All Forum Posts by: Nicholas Misch

 IN this particular situation the Borrower/contractor is doing work first, showing proof of completion w photos, paid invoices and materials, and then getting reimbursed.

Thank you sir! And I appreciate the insight - I'm seeing if our HML would be willing to outsource fund control to the city via the escrow deposit since both parties essentially have the same incentives in terms of making sure the work is done properly?

Would be curious to know how other investors navigate this process since most lenders seem to advance rehab funds on a draw schedule. Will keep you updated on how this shakes out! 

Hi BP family!

I just went under contract on a property in Cleveland Heights. We were notified that prior to the transfer of title, we will need to establish an escrow account with funds equal to 125% of the estimated cost of repairs of the code violations we are assuming. 

I was wondering if you all had any advice/experience with this so that we can avoid coming out of pocket for this? 

Appreciate any and all feedback, thanks!!

Hi all!

Im new to BP and gosh i didnt know such an amazing forum existed in the world! I must have lived under the rock. Anyway, i am from ASIA and looking to invest in properties for cashflow in US.

Currently looking at cleveland ohio B class properties as the entry barrier is easier for me. Im trying to hunt for other good locations with a booming population, and with an improving economy. However i am not from the US and the area is huge for me to explore so im currently narrowing it down to midwest.

I have currently about 250k cash on hand looking to invest and my question is : Many areas have already soared and prices have went up expotentially. Are there any nice untapped markets which has potential and i can take a look at? And an area which will provide a nice cashflow with my budget.

I have done abit of research on my end but i keep skipping from cities to cities not knowing where i should concentrate on.

For cleveland i will be hiring holton wise to manage my property and also to introduce me potentially nice/safer deals. Looking for another property elsewhere for me to venture into. I do not want all properties to be under the same city because this is my first time and i am hoping i can spread risk and at the same time learn more about different markets.

Hello All,

Yes, I have heard of Prosper Cleveland, I bought a property through Kelly's company back in 2018, referred by Real Wealth Network.  My property is currently being managed by her rental management company.  I would NOT recommend her or her companies.  I could tell you all some horror stories when dealing with them after the sale went through.  I would suggest you look at a different market.  I am going to sell my property and get out.  

The Maintenance Manager does his own thing, nobody keeps him under control.  For example, I requested an estimate for some work to be done on the property, it took him 4 months to give me one estimate.  I ask him to communicate the progress on projects I have approved, crickets.  He doesn't even let me know when the projects have been completed.  I've complained about him to the Office Manager, I've sent messages to Kelly directly, she seemed annoyed that she needed to get involved with my dispute with him.  I have just had a HORRIBLE experience with them.  It seems to me that I am only looked at as a bank for them to pull money from.  I have properties in other markets, but they are the worst!!!  Let me know if you want more information on my experiences.  I just wanted to warn you all before doing business with them.  

There is a lot of opportunity going on in Ohio right now. Cleveland and Columbus are going to be different markets though. The cash flow will be better in Cleveland but the appreciation is a lot better in Columbus. It all depends on your goals. @Haven Garber

@Nick Shri how many bills per month are you paying? 1, 2, 3? Is your time worth saving $15/mo? 

You hired the property managers for a reason, so I wouldn't suggest taking over some of their responsibilities. I would reach out to other property managers in the area and see how their pricing / fees compare. If they have better terms than you can try to negotiate with your current property manager to remove the fee or make the switch to someone else. 

You'll have more leverage to negotiate the more properties you own and the more business you do with your property manager.