All Forum Posts by: Lesley Ray

@Austin Tam Thank you for your feedback! I got the ARV estimate from my realtor, but after further speculation I agree it seems a bit high. I've decided to expand my search to other areas in NE Ohio, so hopefully that will help my numbers.

@Account Closed Thanks so much for your feedback! I got my ARV estimate from my realtor but after further speculation I agree it seems a bit high. I'm definitely jaded coming from the Bay area.

I was planning to use hard money since I assumed a bank wouldn't lend on a property not in "living conditions" and I don't have enough cash for a cash purchase. 

@James Wise, below are the 2 most recent analyses I've done, both showing negative ROI. My plan is to purchase a property with a hard money loan, renovate and then refinance with a traditional bank. Since I'm planning to wrap the renovation costs into the initial loan, I've included all costs in the initial purchase price as a lump sum, therefore listing renovations as $0.

10700-10702 Clifton Blvd.

4715 Franklin

Hello,

I'm currently analyzing deals for my first purchase in Cleveland (Gordon Square/Ohio City/Hingetown areas) and my cash flow keeps coming back negative. 

I'm turning to the Bigger Pockets community and hoping someone is willing to help me out! Would anyone (preferably with experience in those areas) be willing to review my BRRR analyses to help me understand if I'm doing this correctly?

Any advice or suggestions would be greatly appreciated!

@Ryan Evans Bummer! Please feel free to share if you come across any other good property managers and I will do the same.

@Ryan Evans would you mind sending me that info. as well?

Thanks!

@Basit Siddiqi Thank you so much for the extensive overview! This is very helpful.

Hello,

I'm looking for a CPA with experience in real estate investments. I live in California and am planning to purchase a property in the next month in the Cleveland area.

Thanks!

Hello BP world,

I'm in the early stages of my investment process but have come across a potential hurdle after speaking with a banker today. Here's the situation:

I currently rent in San Francisco (a very expensive market) but am looking to invest in the midwest. My current living situation is such that I have 2 roommates subleasing from me, meaning I am the only one on the lease.  According to the banker I spoke with today, even though the rent is split 3 ways, being the only person on the lease throws my debt-to-income ratio way out of whack and will likely make it impossible for me to secure a loan.

We've previously tried adding or swapping roommates on our lease but our Property Manager has not allowed this. 

Any suggestions would be greatly appreciated!