All Forum Posts by: Martin Vehlow

@Oren K., thanks so much! Yes, it is in that triangle you mentioned, on Superior Rd. Do you have any information on average rental rates in that area would be? We did some research on Rent-o-meter but would love hard data.

Thanks all!

@Cody L. good idea, we'll check with the seller on that. 

@Brent Coombs Is it possible to get a HELOC against our SFR while it is rented out? I've been thinking we should sell it to free up the cash (maybe 1031 it?), but if we can accomplish the same while collecting the rent that might be a good option. However it would not be enough funds for the purchase price on the apartment building but could contribute a large chunk of it. We'd have to raise private funds for the rest + the rehab costs.

@Jeremy Hunter I'll have to look into syndication or crowdfunding, that is a good avenue to explore as well but I am concerned about how to make sure it is all done legally.

@Denise Ford I am interested in an apartment building on Superior Road between Cleveland Heights and University Circle. It would get a full rehab, can you give me any insight into this area please? Thanks! 

Good evening all,

I've been reading the forums for several months and have been so encouraged by the success stories and education in the community! Just started listening to the podcasts and have been learning a lot there as well. This is my first post, and I'm hoping for some helpful input from those more experienced than I! (Admin, feel free to move this post if there is a better category for it)

Quick background on me: my wife and I bought and re-built a SFR ~6 years ago, and now have it paid off completely. Last fall we house-hacked and bought a 4-plex which we are now living in. We just finished paying off our car loans and other than the mortgage on the 4-plex, we literally have no debt. We keep our expenses very low and I work a corporate job while my wife works at home.

The Details: found a 24-unit apartment building out of state, in need of a full rehab. We put together some rough numbers and think this could be very profitable once the property is rehabbed and cash flowing.

The Questions: We are wondering how we could fund a project like this. I know hard money is available and that it is expensive, so I feel like private money would be the way to go. I have a few possibilities locally here, but what next steps can we take to find financing options? 

Also we have an LLC setup, but how would something like this be structured legally?

Thanks in advance!