This was purchased in March 2012, located in California.

If they ask why you are walking tell them that the repair is a band aid and it is going to need a new system soon and you want the sales price to reflect that.

purchased in march 2019 a few days before the country was shut down. eviction moratorium caused a few problems but overall we did well

A few things that I like about Cleveland is the available inventory of SFH and Multi family in the Class B and Class C neighborhoods for an affordable price where there is good tenant demand and Ohio state has landlord friendly laws. 

Eg- $500k to $4MM purchase price- 10-20 units- 70s to 90s vintage- Value add with $150 to $250 below market rents- B class location or in A, B and C locationsShow them you know what you are talking about and don’t be afraid to call bs and say no.

I rented out rooms in the property on Airb&B and paid the mortgage.

Sleeper market, good house, decent return profile, and to rip the band-aid off on our first purchase.How did you find this deal and how did you negotiate it?

Rarely do I see STR get less than 20% down and even then, that was before all the market shifting in March 2022. 

We’ll probably be going through the pre-approval process 2 months out (January 2023) from when we want to start actively looking in March.

If you are going to pull a HELOC on property A to acquire property B, and plan on refinancing property B to pay back the HELOC on property A, then you need to somehow add value to property B so that you have cash to pay off the HELOC.