All Forum Posts by: Sunny D.

Folks

I got a citation from Parma city that I need to peel/paint areas that are peeling. My PM recommends a full exterior repaint as there are too many patches and I want to avoid a high expense right now. Any recommendations for someone who can do a paint job for exterior economically

Cheers

@Chris T.

@Challenor Jack

@Chris T.

How are your rehabs progressing

I am not working with Christian but with one of their brokers Marcin Chojnacki.

I have 3 properties that I have bought and are in process of being rehabbed. 2 of them are bought around Sep 2016 and the third most recently. The rehab has been a bit slower than expected for me and we have not sold the three yet. Hoping its just winter and things will finish soon. Keep me posted on how things are going. PM me

I agree Cleveland has some good price points to get in.

The key is to narrow down what areas and price range you want to get in. Considering that many of the homes are old, you have to factor in deferred maintenance as you wont be able to easily do a apples to apples comparison.

If you are an out of state investor, I would stick to West side. I just bought a SFH in 44135 and plan to buy one more in the next 2 months. I had a strict criteria- recent rehab, price less than 60K and can rent for 950, at least enough recent sales in the neighborhood for above my purchase price. I paid all cash , hence was able to negotiate down by 5K by guaranteeing a quick close (14 day close). I see prices are in a slight uptrend, don't wait till summer to pull the trigger.

@Federico Gutierrez helped me with the transaction and he is very knowledgeable of the market.

My advice is don't just pull the trigger on the first one. Keep looking at all the listings and also rentals so you start getting a feel of supply and demand and asking price.

@Wendell De Guzman

You value your own money more than others and you leverage others to build your real estate empire. Hope you guys can work together to come up with a solution that meets all parties in the middle

I have MBA from NYU Stern, so can give my perspective. If you are not making enough money , an MBA will give a great ROI by giving opportunities to switch to higher paying careers. 7 years after I have got my MBA, what I realize is that people dont care about my MBA anymore, they only care about my current responsibilities, core skills and what I can offer. So MBA helps for the career transition and network, years later what you have done with your MBA for career and your current profile is the only thing that counts. Also once you have 10+ years experience it is harder to make a career transition as its harder to start again from scratch esp. if you are making good money.

@Federico Gutierrez may have contacts

I have used Huss, Shawn at chemicalbank

pm me for email contact

No issues with loans around 50K range.

Amit, it all depends on what field you are in your prior day to day job

Do you get intellectual satisfaction from it or is it a drag that you hate it

If it is the latter , since you got 6 months severance try out your passion for short term and see if thats what you want to do rest of your life

I have 2 duplexes in Cleveland and managed by HW

First,I highly recommend HW, the PM and realtors are very prompt. If you buy decent properties with good bones and have no major capex for next 5 years (roof etc.) you will make money.

However, please expect the returns to be less than what your goals are if there is tenant turnover. I had properties in decent condition (well taken care of with min issues in property inspection report). When there is turnover, expect to see a rehab bill of 2k-3k for each unit. Even with bare bones fixes (repaint etc.), it easily gets to 2K with HW charges. I am fine with the expense as I am optimistic that HW will get some quality tenant that will stay >1 year. If each unit rents for 650$ and I spend 2k+ on rehab with each turnover + 1 month vacancy + 1 month leasing fee, you pretty much have lost 5 months of your earnings.

So returns will get to 10-12% only when tenants stay >1 year

I will continue to work with recommend HW but want to provide a balanced view on expected returns

The pro formas usually under estimate initial improvements. If it says 2k assume it will be 5K+ 

@Jeff B.

thanks will check out