All Forum Posts by: Michael Swan

Hi@Jason Simon,

Feel free to message me.  I love this stuff.  I told my story how I started investing there in the Cleveland area on Podcast 238 too if you want some background on me too.

Swanny

Hi@Allen McGlashing

Sure.  Send me a message ASAP.

Swanny

Hi @JC Chavez

When we talk tomorrow we can discuss this too.  Some of the areas around Cleveland have some crazy high property taxes.  That was part of the reason we got out of Cleveland Heights and Shaker Heights too!! Besides some parts of Cleveland are not very Landlord friendly and it really showed throughout this Covid Pandemic too!! Not just JC, anybody on BP I have 9 Apartment complexes in these areas and have been investing their since 2014.  Reach out and message me.  I am not a broker or Real Estate Agent and am simply an investor.

I love to talk shop.  I just retired from my teaching job at 55 years old, due to my RE out in the Cleveland Area!! I really like the Lake County area out there.  Most of my 200 units are in Mentor and Painesville.  Those areas have been great for me! Don’t hesitate to reach out to me.

Swanny

Hi@Jason Simon

We got out of our Cleveland Heights, Shaker Heights, and Euclid apartments.  Lake County was very landlord friendly comparatively in all aspects!!

Swanny

I have noticed significant cap rate compression where I invest in Lake County Ohio. I have 9 apartment complexes in that are and we have been selling, refinancing  etc…and taking out huge amounts of cash back to us.  

One I purchased a 57 unit in Mentor Ohio at $2,000,000 in Aug of 2019 and with cap rate compression, NOI improvement, recent sales, this thing is approaching 5.5 million valuation at the moment and we ONLY have about 35% of the units that are not renovated. We Only have 1.5 million left on the loan too!! Plus we only put 25% down and used $250,000 in reserves to renovate and reposition the complex so far. When it gets to 25% not renovated (meat on the bone for an investor) we will consider selling in 2022. Plus with the market rents still escalating in a 6 block radius, we still have about $150.00 a unit average upside in rents. We have already increased our average rents about $175.00 a unit since we purchased 2 years ago. We are in a tertiary market too.

Mentor Ohio is a strong B class neighborhood too.  Check the area out!! So far I have stayed away from the sexy overhyped areas.  I have a few more we are starting to negotiate to buy in the $33,000 a unit to $40,000 a unit level too.  I know I can increase the NOI dramatically.  I told my story on how I got started on Podcast 238!! Check it out!! I just retired from my parochial school teaching job and am full steam ahead on reposition my existing 9 apartment complexes and acquiring more good deals too!!

Onward and upward!!

Swanny 

I primarily invest and hold approximately 200 front doors in Lake County (Painesville 106 front doors and Mentor 57 front doors) and Akron (24 front doors). They have been very very good to me. All apartment complexes I purchased from 2015-2019. Refinancing a few and taking out tons of cash!! Plus, my 57 Unit complex in Mentor is approaching 5.5 million valuation based on NOI and current sales etc.. same product, same quality. I purchased that 57 unit in August of 2019 for $2,000,000. I have put in about $250,000 to stabalize and reposition so far. I will most likely wait to leave about 25% meat on the bone for a new investor and sell in 2022 some time.

Just retired this last school year from my teaching job and only work on the RE business a few hours a day!!

Feel free to reach out to me for guidance and advice.  I am not a RE agent, commercial Broker etc… just simply an investor in the area you are looking to possibly invest!!

I was featured on BiggerPockets 238 Podcast and told my story how I got started and this is how far I have come now!!  It is sooooooo exciting!! If lowly paid Parochial School teacher can do this, so can you!!

Swanny

@Zachary Jensen

Get rid of the wife 🤪

Seriously though Nuisance rents are a necessary aspect of this business. Just wait…. A furnace needs replacement? A pipe bursts or water heater goes out etc…. You don’t do a nuisance increase this year or next and then a big occur an even like that occurs and wipes out all your cashflow. What am does the wifey say now?

Swanny

Hi @Hassan Muhammad

This is Swanny.  I live in San Diego too.  I have a few syndications and I just retired from my day job too.  Currently have about 200 units and growing.  I told how I started my RE investing on Podcast 238.  Feel free anyone out here to pm me.  I love this stuff.

Swanny

Swanny here and I just retired from my teaching job.  I am 55 yrs old and my advice to you would be to chunk in all your expenses with cash flowing RE like I did and am now financially free.  I told my story and how I did it on Podcast 238.  Check it out!!

Swanny

Thanks @Robert Matelski

Always happy to help.  I love this stuff, am straight forward and don’t hold back any punches!!

Onward and upward!!

Swanny