All Forum Posts by: Phillip Gant

Hi BP,

Can you cash out refinance a 25k property ?

Thanks.

@Phillip Gant this post is over 4 years old. But the advice given by the OP does have some merit and is a good heads up for out of staters looking in Cleveland. 25k properties may appear to be cash cow's but it simply doesn't work that way. Cleveland has some rough area's that I wouldn't even want to walk during the day, let alone at night. Being realistic and aiming for solid SFR's or multi's in the suburbs is going to end up as a better investment in the long run.

Arthur
I have been investing in Cleveland cashflow properties. I live in Chicagoland and have professional property management take care of my properties. The reason I invest in Cleveland is because I can buy rentals cheap in very good neighborhoods. My properties are not too far away from the Cleveland Clinic hospitals and facilities. Rental demand is strong there. I recently bought a duplex for $34k that brings in $950/month in rental income. Even taking expenses and vacancies into account I have positive cashflow of over $400/month on $34k invested. Look up $34k duplex on this forum, there is a long discussion on it. Since then, I am "flipping" two properties right now. All with a good team that I trust to do the work. This is very hard to find in real estate. The old thinking is " buy where you live." My feeling is this was written by older guys who liked to personally manage tenants and toilets. I go out to Cleveland every few months, meet with my property managers,inspect my properties,and look at new property. A lot of things I take care of over the phone and email. To be honest there has not been much for me to do. I would suggest finding a good "turnkey" partner to work with. There are good ones and bad ones out there like anything else in life so it comes down to doing due diligence and developing relationships. But for me personally, not dealing with tenants and toilets has been a blessing and I pay my property manager 10% of the monthly rent to take on this responsibility. Good luck

I live and invest in the NorthEast Ohio area as well. While I do not know a property management company, as I manage my rentals myself at this time, if I can help you out with any other information feel free to ask.

Ryan

Hello BP,

I’ve been exploring the Cleveland market and am seeking Property Manager and Contractor recommendations. I realize good Contractors are hard to come by and when you get them, you hold them tight, but thought I’d ask yet still.

Thanks!

Shanti

Repairing credit very small business but work very hard ... And looking to start buy a lot of property