All Forum Posts by: Ricky Nigro

@Joseph Akingbade Thank you Joseph for the reply and advice!

Hi David, 

Disclaimer, I have no idea what I am talking about and don't have any properties lol.  That said, a couple things stand out.

Your ARV is lower than your purchase price plus repairs. So maybe need to negotiate that price down a bit.

Your estimated expenses look good, and with that, it does not cashflow so I would be hesitant to pursue.  You would be tying up ~$19k in capitol with no return.  Unless maybe you are looking for appreciation but I do not see that in the report.

Cheers

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi folks!

Terrified of my very first deal, would really appreciate your input! Its a nice SFR, B-/C+ area. Deal is from a fellow well known BPer. It's probably not the best deal in the world and my offer was for his asking price.  I want to learn, I want to get in this.  Numbers work so what do you think?  3 bedroom 2 bathroom, Section 8 tenant in place.  Property is very clean inside and out, looks like the tenant takes care of it.

Appreciate your advice!

Wow! Really appreciate the feedback Marc! Sorry to hear. Glad I didn’t end up getting involved with them. 

Wow! Many thanks for sharing. Very sorry to hear. I have not done business with them yet. 

Did you get a third party inspection? I’m wondering how all the issues were not presented. Again, many thanks for 

 Thanks for replying Albert and great points!

1.  Yes, ran Rentometer, checked with PM.  Did not yet check CL.  Went conservative.

2.  There is crime.  Break ins, assaults, etc.  But my own neighborhood shows the same and I feel I live in a decent spot lol.

3.  Lender confirmed closing cost will be $1900-2300, so I assumed the worst.

4. Yes, absolutely plan to BRRRR and do some flips in the near future. Like you said, just want to get my foot in the door my very first couple units.

Cheers!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi All, me again!  I need help understanding why this deal would be bad.  A similar deal discussed raised some valid points but I am not understanding the inherent issue of a "bad neighborhood".

These deals are easy to find in the Cleveland OH neighborhood.  I assume, a "rougher" area might have greater turnover (accounted for at 10%), probably more repairs during turnover (accounted for at 10%), need good local property management (10%).  

The property exceeds the 2% rule with worst case assumptions (2.38%)

The property meets the dollars per door, $175

Cash on cash hits 22%

Fully refurbished (actually quite nice) and clear inspection report including large items.

I am not looking for appreciation, simply cash flow.  Demand seems high in the area so exiting shouldn't be difficult.  I am not living there so a "rough" neighborhood has no impact on me.

What am I missing?  Seems like great cash flow all things considered.

Also, this would be my very first real estate investment.  Low cost of entry, I figure I will learn a great deal.

Help BP!

 Many thanks James! We actually plan to get it on a deal with you also but we are total newbies and still shy haha. We love your video reviews and total transparency! Keep up the rockin work!

Hi,

I am wondering if anyone here has every purchased a property through Rehab Kings LLC in the Cleveland OH area. Any info you could share would be greatly appreciated!

Thanks!

@Ryan Evans

Thanks for the reply Ryan! I’m sure it isn’t the best deal in the world but I feel like I need to jump into the game to get hands on experience. I see you invest in Cleveland also. Maybe I can message you to see if you know anything about the area? Cheers!