All Forum Posts by: Nicholas Novak

I love cleveland! welcome to the site! Good luck!

Call a bunch of title companies in the area and interview them. They are working for you. Ask if they do assignments or creative off market deals. Ask if they work with a lot of investors. Also get a copy of their fee sheet. I'm not positive but I believe NY is an attorney closing state which makes transactions expensive. Go to REIA's and ask the people who are doing deals who they use. This will get you started, don't get hung up on this stuff too much, go start marketing! Revenue producing activities!

Hi @Alex Bedar,

I’ve done 5 or so deals in Parma. Love that city! Easy to comp, most houses built 50s or later and easy to rehab. Also great rent in a solid B - B+ area. What’s your question?

I like the HELOC option as well. You can get the cash now and still rinse and repeat at least a few times. By the time you get the next few done, the first property should be properly seasoned in order to Refi 100%. Sounds like a good option if you can't wait 6-12 months.

Sending direct mail is the most effective marketing channel in my opinion for wholesale deals. Writing them yourself keeps the cost to postage paper and envelopes. Bandit signs are also cheap and effective but make sure you aren't breaking any laws or ordinance by putting them out.

You would be doing your client a disservice if you are acting as an agent. They would not be a client if they do not want to sell on market and you are making an offer to purchase. If you are buying on market you would obviously be the buyer. 

I am not an agent tho

Most people don't realize this but you can wholesale deals that you close.  Buy it at a cheap price, actually close it, then you can do whatever you want with it, including marketing to your investor list or even slap it on the mls to invite the most traffic from investors. Most investors believe it or not are still buying on the mls. 

Not sure about multi family but there is a lot of regentrification going on in those areas, but it is still spotty and a mixed bag of tenants and populous. I would definitely drive the areas to see if you are in the path of development or not. There are a lot of people (virtual mostly) that don't really understand the area, and selling things with inaccurate descriptions that they feel are close enough.  I had a deal sent to me that was marketed as tremont that was on the wrong side of the interstate. Basically reducing its value to about 10% of what it would have been worth if it was actually on the right side of the highway.  Hope I helped rather than just ramble on, good luck to you!

Each county in Ohio has its own set of rules. In cuyahoga you need to have the title work done before bidding if you can't afford to lose your deposit. You can have it done after bidding if some thing comes up and you can forfeit the property and deposit if you have not paid the entire balance. If you have already paid it off and are just waiting for a deed there's nothing you can really do, you own it now. Sometimes the title company will be able to remove liens on the property. It's best to have it done now so if something does come up you have time to have it taken care of rather than occur at the time you sell. Drawing out the closing (super stressful lol). Maybe the title company will give you a break on the title exam if you offer to have them close the sale, sometimes they will do discounted versions but usually don't guarantee the accuracy ( I really don't know what the difference is ) hope at least some of this helps. Good luck!

I might add the City of Cleveland told them they would not be annexed because of those problems. The city of East Cleveland is notoriously tough to deal with as well with tough Point of Sale inspections. Odds of ever getting this place 85% occupied are seriously slim.