When I was starting Holton-Wise almost everyone I talked to thought it was too risky.

Hi Kate,I can't really help you with the insurance question but thought I'd pipe in on the possible rooming house purchase.

@Rich Schmidt and @Brett Holton you are right that the amount is fairly low and can probably easily take another $1-$2k to include for capex.

I agree with @Kate J. that you would want to take this to Small Claims Court yourself, as you don't want to throw a lot of good money out on attorneys fees.

@Kate Ziegler wow, sounds like you have all basis covered!  

@Aaron HallLook at Cleveland     Small Capital needed to get in the market..........1% rule to 3% rule (Not to be confused with Cap Rate which is totally different)in C Class Neighborhoods............Check out the info from @jameswise about thisRealtors that work in these neighborhoods..........Holton-WisePMs that work in these neighborhoods...........Holton-WiseI have a VERY small portfolio compared to many other here on BP, but I've purchased 2 duplexes and 2 SFRs since last year in Cleveland...........all 6 units are managed by HW.I flew out to Ohio a couple times last year to meet agents, PM companies and look at neighborhoods....And don't let any stuffy mortgage brokers tell you that you can't get a mortgage loan on a property that is under $50,000 because i found one that happens to be based in Ohio and they lend in 48 states.

Hi Kate,I'm the new President of GaREIA, one of the few not-for-profit REIAs in the country. 

@Kate Gagnon Thank you so much for the comment and sharing your experience with me!

Hi Jenelle, @James Wise @Federico Gutierrez & Nick Varner at Holton Wise know the west side of Cleveland and the investor game quite well.

@Kate J. the cabinets are all original (same doors) from 93’, they were painted by our painting contractor who painted the whole house.