All Forum Posts by: Ben Riechmann

Hello Molly!  It depends on the contract of the place I would assume, but you can wholesale a whole lot of things.  As always if a red flag like that pops up, always do due diligence and check with your real estate lawyer.  I would imagine it could be possible.  If it is a townhouse condo, very possible.  

I am sure I wrote that wrong as I am on low coffee and sleep.  Lol!  This is one area I do not know a lot about, so when other investors ask me about it, I send them somewhere else.  Is there anyone in Cleveland doing this?  I would think this would not be a hot spot for this, but it is never wise to assume something like this.

If you are going to sell, this is one of the hottest times to sell all over that we have seen in a long time.  It is also hard to determine how long such a market can last.  Part of what is driving it is the low interest rates that have begun to rise again, but are still very low.  As well as people wanting something solid in terms of investment like a place to live.  But like toilet paper, they got a little nutty about it.  I have family and friends all over the country, and people are buying above what people are asking.  In areas that often don't see this happen!  So selling now to put money aside for a better investment with more rental income really may not be a bad idea.

Things to consider when doing this.  Timing when going back in, but while your money is out, keep looking for a great deal.  The other thing to consider is that if your next venture you buy needs rehab work that building costs have really gone up.  So you will want to factor in building costs costing more than any previous work you have done.

I am considering selling propeties I was not considering selling for a while in Ohio due to this market.   This may not happen again for a while!

While kitchens and baths are no doubt important, curbside appeal has also made a huge differance on deals.  The inside if important but so is the outside.  I agree with the others too that the condition of the brick is important.  Curbside will make yours sell faster over others.

Hello Ashley.  There are pros and cons to mobile homes.  Pros.  They cost less than regular homes.  Many people are looking for affordable accommodations.  You will have less competition as a mobile home investor as those are few and far between.  Statistically, I am a numbers nerd, there is a lower tenant turnover rate in mobile homes than in other homes and apartments.    

Cons.  I don't know if you have gone for financing yet, but they tend to be harder to finance especially if you are not buying the land along with it.  This means land outside of a park.  Some people have a negative stigma to them and could make finding good tenants difficult.  What troubles me the most about them is how quick the depreciation is on them and that you can't do much to change that.  So if it turns out to be a nightmare, it is hard to get money back out of the deal.

There are homes with good bones that you could invest in that may be more worth your while. You could move in, fix up, and use the BRRR method to turn that into a winning strategy and move out when ready to rent. I am not an expert on mobile homes but have friends that have started mobile home parks. Someone else may give you better advice on that, but I think for the money I would rehab a place a use the BRRR method. Thats me though.

Hello Shanell.  My wife and I have properties in Cleveland Heights Ohio.  I have ones outside of Youngstown.  I also consult with investors to kick the tires if you will, to see if an investment is good or not in different areas of North East Ohio.  Nice to meet you and welcome!

Outside of my own investing, I like to help people with their investing sometimes for free, for mutual benefit or sometimes I earn money off something if I am working for them.  For new investors, I do like to suggest books while they move down the path to investing while suggesting different action steps.  As you can spend too much time analyzing and not taking action steps where you learn.  I was wondering what some other seasoned investors like to recommend to new investors for books to read to help them down the road to happy investing and hopefully help them make fewer mistakes in the beginning.

I think we all have these stories.  I wanted to just put in the note to not kick yourself too much over the deal that got away, as hopefully, you are still out looking for the next deal or thinking about how you could make one even if you don't think you have the funding or a way you could manage another deal right now.  As if you are always looking and you come across a great deal you may be able to find a way to better adapt your business to do more investments, find different ways to fund them, or sell deals to other investors that may build relationships down the road for joint ventures that will benefit you both while putting some money in your pocket and helping that investor out!

I would go to your local hardware store and ask for some referrals for some good contractors in the area.  They often hear the good, the bad, and the ugly when it comes to stories about contractors.  Also, this may seem odd, but going to your local diner as many contractors go there, and the wait staff often hear stories from customers on contractors that did good or bad nearby.  On where to start that is sort of a broad question without knowing the property.  If there is anything that is causing further damage or making it less secure, always start there.  How quickly are you trying to flip?  How much do you want to get out of the deal.  If you are looking for a quick flip and don't need as much out of the deal vs. buy and hold, changes where you may want to start as well.  If you can give us an idea of your goal for the property, people here can help you with better answers, and there are a lot of helpful people here!

I would also say if you are not doing it, add whatever little fee that also checks for evictions.  Some new investors I helped I found out we're not doing this as they were afraid too much of an application fee would keep them from getting tenants.  However, those that are willing to pay and those who are not are also part of the screening on who can budget for things like finding a place.  Make sure you are looking for those who have been brought to court on evictions.  That doesn't mean they could not have fallen on hard times one year and are doing great now, but you need to know.