All Forum Posts by: Robert Slatkin

Hi everyone,

I am new to investing outside where I live, and am considering purchasing an SFR which is bank owned in a good area in Cleveland. Anticipated purchase price is around $40k, and I'm told the current rent would be about $950 a month. ARV is about $75 - 80K. The house appears to need only a few thousand dollars in cosmetic repairs to get it into good shape.

I'm working with a Realtor, and although this will be our first deal together, he appears to be very knowledgeable and a solid person. I just wanted to get the community's opinion.

The numbers are good IF.....there are no major issues with the main systems in the house.

The biggest issue for me is that the utilities are turned off, and I am told that they cannot be turned on until after I close. I have never purchased a house where you can't check all systems and everything within a contingency period, so this is scary for me.

My questions are:

Is it typical to not have contingencies in your offer, and not be able to check the condition of these systems before purchasing an REO in Cleveland?

Is there anything I can do to mitigate the risks in this type of transaction?

Have you purchased properties under these conditions?

Do you consider this to be a reasonable investment considering the terms, or is it just the act of a madman?

I would be grateful for any help you would give.

Robert

@Joe Fairless. Hi Joe. Thank you for the complement and the welcome. I wanted to introduce myself in a way that let people see a bit of my personality.

I admire the success you have had in such a short time, and it would be my pleasure to connect with you. Thanks, Robert

@Robert Adams. Thank you Robert. We have spoken briefly in the past (when I was visiting Las Vegas) and will do so again. Best, Robert.

@Robert Musallam. Hi Robert. Thank you for welcoming me to BP. We "Robert"s need to stick together! Hope we speak again. All the Best, Robert

@Brandon Turner. Hi Brandon. Thank you so much for the welcome.

I have read quite a few of your articles and have listened to a few podcasts you were a part of. That's why I know to refer to you as ............

Braaaaaandonnnnnnnnn Turrrrrrrrrnerrrrr!

Likely, without you knowing it, you have been a real inspiration to me. Thank you. I hope we can connect and keep in touch.

Best,

Robert

@Christine Oliphant. Thank you. Yes, you are right down the road (either 28 or 15). Not far.

Also, thanks for the complement on the intro. I wanted it to be different.

To answer your question about REI groups, I have not yet had an opportunity to attend (or join). If you know of a good group to meet up with, please let me know.

I hope we can stay in touch and share some ideas.

Best,

Robert

@Phillip Dwyer. Hey Phillip. Thank you for the complement. I tried to inject a little humor and be different than the standard.

I'm glad you responded to my post, and I hope you know how much I appreciate the solid guidance on the Las Vegas market.

Best Regards, Robert

@James Wise. Hi James. Thank you for the welcome. I will get in touch with you. Best, Robert.

@David T. Thank you so much for the welcome and sharing your knowledge and experience regarding the Las Vegas market. And thank you for the inspiring compliments.

I have heard about some of the difficulties finding people of character there, and based on your comments, it may be as big an obstacle as anything else. Anyway, I hope we can connect and stay in touch. Best Regards, Robert.

@Jose Garcia Thank you for the warm welcome. It's great to hear from someone here in Virginia.

Daughters grow up fast, so eat all the girl scout cookies you can and enjoy them. I have 2 daughters and years worth of GS cookies!