All Forum Posts by: Mitchell Litam

@Thomas Richardson This sounds like the absolute BRRRR house. I hope you jumped on it for many of the reasons they have listed above. As long as its not in a heavy crime area.

As someone above said at least its not Cleveland :( 

@J Scott Wow what an honor having such an esteemed guest respond.

Thank you so much for breaking that down. That was exactly what I was looking for.

I think the bathroom was installed in 1945 when it was re-renovated so hopefully I wouldn't have to update too many things.

I will 100% pick up your book. I just didnt know what the book was about cause the title wasnt clear what it was about.  Maybe a more direct title would help haha

A couple bigger pockets podcasts say you can pay about $2500 to rehab a bathroom.

What can I estimate for a bathroom rehab? My bathroom is probabaly 9 by 9. very small bathroom from 1907. probabaly needs a new tub, flooring, vanity and paint. 

What can I expect for rehab? 

Also what is the best book to learn rehab costs? 

If I have a general contractor who does all my rehab do I need to learn what rehab costs are?

@Dennis M. The windows are the double string windows and the frames are a bit gross but are about 95% functional. Thats why I just wanted to do siding but then if I did decide to ever do windows it would be backwards. I have three more appraisals for siding in the next week.

@Ryan Evans Its a bigger 3 story 3105 sq ft property. I do have 3 other estimates coming but now it seems like I should get window estimates before the siding. The ARV would be great but would only matter in terms of if I sell the house correct? Maybe I will just suck it up and live in the house for a couple more years and do the work.

If it helps I would calculate the ARV at around $225k and I am in it for $140k. With that being said maybe I just suck it up and refinance it? Does it hurt if I refinance my property twice? What would be better in this case. A HELOC or a cash out refinance?

@Justin Robert A lot of the boards are starting to dry rot and peel off. And the paint looks terrible. It is in pretty rough shape I would say maybe 4/10. Also I grew up in Temple! Small world!

@Greg Scott Thanks for the info. I recently bought my business partner out who I bought the house with and did a cash our refinance to buy him out of the property for below market value. If I refinance the siding and windows into the house I dont think the house will be positive cash flow anymore. Even if I could pull the full amount for windows and siding that wouldnt make sense to use that would it? Or am I missing something. Still trying to get into the investor mindset.

@Daryl Anderson Interesting. I have not heard about that. Do they just inspect houses at random or only after complaints?

Brandon,

What metrics are you using for "Cleveland" population? Is this proper Cleveland or including the west and east suburbs.

With that being said it would seem both Cleveland and Cincinnati are on the exact same population trend.

The title to this thread should have been is every city in Ohio other than your beloved Columbus the next Detroit.

I am currently house hacking my house and it is a duplex. My house is not 100 years old and has wood siding on it.

I replaced a couple of pieces from dry rot 6 months ago and now I have a couple more pieces. Easy fix. I just got an estimate for $14k to side the whole house but the guy said I should do windows first if I was thinking about siding the house. 

I plan to move out and rent this house in about a year. My questions is should I invest the $14k in the house for worry free maintaince when I move out or should I use the 14k on my next property? Also the windows are old but how much does a tenant really care about the outside and windows? They wont pay $100-200 more in rent cause I got new siding and new windows will they?

What would you guys think would be the best move?

Thanks for all your input.

@Shiva Bhaskar Great write up. I feel like you got a good understanding of our city.

@Jim K. Thats not the worst thing to happen. Shaved orangutan, at least its well groomed?

@Sarkis Gezalyan How are you doing your calculations and what are your expectations on them? I analyze deals off the MLS in Cleveland and not all of them make sense but most of them will be an easy $200 cash flow after maintenance, CApX, PM and repairs. Maybe you are looking in the wrong suburbs.