Cleveland, OH · Member since 2018 · 50 posts · 18 votes
Hello everyone,
So far I have reached out to a few HMLs and have had zero success, I recently purchased a property cash in Cleveland, OH. Every time I speak with a HML they say the loan is too small. Take a look at the numbers below and let me know if anyone knows of a lender that would help me out on this. I am planning to BRRR this property. Thank you all!
@Nicholas Reyes How about wholesaling it another investor for $15k and using the roughly $4k gain (assume $1k in closing and holding spent) to start saving on a down payment for your next project or paying down debt if that is what is holding your credit down?
@James Wise sorry James I’ve been super tired and typing on phone doesn’t help...... I mean can u get $800 in rent for a property that’s less than 60k in Cleveland??
Yes. You can get $750-$800 in rent for about $35,000-$45,000 here in Cleveland. When you are in the $60k-$70k range you can expect rents to be $900+
Do the work yourself on the weekends if you can't afford to hire anyone. It builds character and saves money. Look up videos on YouTube if you get stuck or ask a friend. You're unlikely to get far without becoming skilled or finding someone that is who is willing to work around your lack of funds.