All Forum Posts by: Michael Orlando

@Sabah Mirza I’m a Clevelander and buy multifamily here. We have a good team and my partner is an agent who’s be more than happy to help you I’m sure. Let me know if you’d like me to connect you and I’d be more than happy to do so! Or answer any questions about Cleveland you may have :) like others have said, you’ll see less appreciation here than Columbus, but in terms of cash flow, it’s a great market. There’s also a lot of stock when it comes to viable investment opportunities that are also affordable. Columbus is a bit more competitive and over pricier. Either way though, I’m a fan of the Ohio markets!

@Matt Chestnut That’s good to hear. You’ll have to look at the metrics with the passive partner scenario though (if you haven’t already) to make sure you can pitch it to investors. Some investors are fine with 7-8% coc, others want 10% off the bat. You’ll have to see how you can make it work for them!

@Luis Cruz Hey man! Congrats on your recent accomplishments and deciding to jump into REI. I'm in Cleveland and invest here actively in larger multifamily apartment buildings. If you're ever interested in CLE, I'm happy to help any way I can.

@Zorawar Singh Hey! I'm a Clevelander myself and have some property in Maple Heights right near Garfield. It DOES NOT take us more than a week usually to get a good tenant in our property. I think it's ridiculous that it takes your PM company that long.. 

It's hard to say what the actual vacancy % is because it's dependent on so many factors, but what you're experience sounds unacceptable to me. Turnover shouldn't be more than a week or so assuming it's nothing major, and usually we get pretty eager tenants looking for our apartments.

What management company do you use currently? I can recommend one if you need. Happy to connect since we're both playing on the same field.

Focus on buying right and you'll be sheltered from most economic issues! Diversifying between asset classes is a good way to protect yourself a bit as well i.e. holding C class and workforce housing, some more upscale rentals, and even section 8 / project based properties all in your portfolio... There's a lot of ways to mitigate risk and if the deal is good enough, speculation on where the market is (or will be) wouldn't stop me from buying!

In terms of competition, most major metros right now are very competitive. Pretty much every Ohio city is seeing intense competition and lack of deal flow (form what I've seen), but they are still out there! You might have to get creative and try sourcing deals yourself. Or, maybe move into some tertiary markets that you feel are strong or growing but where the bigger money doesn't play as much. 

@Janel Briones There's definitely some, but they are going to be the A and B class neighborhoods for the most part. A few that may come to mind are, Shaker Heights, some areas of Cleveland Heights (i.e. near the hospitals and colleges), and Lakewood (although it's already seen pretty significant appreciation over the past few years). Many of the B and A class areas don't have a ton of multifamily, but if you were to look for SFR in some nicer suburbs, you'll definitely still see SOME appreciation, however most likely lower cashflow as well.

Happy to connect and help you in your search for anything. My partner in our multifamily business is also one of the top investor agents here and I'm sure would love to help you! Happy to connect you two if you'd like. Let me know :)

@Matt Chestnut I would look for a passive partner that will bring the capital to the table. He brings the cash, you found / operate the deal. Especially if this is your first deal (assuming it's a killer deal) I would do whatever you gotta do to get it done; but of course, make sure it's still worth it for you at the end of the day. 

Where's the deal at? How are the metrics looking?

@Richi Brown Congrats dude!!! Keep the momentum going!

Hey Sandy!

I grew up in Cleveland, currently live here and invest here with my best friend / partner. We buy 20+ unit deals here, but he's also an agent and sells smaller multifamily and SFH portfolios. I could definitely connect you with him if you'd like!

We have built ourselves a pretty good team here for our multifamily acquisitions but are always looking to network with more investors and see how we could work together. If you're interested in connecting let me know and I'd love to hop on a call :)

@Collin Schwartz Dude congrats on the journey! That's some great progress in 4 years and super inspiring to us guys still trying to break 100 units lol... 

I'd love to connect sometime. Like you said, networking is sooo important and my partner and I are making it a goal of 2021 to really prioritize networking. We have some great deals in the pipeline and I'd love to hear what you're working on!