash flowing multifamily. If things don't work out you still have something in your back pocket.

At the end of the day ask 100 people get 100 takes on this.

Post: What did you think of today's BP podcast episode (Episode 500)?

Kyle ParksPosted
  • Rental Property Investor
  • Lakewood, OH
  • Posts 114
  • Votes 151

Rich Dad poor dad is a great lesson draped in a turd of a story. 

this grandpa has lost the plot