All Forum Posts by: Matthew Jure

@Ben Leybovich

I could could use another eye on this. Thank you!

@Michael Norris

Good call on the renters insurance. I have family living in the other unit now but I should have had them get that (mistake I made 5 years ago).

@James Wise

Good to know. Putting it on OneNote for reference haha. I've had issues in the past

@Oren K.

Good to know. I guess it would depend on the district you invest in too. 

FYI, Cuyahoga County is assessing values again this fall as a part of the tri annual assessment. Expect property taxes to increase.

I just reached out to a property tax attorney about this exact topic in Cuyahoga County. As a standard, there are no automatic increases due to sale in Cuyahoga County. The school board would have to contest the assed value to increase it, but this is very rare and is usually only done when there is a huge increase in sale price compared to county assessed. A $40k increase is considered small.

For those that want to scale, what are you doing to protect their real estate assets AND minimize taxes. I'm looking into a series LLC and a land trust. I would like a company that specialize in this with a real estate lawyer and a real estate CPA under 1 roof. So, what are people doing to protect assets and minimize taxes / what companies do you recommend?

Welcome!

If you are handy you can fix it up as you live there. That is what I did. Lakewood has a lot of doubles, but $100k is low for that area unless you get a full gut.

@Ben Leybovich

When I use CapEx that high, a good deal makes no money. Do you see anything else from my numbers that seems off?

Water is legit (pay that now), taxes are exact. Property management companies in Cleveland seem to charge 10% + 1 months rent to place (I assume 15% of GSI). I could lower vacancy to 5% and maintenance to 5% but doesn't fix it. Not sure where I'm off...