All Forum Posts by: Tom Ott

Im based in NYC, looking to make my next property investment.

Wondering what you (BP Community) would choose - a MF building in the Rust Belt (Cleveland, Columbus, Cinn) or further south (Orlando, Atlanta, Charlotte) .... Or other for what reasons?

Long term buy and hold, 4 unit property primarily.

I know this is based some on opinion and individual experiences, but what has been the experience of people that have invested in either or (even better) both of these markets? Which one tends to have higher cash flows in A and B class neighborhoods when all is said and done? Are there any key advantages or disadvantages to either area that I should be aware of? I currently have rentals in Utah where the appreciation has been fantastic, but the cash flow is not great for my current goals. Thanks in advance for your thoughts!

Hi everyone. My husband and I are new investors with 1 inherited property. We started listening to podcasts and decided to go down the path of financial freedom through real estate. We plan on investing about 15-20 grand into the inherited home because it has not been updated in over 20 years and the property was smoked in. Any advice or suggestion on removing smoke smell in properties?

We are currently under contract for another home which we plan to rent. We just got the inspection back and there were some concerns on the report. The siding is asbestos siding (they painted or "sealed" it), there is moisture and some water damage in the crawl space, and an old termite infestation. We are so new at this we are unsure if these should be deal-breakers or if we should proceed and have them fix all the issues. The property is supposed to be "turn key" but these issues suggest different. What are your experiences with asbestos siding and water damage in the crawl space?

We are also considering selling our single family primary residence (in a great location) to purchase a Duplex and house hack. We bought the home about 2.5 years ago and have about 75K in equity to use as a downpayment. We have a small child so any advice or testimonials would be greatly appreciated. We wish we could afford to keep our existing home but don't think it's doable from a finance perspective.

@Damian Ramirez - Do you have an agent that you work with in Cleveland, I'm in a place where I can start investing with my business partner and we are currently interviewing agents. If you dont mind giving me a referral I would greatly appreciate it as we are also OOS investors.

@Tom Ott - i've seen quite a few of your post in the forums, would you mind if I reached out via email to talk about investing in Cleveland?

@Ivan Franco. Lol East Cleveland is one of those areas! West Cleveland (west of downtown) is where u want to focus.

Is there any community or resources out there where people match up investors with people doing fix and flip projects?

How do you feel about turn key properties? Are there any that you recommend? Is there a good resource on them you can recommend? I know it’s mentioned in the Book on Rental Properties, but I’m assuming I should know more than that. 

Hello,

I am a new investor on the BP forums, and honestly very happy because through the forums and information provided I have been able to learn a lot.

I just started to look at properties to start investing in real estate these past few days. I live in an NYC borough which is a pricey market. A bit more expensive than what I'd like my first investment to be (around 60k-100k). I worked in Cleveland three years ago and the Midwest, where starter homes are more within my desired price range and provide cashflow.But I am open to other markets in Ohio or Indiana.

My question is for those who started investing in real estate, did you stay local?, And what advice can you recommend to new investor like myself in terms of investing out of state. Thank you

Too all OOS investors, WHY are you talking about POS, tenants , repairs etc. You should  not to be involved in any of this. Are you going to swing a hammer, deal with inspectors, tenants, the city, etc, NO ! So why are so many asking about these things ? You are not nor will ever be an expert in Cleveland  ( or any market ) as you do no live an breath it unless you plan on making it a full time gig . You will never go to the building dept, speak with a tenant, CMHA / EDEN or a contractor. So many are making this more complicated . All you need to do is connect with those doing deals, you simply close, thats it! 

All the best