All Forum Posts by: Richard Schubert

Quote from @Ryan Arth:

@Richard Schubert If the house next door is a solid enough deal you could always raise the money from people in your network to tie it up.

My network is very small at the moment and I have asked around my first tier already. I could buy it now but then I would be thin on reserves and renovation funds for the one I have not closed on yet. I still have a few trees to shake yet and will see if anything falls. Thanks for the advice again.

Quote from @Ray Hage:

Great finds and nice to have multiple homes on the same street! You might want to speak with the owner of the house next door and let them know you'd like to buy it. Maybe if they would even finance you. 

The neighbor house is for sale , just lacking the capital at the moment. I tried to get the owner of three of the houses to carry a short note but no dice. I have a vacation house hack for sale and if it sells it will free up some capital.

Quote from @Alfath Ahmed:

Quote from @Richard Schubert:

Under contract for my 3rd SFR in Akron, Ohio. A vacant house across the street from one I just purchased was also for sale at 51k. It sat for a bit and the price was lowered to 46k so I toured the house and made an offer of 36k after adding up renovation cost in my head. Owner sat on the offer for a week or so and then I got a call that they accepted.

Just waiting to close now and then I’ll get started on a renovation. It’s a 3/1 of about 1000 sq ft. Typical inner city early 1900’s Akron house. Needs gutters, full kitchen and bath, floors, paint with some drywall repair, windows, front porch and the deck on the rear is pretty poor as well. I’m budgeting 45 to 50k on the renovation as it may need a few incidentals here and there. 

I may look to sell after it’s done or place a tenant, refinance, and hold as part of a portfolio I want to build. 

The house next door to this one is for sale also, so going to see how fast I can save up to buy it also. It’s a short dead end road so I have this notion to own the whole street and control the look and quality of the neighborhood . 

I will post some progress as I get into the renovation after I close and share more numbers of my cost.

 How is the market in Akron? I have heard mixed reviews about the market. I own almost all of my properties here in Columbus and have a few in dayton. 

I am familiar with the Akron market since I live directly next to it. I think it is a typical Midwest market with a mixture of A through D neighborhoods scattered about. There are plenty of jobs and opportunities if you know where to invest and where not to. 1.5 rent to market value ratio is pretty attainable and closer to 1:1 in nicer areas. With Canton, Akron, Youngstown, and Cleveland all within 45 minutes of each other it’s a pretty big and diverse area.

Quote from @Ryan Arth:

@Richard Schubert Congratulations. Another example of finding opportunity by being on site. 

I completely agree. This deal and the one before it came about from networking, building a relationship with my property manager, an investor friendly realtor, and learning what makes a deal a deal. I can already see the deals starting to find me rather than me searching for a deal.

Under contract for my 3rd SFR in Akron, Ohio. A vacant house across the street from one I just purchased was also for sale at 51k. It sat for a bit and the price was lowered to 46k so I toured the house and made an offer of 36k after adding up renovation cost in my head. Owner sat on the offer for a week or so and then I got a call that they accepted.

Just waiting to close now and then I’ll get started on a renovation. It’s a 3/1 of about 1000 sq ft. Typical inner city early 1900’s Akron house. Needs gutters, full kitchen and bath, floors, paint with some drywall repair, windows, front porch and the deck on the rear is pretty poor as well. I’m budgeting 45 to 50k on the renovation as it may need a few incidentals here and there. 

I may look to sell after it’s done or place a tenant, refinance, and hold as part of a portfolio I want to build. 

The house next door to this one is for sale also, so going to see how fast I can save up to buy it also. It’s a short dead end road so I have this notion to own the whole street and control the look and quality of the neighborhood . 

I will post some progress as I get into the renovation after I close and share more numbers of my cost.

Are you using a property manager here in Akron locally ? I can turn you onto the one I use if needed. They can help get a tenant in there for you. 

Quote from @Alex Baxter:

@Bob Stevens

No time like the present, anything I should be avoiding? I have heard horror stories of evictions with section 8 tenants and am going to be aiming at c+ to b- neighborhoods, so hopefully I won't need to worry about that. 

If you need help in Akron, I’m local and can help with a second opinion on neighborhoods you’re looking at. Just message me with an address you’re looking at and I can help. Definitely @Bob stevens for great advice, he knows everyone! Bob, what beach you on? I’m putting my OBX house up for sale

Collected first rent and everything going smoothly so far. I see picking up a third home here soon.

Was doing some drive byes on a few properties this morning and stopped in on an open house. Did not realize it was a hud home until after I was in and spoke to the showing agent

https://www.zillow.com/homedetails/569-Barwell-St-Akron-OH-4...

Pretty good deal if someone here wants to hack this home. Nice area, really good comps. I would say about 45k to 60k in renovation . I inspected the home pretty well if anyone needs more info just pm me.

What zip code is this in? For several Akron zip codes a 3/1.5 at that sq foot would be 115 to 130k fully renovated. There is a good inventory of flipped houses for sale at that price right now.