All Forum Posts by: Ryan Fox

@David Cornett - Yes, I still own two SFRs that I bought from GC.  The property management is superb.  I've had the same tenants in each property for about a year and a half.  Very little drama to have to deal with.  Both my properties are in South Deering.  

I would recommend running your numbers on the BP rental property calculator. Personally, I'm not expecting any growth in rents or property values. There's nothing about the area that seems to show outstanding economic or population growth. Also, ask your loan officer or title co. for an estimate on closing costs. Those tend to be high, and it might be worth it to buy a multi-family rather than SFR to justify those costs.

@Joe Yobaccio - OOS stands for "out of state" investing.

@Stephanie Baucke - Welcome to biggerpockets!  I can provide a realtor if you PM me. 

Just to clarify, I was referring to what turnkey operators are selling now, as opposed to in the past.

@Omar Khan - Thank you for the advice.  Yes, it looks like most of the properties sold by traditional TK operators in the KC market are in C- / D areas.  I'd rather swim in the Missouri River!

@Aaron Hall - I'll PM you.

@Courtney Radmall - I think you bring up a valid point about potential depreciation in the greater Cleveland area.  I'm from Cleveland - Shaker Heights to be exact - and moved to California 21 years ago.  It's important to note that the data shows a population decrease in Cleveland proper and a lot of the surrounding suburbs.  Check, for instance, https://factfinder.census.gov/faces/nav/jsf/pages/...

Population loss could ultimately lead to an over-supply of housing and then falling home values.

Now, there are probably strategies that work in Cleveland, such as buying way below ARV, as @P.J. Bremner suggests above, but I would be cautious about holding property for the long-term there.  Run calculations that assume a falling property value, then see if the numbers make sense.  

Just adding here that Brian can provide a BPO from November 2017 showing the value as of that date ranging from $5,418,000 to $5,845,000, as well as an appraisal from October 2016 projecting an ARV of $4,500,000.

@Karen Margrave - This one was torn down to the studs, so it is essentially new construction.  I'll look at the resources you suggested, but does that help at all?

@Dave Van Horn - Maybe you can work some magic on this non-performing note!  (Interest is overdue)