All Forum Posts by: Vlad Kot

@Bob Okenwa

Thank you for your feedback. Having an idea of what to expect regarding cashflow, price, interest rate, and property condition was extremely helpful.

I'm actively working with an agent currently but I'm always happy to make more connections with people in the industry (agents, lenders, contractors, other investors).

@James Maradits

This is a great breakdown that provides a good idea of what to expect. When someone gives real world examples, it makes way more sense. I appreciate the real numbers you use in your calculations.

Ended up buying 2 duplexes, for ~$120-130k each in C/C- areas. Both are in need of some cosmetic repairs, but once those are completed, the projected rent should be $1600. In the end, each of them should generate $450-550 ($225-275/unit) after expenses and maintenance. The interest rate on the mortgage is 7.5% with a 25% down payment.

@Shane Kelly

Noted, thanks for your feedback.

First time out of state real estate investor. Looking for an investor friendly realtor to help investing in Cleveland. 

I am interested in purchasing a multifamily home in the Cleveland area, in a class B or C area, for 100-150k. Because this will be my first time, I am looking primarily for a turnkey and an agent who can help me organize the process (advice in determining the right neighborhoods/areas, setting up with property managers, inspectors, lenders, anything else I might be missing).

Summarized requirements:

- single or multi family

- B/C neighborhoods 

- property price ~ $100-150k with 20% down

- ~$500+ net cash flow per door

- the property should be in a good neighborhood (so it should be possible to rent it to a long term tenants without any major issues like long vacancy, evictions, etc)

- it should be in a good condition (no frame damage, no major repairs required for the next few years like roof, furnace, full house repiping, boiler, etc or any other similar expensive fixes)

There is a possibility that something written above sounds off or looks weird. If you could give me an advice so that I can adjust my expectations, I would really appreciate it.

Does anyone know a good real estate agent I could work with who can help me to get started on this journey?