All Forum Posts by: Vincent Macauda

We own and manage 1000 multi family units in the Lakewood area and its surrounding areas (Cleveland, Fairview Park, etc) and are running under 2% vacancy.  Mainly B level units. Demand is greater than supply now more than ever.

Our company prepares Zoning Compliance Reports as part of Real Estate Lender's due diligence and we always ask municipalities for, and are provided, any outstanding violations.  Sometimes they are online, other times we must send a FOIA (freedom of information) request.  Its public.

If you would like to send me a private message I can help in the Cleveland area.  

Sure. If you buy the shares of an LLC there is no requirement that a transfer tax on real estate be filed with the County, which is where they see the sales price and changes the taxes accordingly. Beware though, the school boards are getting smart and if they see a mortgage for an amount higher than the tax value, they can file a complaint and subpeona you and the lender for sales information and any appraisals that were done in connection with the sale or financing.

If you are interested in investing in multi-family let me know as we are starting to put some deals together.

Richie.  I would sure like to know how this works out for you.  We own many apartment units in Lakewood and I've been giving thought to buying single family houses.  Let me know how it goes.  Vince

We own 400 units but won't see $160k per month for years.  If you would like copies of our agreements send me a private message and best of luck!

@SteveMasica

There is no place like CLE!  For my day job I travel quite a bit and visit with acquisition officers of REITs.  Many of them cringe at the thought of buying property in the Cleveland area.  Little do they know the values we have here.

I am a real estate attorney in Cleveland, Ohio and primarily run a national commercial real estate due diligence company that provides land surveys and zoning reports to REITs and Private Equity firms buying and selling commercial real estate throughout the country.  About 20 years ago, my partner and I began buying apartments in Northeast Ohio and he focuses on running that.  Well, patience and time have been good to us; we now own 400 units and manage another 1000 or more.  We are still growing and adding properties large and small to our portfolio.  I've joined Bigger Pockets in order to network with others in the community. 

Since you don't have a lease I would look through Florida statute for obligations that imposed on Tenants.  I'll bet they have an obligation to keep the premises clean and in good repair and are prohibited to destroy the place.  That would give you the right to start the action before they fail to pay rent.  You may have to give them an opportunity to cure.  Might be time to hire a FL attorney.