All Forum Posts by: Michael Orlando

@Joe Richissin I would push your agent to source off market deals or connect with agents/wholesalers that get them! 

@Anthony Porembski Cleveland Heights is definitely tough now. You really gotta find a triplex / fourplex to have nearly any chance at positive cashflow but once they hit you with the tax increase it's hard to get a solid COC. It's a good place to be overall with the hospitals / schools nearby, but deals are few and far between and lots of competition. Depending on what metrics you're looking for, I can maybe help point you in a good direction!

Really depends on the PM. Our PM in Cleveland charges like $350-400 and handles everything besides the clean out once the tenant is gone. We have to pay to remove all their stuff (we just use the crew of guys that does our renovations). Depends on the PM and how many units you have under mgmt with them though!

@Cosmo DePinto Cleveland also has my vote if you're looking for cashflow! That's the main reason I built a portfolio here. Lots of opportunity as long as you know what to be / not to be.

@Chrissi B. You can definitely find some good stuff that meets that criteria in Cleveland! Cashflow and affordability are the reasons I buy here and keep adding to the portfolio. Lot's of opportunity. Columbus, cinci and indy are great markets, but definitely less affordable than Cleveland at this point so your cash on cash returns tend to drop. 

@Kai Soremekun Well that's a hell of a friend you got! LOL. But 500k in a place like Cleveland would go a long way.. if you're looking for solid cash on cash returns, I'd recommend looking here. I grew up here and invest here in apartments, small multis and single family rentals and my priority is always cashflow and I recommend Cleveland for that reason. Started a couple years ago and have about 140 doors at the moment. If you get familiar with the market you'll see there are a lot of great places to buy here and you can really make that cash work for you!

@Benjamin Sulka Really all comes down to the numbers at the end of the day. Yeah areas like Lakewood are expensive in general, but maybe you find a sweet off market deal that allows the numbers to work! I would define what kind of cash on cash returns you are looking for and then decide on an area from there to really focus on. That makes it pretty easy to narrow it down quickly and then from there it's analyzing deals and being patient. I invest for cash flow in Cleveland as well and that's kinda where I started.

@Parth Patel Neighborhood / knowledge of the local market is super important when asking a question like this in order to really put together an accurate proforma in addition to looking at some recent sales comps. Current utility split is also a big factor as well as property taxes. Could be a decent deal, or could be terrible but would need more info. I wouldn't get too caught up on what he bought it for, but more where your numbers are going to shake out!