All Forum Posts by: George Mill

Had a bidding war and sold for $650k

Will hold note with 250k down

West side of Cleveland, Oh

9500 lorain ave cleveland oh 44102

Needs FULL rehab

Comes with paved parking, very RARE on Lorain ave, also come with drawings and plans, over $20k value

13 x 1 bedrooms ($600-650)

2 x Efficiency ($500-550)

1 x 2 bedroom ($800-850)

When finished should bring in 9-10k monthly gross ( do your own DD)

Asking $499,999

Message if interested, won't last long!

@Marc Winter interesting, i will ask him why he decided on the land contract

@Bob Norton Yes he does not want to keep them is my understanding, but he will have a tough if not impossible time selling them for decent money based on where they are located. He didnt not mention the balloon but that also makes sense

@Aaron K. The people he is selling to are mostly the tenants that have lived there for a few years and pay, and i can almost say for certain that they would not be able to qualify for a loan. 100% sure they would not get 3.5%, as far as overpricing the home not to sure why he would do that, only reason i could see is it would be more lucrative for a potential buyer of the note.

Was having a few drinks with my investor friend and he told me that he has shifted to a different strategy and it has been working out for him, wondering what everyone on here thought ;

Instead of renting his houses, he puts land contracts on them. For example his houses are worth around $80-100k,he sells them for 10% over estimate, he asks for 3-5k down 15 - 20 year terms, 6.5-8.5% interest and includes taxes and insurance in that payment. Usually rents his properties for 850-1000$ now he is getting around 730$ but does not have the hassle of dealing with property management, repairs, taxes and insurance. Has an attorney deal with his legal issues if they should arise. Has been lucky, with no foreclosures yet. Has moved half his property inventory over to this ( around 18 houses) and said after a few years will look to sell the notes of the performing assets.

Not sure if anyone else does this, but seems to be a pretty good idea. Interested to hear others thoughts. Thanks!

I'm looking to do just a senior living center. No assisted living.

Hello all I have a 16 unit apartment complex. I'm wondering if anyone knows how to use this building as a senior living center? I'm located in Ohio and would greatly appreciate if anyone can point me in the right direction Thanks!!

This property is 2 buildings on 1 lot.

14 one bedroom apartments and 2 storefronts in building 1

2 three bedroom apartments and 2 storefronts in building 2

Property is vacant, and needs work. Quotes have come in at around $40k. I am willing to sell the property as-is. I am also willing to fix the property and put in tenants with property management.

Property is located at 9500 Lorain Ave Cleveland oh 44102

IF you are interested please contact me and we can discuss further!