All Forum Posts by: Richard Schubert

Pretty normal numbers for low income duplexes in Cleveland. Don't see any major red flags here, so long as you are comfortable in the low income space.

This what I was thinking also, rents are way below market. If the tenants are on contract, you will inherit that low income until the lease is up. If month to month, then why did the owner allow such low rents? Area? deferred maintenance? To me it seems your maintenance percentage is a bit low. Percentage is a rule of thumb, so whether you get a 100 a month or 1000 a month, your maintenance is going to average around a fixed number not a percentage of your rent. Who is paying the utilities?

0 Votes

Cleveland, Ohio

Quote from @Chris Seveney:

Quote from @Jonathan Warner:

Hello. I'm perusing through some online listings for multifamily in my area. I noticed a triplex that seemed to have an interesting bit of information in the description.

"Only cash or cash equivalent contract considered. No contingencies for financing. Owner is a licensed real estate broker in the state of Alabama. Owner is acting as listing agent."

Why would an owner/listing agent make this stipulation? It just seems odd to me. Thanks in advance.

serious buyers but also the property may not qualify for traditional financing. They want someone who has the money or can make sure they can get it.

This is what I see mostly on these ads as well. Properties that will not qualify for traditional financing. So the ad stipulation just weeds out the tire kickers.

2 Votes

Quote from @Jonathan Greene:

What are you looking to do in 2025 to grow, regulate, or downsize your portfolio?

I am looking to add:

- one syndication investment (not multifamily because I invested in 3 multifamily syndications in 2024)
- three turnkey rentals in the Midwest (only vertically integrated management and construction/repair turnkey)
- one mixed-use property in NJ (Main Street mixed-use is what I like with at least two retail and two residential)
- one flip in NJ (buy price between $500k and $750k, reno $200ish, profit $200k min)

I am also looking to:

- do two bathroom renovations in my personal residence (and one in my DADU over my detached garage)
- do a complete yard makeover, adding a plunge pool in my backyard
- start planning and development on a 5-acre plot of land I have near Woodstock, NY for a 4-STR grouping

I am looking to sell:

- nothing

What is in your 2025 buy box? What do you want to do your personal home, house hack, or investment properties to upgrade them?

Let's create an epic goal thread for 2025.

P.S. - this is not an invitation to send me (or anyone else) deals based on my buy box.

Great post!

I had made my goals while cooking for thanksgiving .

1- I already run my net worth numbers every month and for 2025 I want to increase my net worth by no less than 20%. Already maxing out my matching contribution 401k at work and i also put 10% of my gross w2 direct to my brokerage account. I am paying off loans and don’t plan on buying any assets that do not provide income in 2025.

2- I set a goal of increasing my real estate investments by 100% and try to go from middle 500k to 1million. I want to add a few more SFH's , finish a full renovation on one I just started and would like to buy my first multi unit (over 5 units).

3 - I will look at my saved searches on Zillow every day and analyze 2 to 3 deals everyday. I will drive the neighborhoods I like at least once a week and jot down addresses of houses I believe would make a good value add and write a letter to the owners.

4 - I will speak open and honestly to my group of fellow like minded investors to pass on anything I have learned and help those who need a hand getting started.

5 - I will achieve my first partner or group partner deal

4 Votes

Quote from @Lauren Brown:

I am having a hard time selling my property in Akron. It needs some work. I have had it for almost 2 years. I need some guidance. I had 3 interested buyer. One was under contract and flaked out after a few months of excuses.

Message me the address, I’ll look at it.

0 Votes

Akron, Ohio

Quote from @Jake Hughes:

How do you write a contract for deals when using OPM? Young investor looking to scale quick and own a lot of properties in the Columbus, OH. Let me know your thoughts.

Thanks!

I can comment on cash deals. If you’re making an offer on a house as a cash purchase, then your proof of funds is just a bank statement or letter saying you have the cash to buy the house. Where the cash came from could be opm, as long as it’s already in a bank account. Funding at closing is a different animal and everyone above has already pretty much laid it out for you.

2 Votes

Columbus, Ohio

Quote from @James Wise:

Quote from @Ryan Arth:

Quote from @Alfath Ahmed:

"The places I really like for investment properties are going to be Old Brooklyn/Brooklyn next to the Cleveland Metroparks zoo, Tremont, and Cleveland Heights, and Hough. There are other ares as well, but this is a good start since you want to be in A/B neighborhoods."

Alfath, I may be misreading this, but are you saying these are A/B neighborhoods of Cleveland?

Well hot damn, somebody better tell my tenant's fentanyl dealer that Old Brooklyn is an A neighborhood now.

Made me nearly spit out my drink… I’m sticking to my suggestions above

1 Vote

Cleveland, Ohio

Oh, forgot to say, yes that’s the one.

0 Votes

Akron, Ohio

Quote from @Ajay Panwar:

Quote from @Richard Schubert:

I use CRPM and I am happy with them. On line portal, tenant login for payment and maintenance request, electronic ledger and reports, vendor pool for everything from turn over to sidewalk shoveling. Great communication via email if there is an issue that requires my attention. Most of my questions are answered in hours. They have a network of lenders, title companies also.

Thanks. Is it this one? https://www.akronhousing.net/property-owner-questionnaire/

How much they charges? Any feedback on regular communication and maintenance? Also Tenant placing etc?

The charges are par for the industry. Better to focus less on the cost and more on the service if you’re out of state. Dollar for
dollar, every management company will provide different services for your money. They do not perform maintenance themselves. Everything maintenance related is performed by a contractor who provides a quote that you approve. Just because they work well for my expectations does not mean they will for you. I would still vet any referral. But I do feel confident that I could move to the North Pole and everything would run fine. I pretty much just look at my ledger and bank account once a month.

0 Votes

Akron, Ohio

All Forum Posts by: Richard Schubert

Richard Schubert has started 8 posts and replied 99 times.

Post: Under contract for 3rd SFR

Post: Under contract for 3rd SFR

Post: duplex, ohio, cash flow deal analysis

Post: No finacing contingencies allowed?

Post: What are your real estate investing goals for 2025?

Post: Need advice on selling my property

Post: Deals with OPM

Post: Looking for Investment Guidance in Cleveland!

Post: Property Management Company Recommendation in Akron, Ohio

Post: Property Management Company Recommendation in Akron, Ohio