All Forum Posts by: Lance Johnson

Hey Jonathan!

I am not a realtor but I am an investor from Cleveland. I have cheap, high cash flow investment properties that can give you a great start in our market. Let's connect

Hey @Pearly Tan!

Is there a reason why you chose Cincinnati over places like Cleveland, Akron or Toledo?

Welcome to BP Adam! We're the same age and starting out around the same time so I look forward to seeing what awesome stuff unfolds for us. I'm working on my first house hack as well so hopefully I'll catch up to you soon. Do you go to OU?

Thank you @Irina Belkofer, your advice is highly appreciated.

Previously, all units were rented out for a total of $2,400 a month. Is that low income? Keep in mind, this is 2 full sized duplexes on one lot.

Owner evicted previous tenants as they were giving her major hassles, plus she lives out of state and didn't have someone nearby she could trust to take care of business. She then made the original listing with realtor.

I keep hearing conflicting information from people experienced in the market and I'm trying to sort out the gems. Once again thanks for your help Ms. Irina, I really do appreciate it.

@James Galla It is definitely on the south side, good eye! As someone who lives and invests in Akron are you saying 80k sounds fair?

@Irina Belkofer and @James Wise the market just paid $130k for a renovated duplex up the street from this property. This property has a bigger lot, it's own parking and an entire extra duplex to it. MLS price was not my price, but the original amount the owner wanted when she listed with the realtor a year ago, which was a bit high.

I do understand how a lack of tenants can stall the deal however.

Feel free to do the numbers yourself, but I asked a few of my mentors and the consensus is its a cold market or a greedy one. There's plenty of money to be made in the deal as it stands.  Nonetheless since my buyers want even more profit, I've been renegotiating with the owner.

@Natalie Schanne the property has been marked pending since Monday-Tuesday I believe. Owner has denied MANY offers over the past year and dropped the MLS listing price about $30k from her original price. She's just sick of dealing with what she feels has been an ineffective realtor and ended up contacting me.

NECESSARY cosmetic repairs are not  major. Seems like most the investors I've made contact with are just committed to doing a high end rehab which will double the cost of repairs.

I wish I had the capital to buy this property myself without a lender but alas, I don't. 

@James Wise I have the contract on Craigslist and other classified sites, connectedinvestors and every possible fbook group I could find. The property is also listed by a realtor at the owners original selling price ($11,000 higher). Does this help or hurt? On a side note, I see your signs all the time, much respect.

@Jared Lichtin

@Jared Lichtin I appreciate it man, I'm sending over the info now

Thats a great question @Mike Walker! I'm doing the research on it as we speak.

And @Brian Garlington the closest comp I can find is a property that sold in may with similar size but half the beds, half the units and one less bath...and that sold for $130,000. Same neighborhood and zip

Wow great advice @Brian Garlington.  That makes a lot of sense. Should I do comps differently the other local properties? I've tried and tried and cannot find another truly similar property. Plenty of duplexes, and plenty of 4 unit apartment but never 2 duplexes on the same property with such a large living area. Do you think this is also causing my buyers hesitation?