All Forum Posts by: Melissa Perez

@Tanvir Sattar Yes, I agree. But I also think some folks maybe don't want to deal with POS violations/inspections as this particular property had some that needed to be addressed prior to purchase.

@Tanvir Sattar I really don't remember. It was under contract and then put back on the market.

@Lynn Milos I closed on one in June and the latest last month so I have seen a bit.

I currently own 2 single family homes in Maple Heights. One was from a TK company and the other I purchased on my own. Hoping to be able to get my latest to market rent next year when their lease is up but so far, no major issues. I have heard promising things about the city and I am hopeful that, over time, things turn around for Maple Heights. @Lynn Milos Thanks for the insight. How long has your company been working in Maple Heights?

@Pratik Shah Here is a great resource for you to study. It definitely helped me gain a better understanding of the Cleveland neighborhoods. Best of luck to you!

The Ultimate Guide to Grading Cleveland Neighborhoods

@Brandon Terrazas Hi there! I would definitely double check  ALL of the info they provide especially rent collected. Also, you can do quick google searches to get a sense of what comparable homes are renting for in the area. I found that some of their calculations were off when I was looking at certain properties. Ultimately, it's up to you to research. Good luck to you! :)

@James Wise I have that link saved for reference. It's awesome. Thanks for including here! I know it is 4 years old, do you feel that some of the areas you listed have transitioned/changed at all in that time?

@Jarret Sa'o That's awesome! I agree, that you DO pay a premium when purchasing with a TK but it comes with the ability to NOT have to rehab, find a property management company and, for the most part, have a hassle-free experience. I am also on the fence on whether or not to use them for my next one or if I should go at it on my own. Perhaps I will stick to turnkey in Maple Heights for the time being. (?) 

My experience with them has been pretty good so far. You definitely have to do your own due diligence and analyze the numbers to make sure things are accurate. That I learned from the start. But, in the end, things are looking good and the numbers make sense.

My husband and I currently own a duplex in New York City as well but we aren't interested in investing in this metro area any time soon. Our money can go much further out of state.

Did you have to rehab your non-turnkey property? Which PM company are you currently using? Always love to hear first hand accounts and have backups in mind just in case :)

@Jarret Sa'o Yes! The rehabs are definitely a good thing. I used Rent to Retirement to aquire this particular property. I am waiting to close on it but I already have my PM in place and know that my investment is in good hands (fingers crossed). By all accounts I have good tenants in place who really take care of the house like it's their own so that's always a plus.

I have read good things about the Maple Heights mayor and what she is trying to do for the community. I too hope that in time, things get cleaned up.

How did you find your property?

@Jarret Sa'o I feel like horror stories come with any property and location especially if the tenants were not properly vetted. The area is obviously not a B or A and it’s mainly working class/lower income but that doesn’t mean there aren’t good hard working people looking for decent housing. I have learned that the rental market there and investment in the area is hot right now. Amazon is nearby as well as a major hospital so I’m hopeful there is a slow growth over time. Only time will tell.