All Forum Posts by: Robert Matelski

Have you logged into your Cleveland Water online account to see the daily or hourly usage? It's possible that the high usage that resulted in that huge bill happened before the leak was actually fixed, depending on the billing date. It's best to rule that out first, and if it looks like the daily usage is back to normal, then you will probably just go back to how things were before (sub-$100 bills with existing tenant). If something did change in their household situation though, I would suggest providing them with a new rental agreement (with 30 days advance notice) stating that if they wish to remain, they will have to pay for any water usage beyond $75/mo, and then tack that onto the rent bill if they go over it (assuming they choose to stay in the house and sign the new agreement).

I think about this all the time. You should read the book The Demographic Cliff by Harry S. Dent. This is why I won't buy any single family residential properties. Only commercial multifamily and rental arbitrage through Airbnb.

Did you read this book prior to 2014 or after, when the predicted "the worst downturn and crash of your lifetime" for the early to mid 2014 still didn't happen? I wonder how people predicted all these crashes in writing will be justifying why it didn't happen? Especially to people who didn't buy any SFR based on their "prediction"

Well you're a real estate broker so it's in your best interest to be sold on single family homes. The thing is timing is quite difficult but the inevitable correction and possible crash is coming. Good luck.  

In her market (Cleveland), many properties in very solid areas are still selling for below their previous peak value (circa 2006), yet rents and incomes are now considerably higher than what they were back then (and we are talking about areas where the house prices were only ever about 3x the annual income, not crazy prices like most of California saw by 2006). If you can achieve "the 1% rule" (or better) in a solid middle class area with stable incomes, it hardly seems like a crash is coming.

All real estate is local, so my presumption is that Irina is looking at it from her perspective, which is that there's really no bubble. I would tend to agree.

 All real estate is Not local my friend. This is a common misconception that catches people with their pants down all the time. Either way we'll all find out soon enough. thanks.

Seems more likely that those who are going all in on short-term airbnb-type endeavors are the ones most likely to get caught with their pants down, so to speak. But I suppose you'll find out in due time. Good luck, Jason!

I think about this all the time. You should read the book The Demographic Cliff by Harry S. Dent. This is why I won't buy any single family residential properties. Only commercial multifamily and rental arbitrage through Airbnb.

Did you read this book prior to 2014 or after, when the predicted "the worst downturn and crash of your lifetime" for the early to mid 2014 still didn't happen? I wonder how people predicted all these crashes in writing will be justifying why it didn't happen? Especially to people who didn't buy any SFR based on their "prediction"

Well you're a real estate broker so it's in your best interest to be sold on single family homes. The thing is timing is quite difficult but the inevitable correction and possible crash is coming. Good luck.  

In her market (Cleveland), many properties in very solid areas are still selling for below their previous peak value (circa 2006), yet rents and incomes are now considerably higher than what they were back then (and we are talking about areas where the house prices were only ever about 3x the annual income, not crazy prices like most of California saw by 2006). If you can achieve "the 1% rule" (or better) in a solid middle class area with stable incomes, it hardly seems like a crash is coming.

All real estate is local, so my presumption is that Irina is looking at it from her perspective, which is that there's really no bubble. I would tend to agree.

Hey Sam, welcome to the site! I live in California, but I have been investing in the Cleveland area for years!  I currently own 8 rental properties there. 

I've gathered a ton of information on investing in the Cleveland area, and would be happy to share it with you if you are interested. It includes, among other things, a comprehensive map of the Cleveland area, grading each area from A+ down to F, using a consistent, objective and transparent methodology using publicly available data. 

Feel free to add me as a connection and drop me a private message!

Investment Info:

Single-family residence buy & hold investment in Mayfield Heights.

Purchase price: $95,000
Cash invested: $27,000

Purchased a small single family house in the lower-end part of Mayfield Heights (an east side suburb of Cleveland) as a buy-and-hold rental using conventional financing at 3.99% fixed (30 years). POS compliant, no major repairs needed. Minor cosmetic updating to be underway soon before putting it on the rental market.

What made you interested in investing in this type of deal?

Sought out property in decent school district.

How did you find this deal and how did you negotiate it?

MLS. No negotiating really... listing price seemed fair.

How did you finance this deal?

Conventional loan, 3.99% fixed rate for 30 years.

Zip code is generally meaningless unless it's something super homogeneous like 44145 or 44127. A zip code like 44102 has everything spanning from areas that are trending high income to total slums.
  

Hi Ashley! Welcome to the site! I have been investing in Cleveland for years... I'm not a broker or property manager or wholesaler or anything like that... just an investor. I've gathered a ton of information on investing in the Cleveland area, and would be happy to share it with you if you are interested. It includes, among other things, a comprehensive map of the Cleveland area, grading each area from A+ down to F, using a consistent, objective and transparent methodology using publicly available data. As long as you buy in an area that is C or better you generally get a pretty good occupancy rate, as there is no shortage of demand, and cash flow is excellent. Feel free to drop me a private message.

Hi Regina! I have been investing in Cleveland for years. I've gathered a ton of information on investing in the Cleveland area, and would be happy to share it with you if you are interested. It includes, among other things, a comprehensive map of the Cleveland area, grading each area from A+ down to F, using a consistent, objective and transparent methodology using publicly available data. Feel free to drop me a private message.

A few areas that could be good for getting starting with multifamily in the Cleveland area would be Euclid, Lakewood, Cleveland Heights, Parma or Garfield Heights (these are all suburbs not actually in the city of Cleveland). Could also consider some Cleveland neighborhoods with a 'C' grade, such as some parts of Old Brooklyn or North Collinwood.

Wow, that is awesome! If only I knew how to code something like that LOL

Mine was super manual... downloaded what I felt was the most relevant ACS info from the census site (as a csv), then figured out how to weight each parameter I was interested in and assign a grade of A+ through F. And it's just for Cuyahoga County. If I link to it here they will probably flag my post and call it self-promotion (it has happened before) so I will send you a PM.

Welcome to the site, Kenny! I also live in CA, and I have been investing in the Cleveland area for years! I've gathered a ton of information on investing in the Cleveland area, and would be happy to share it if you are interested. It includes, among other things, a comprehensive map of the Cleveland area, grading each area from A+ down to F, using a consistent, objective and transparent methodology using publicly available data, and overviews of some of the areas that are most popular with investors. Feel free to drop me a private message!