All Forum Posts by: Rob Gillespie

Why would you leave California to move to Cleveland!? That is like selling your Bentley and driving a Kia to get a better understanding of an inferior car. LOL

Seriously though, with modern tech and air travel so cheap, you can keep a grip on your stuff a few thousand miles away pretty easy if you have some boots on the ground that you can trust. 

P.S. Great work on the fireplace!

Hi Laurence, 

That is very unfortunate. Chances are when the tenants move, they will leave enough damage that it is not going to be refundable anyways. It is just the cost of doing business. Sounds like it is a pretty nice place though if they are section 8 tenants.  if you need any  help, I have a pretty big network here in Cleveland I can plug ya into.  Good luck!

I agree completely Adam that if ya listen too much to the hype that it will paralyze you from doing business. Thanks for the links! We have not experienced the Cleveland inspections yet. Not sure if they are staffed enough to do them. If you are ever at the OREIA convention, would love to connect with ya and talk shop. 

@Brandon Reinhardt

I am wondering why the discussion is based so heavily on the grade of the area? I think that it is a fine neighborhood. I would live there. it is 44109! I do not think that the price was too high for the condition or area either. This is clearly a management dispute. I have properties in D areas that run great! I would not consider this a D area at all. I deal in all off market stuff and I have never done any business with James even though we share the same market and I have been in the game since he was in Jr. High, so I do not have an opinion if he was right or wrong, but I can say if you get the management figured out, you could sell that property pretty easily. Best of luck , If I can help ya out at all let me know.

@Adam A. Not sure how strict it is in Toledo, I am very involved in OREIA, the Ohio Real Estate Investors Association as well as the Cleveland REIA, it is a real concern what is going on in Toledo for the group.

As far as Cleveland rental changes, we have a small registration fee for rentals without an inspection. I move in and out of over 100 rentals in the city per year and have not noticed a change. 

I apologize if you fell I am giving Toledo a bad rap. That is not my intention. I am sure there are plenty of folks making a lot of money there, I am just sharing what I know from the state REIA group and my personal experience in Cleveland.

Hey George, 

Great name! Same as my son. 

All of the areas you mentioned are good areas. Be careful not moving into the house. 

You need to INTEND on moving into the house. 

My office is in Parma Hts. I can help you if you get closer to making a move.

Good luck with whatever ya do!

Hey Kevin, 

It may sound over simplified, but I take gross annual rent and cut it in half and that is the NOI. It is the most accurate way I have ever used on SFH rentals.

With that said, I am not saying the other methods are wrong, but the 50% rule is pretty good

Hey Frank, 

I would NOT have an all in one solution. I would separate my manager  from my repairman and my attorney from my title company, I modulate my team and plug them in and remove them as necessary. Cleveland is a GREAT market, but you need to make sure you have your team in place. 

Hope that helps. It is not the gospel, but it is how I like to operate.

Come on back to your hometown of Cleveland Jon! LOL

Great cash flow, not much appreciation.

Hey Mario, 

I deal with a lot of those guys, I dont want to promote or slander any of them on public forum, but PM or call me and I will help ya out.