All Forum Posts by: Michael Storch

@Tom Sahar

Hey Tom! I am new to the Cleveland area too! I bought a property where the current numbers don’t make exact sense, but it’s my personal residence and cheaper than renting for me even in todays market.

Let me know if you want to connect!

Looking to meet Cleveland area investors! I am hoping to stay in the area medium to long term and would like to meet some investors in the area!

As title above. Is anyone in the Cleveland area finding success with ADU on property?

Thanks for the help everyone! I appreciate it!

Thanks for the reply! In hindsight I agree. 

Do you know if Cleveland Heights code will allow for a bedroom in basement with an egress added?

Hey everyone, 

I recently acquired a cleveland heights home. I was excited because the basement needed an egress window and I was viewing it as a potential additional room and house hack and future rental possibility. 

Turns out, I believe the Cleveland Heights code doesn't allow you to have "sleeping rooms" in the basement. 

In hindsight, I should have checked the code prior to purchase. This is really killing my optimism for the property and even ADUs need to have primary owner living on site. 

Are there any other house hack ideas or thoughts on what to do with the basement for rent/forced appreciation?

Thanks!

Hey everyone,

I am under contract on a sfh property in the Cleveland area. I spent a bunch of time looking and running numbers before this, and I happened to be in the area the day this listed.

It’s a 3 bed, 2.5 bath 2000 sf home with a basement that is mostly finished but needs An egress window to become a 4 bed.

Everything looked good and I moved fast and got under contract at 250k. At the moment, it seemed like a 270k home and becoming a 4 bed, would be a 300k home.

My issue is figuring out how to cash flow it.

It’s hard to get accurate numbers with Cleveland properties ranging in quality. I secured a 250k physician loan (no money down) at 7%, which brings payments to 1707/month, and 1887 with insurance and taxes.

My agents comps showed the home being 260k-300k, and they were confident rent could be over 2400.

What should I do for cash flowing this in the future? Is saving money and recasting 30 or 40k to bring payment down to 1300-1400 worth it? The cash flow numbers are tight at 7%.

Thanks!

@Trent D Allison welcome to BP! Milwaukee is a pretty good location for REI

Thank you Deborah and David! I will use those options!

Hello BP members,

I am new to REI and have only read a couple books on the topic. Are there any ways that would be recommended to learn to estimate rehab costs better? Obviously this will come with experience, but initial education can ease some growing pains.

Thanks!