All Forum Posts by: Rick Prudhomme

No financial statements were not a requirement of the fund, however all other syndication's do provide. As for the distributions, no they are not as projected and have actually been paused. We have not yet seen the projected distributions.

For the folks asking how Open Door Capital has done since investing I can answer from my perspective. I was in Fund 1 which had an early exit (less then 1 year). The return was good, however I was looking for a longer term investment. I am also in Fund 3 and that has not performed at all. I am in multiple syndication's (12 at this time) with different operators and ODC Fund 3 does not match the performance of any of them. In addition the transparency and communication of ODC is really lacking. All of my other syndication operators provide at least quarterly financials and review them with the limited partners, ODC has not provided a single financial statement in the almost 3 years the fund has existed and no partner meetings. I would be cautious investing with ODC. Great fund raiser not so good of an operator.

Also if it is spitting out $825 in Lakewood for a 2 bedroom it’s really low. My duplex’s in Lakewood get $1000 to $1150 per unit and do not stay on the market at all. 

Looking for a reliable cleaning company in the Cleveland area for long term turnovers.

Hello,

  Does anyone have a private mortgage template they can share? 

Thanks in advance,

Rick

Sean I live in the Columbus market, however I am no longer investing here as the numbers just don't work for me anymore. It is a great town and you can get good appreciation but cash flow is tough. I have been investing in the Cleveland Metro area for the last 3 years.

Dan,

  We own multiple duplexes in Lakewood and have one under contract at $135,000 now. It takes time and diligence to find the one for you. Look for ones that need some work, that's where you can really add value and equity. Also I see a look of rents well below market. You should be able to get $950-$1,050 for a 2 bedroom in Lakewood.

Rick

I love the Lakewood area and 6 duplexes in the area, however the prices have risen over the last couple of years. I still believe a house hack in the area can work. I do think you should also consider the edgewater area. My son House hacked there and it was a great purchase.I don’t think you will go wrong in either area.

Rick 

Anyone know of a good roofer in the Cleveland area?

Thanks in advance,

Rick Prudhomme

I have a great leasing agent, DM me.