All Forum Posts by: Vince Lucas

@Ernesto Hernandez What does flip and hold mean? 1% is typical in the Cleveland market and can actually find 2% of rent occasionally (this is assuming you do rehab and not buying a turnkey). 

@Jay Hinrichs I am glad to hear you have come across some good contractors in the Cleveland market. 

@Ernesto Hernandez I would love you heard the reasons why @David Greene would stay away from the Cleveland market when flipping. I have flipped properties in the Cleveland market and have made over 30% ROI. I even made over 40% ROI on one flip (using all cash, imagine if you used other peoples money). I am working with out of state investors looking to flip properties in the Cleveland market. Cleveland gets a bad rap and I believe it is probably from people who did not educate them self about the market and different nuisances the city has. I am not sure if he had a bad experience as an out of state investor but I would not say that it should be avoided.

@Rob Bianco Looks like you have received a ton of information in only a few days. I just wanted to say that I agree with what @Robert Ellis has said. With that being said, turnkey can be a good option but you will pay for the convenience. Also, turnkey prices have been increasing due to a high demand. I am working with out of state investors in the Cleveland market who purchase properties, rehab or either rent or sell. Hope you find what you are looking for.

@Paula Pettit There are a lot of people on BP who can either help you or direct you to someone who can assist you in your desired market or markets. 

@Steven AviramI am not sure if you are still looking or not. I do not know any specific lender in the Cleveland area but if you do speak with one I would ask them if they could do a drive by or desktop appraisal. These might not always be the most accurate but will be more convenient. All the best!

@Jenelle H. I work with out of state investors in the cleveland market who do exactly what you are looking to do. Let me know if you would like to learn more about how its done. Feel free to DM me.

@Finny Chacko Many investors have doubts about the declining population in Cleveland. I will tell you one thing though, there is not a lack of renters in the area. 

@Bryce Baker I agree with @James Wise that you should be able to get around $650/unit (similar property on the same street sold for $89,500 in 08/2017 and rents were $685 and $735) and that the property does look like in needs a lot of work. There are a lot of people who do not like to invest on the east side (which is fine) but I do not think everyone should be against it. I actually grew up on this street. With that being said, it is hard to suggest to you that it is not a good investment for you because we have not heard what you are actually looking for or your tolerance level. Let me know if you have any more questions about the Cleveland market. All the best!

@Brian Garrett Feel free to reach out.

@Doug Woodville I can't see someone doing it without an RE license.

I agree with @J Scott Just like hiring anyone, you want to make sure the person is competent and have system in place where they are held accountable.

@Jack P. I over see the GC for the owner of the property. I have not marketed this service to the masses. I have already received a lot of out of state investors looking for this service. 

@Oren K. I have no issue outlining my services and how they are structured. I was just letting you know that it varies on the actually investor and how exactly they want the transaction to be handled. I do receive compensation from investor on the buy (obviously when they are buying the properties are low in value and Realtor compensation is also low). Investor just works this fee into purchase price. I only receive a fee once closed. I supervise GC and also receive a fee. I am currently working with a top selling sales agent in the area who goes to work on marketing/selling the property. If this is for rental then I also have a reputable property management company to help on that end. Again, it varies per investor and per deal but thats pretty much how it goes. Also, there are obviously many things that go in to the buying and rehab that was mentioned. 

Sorry if I missed anything there was a lot to go through. I can't not go into great detail on this forum but would be happy to discuss further in PM.

@Oren K. It does depend on different situations, but more or less that is how it is set up.

@Jack P. I am currently doing this in the Cleveland market. I am a Realtor, Appraiser and local investor. I work with out of state investors who do not want to just purchase turnkey properties. I help them located and evaluate the investment and over see any repairs that are needed. This also works with flips. Let me know if you have any more questions about how I am doing it and if you have any interest in the cleveland market. Hope you find what you are looking for!